Thursday, September 25, 2008

Just Say No To The Bailout

Once again we are being asked to trust the liars and fools who run Washington.

First we were asked to take the Bush Regime's word that suddenly terrorism was such a threat to us that we needed to give up some of our civil liberties. And thus we got the abominable Patriot Act.

Shortly thereafter we were asked by Bush, and the foreign policy duo of Dick Cheney and Cheney's pal and longtime mentor and partner-in-crime Don Rumsfeld - who together have screwed up foreign policy in their work for several different presidents, from Ford to the present Bush - to trust them about the need to go to war against Iraq because it supposedly had weapons of mass destruction. They asked for, and got, from Congress a blank check to go to war if and when these liars chose to go to war. And what a shameful disgrace this war against Iraq has been.

And now, Bush and the banking elite, for whom the Bush family has worked for decades, have asked Congress for a blank check for "$700 billion" (who knows how much, really?) to bail out Wall Street. Former Fed Chairman Alan Greenspan, current Chairman Ben Bernanke, and Treasury Secretary Henry Paulson, have overseen the stock bubble and/or the housing bubble, and have continuously either lied about one or both of these bubbles, or stupidly and irresponsibly told us everything was fine while doing nothing to prevent or ameliorate the predictable problems so many other economists, not similarly blinded by the elite's narrow Wall Street agenda, could and did foresee. And now we are being asked to believe these liars and incompetents once again? And let them stay in charge?

As they attempt to bail out unworthy Wall Street, will these incompetents and/or liars also do the things they should do, such as adopt strict conditions (caps on executive pay, for example) in exchange for appropriating our taxpayer dollars? Will they democratize the Federal Reserve?

Not a chance. They were happy to expand in an instant the role of the Federal Reserve with the Bear Stearns bailout, but would they actually put it more directly under the control of the people? No way.

Sometimes, we should just say no. No to the incompetents, the liars, the crooks, the thieves, the criminals in high places, and no to the greedy capitalist pigs who have sucked lots of the lifeblood of the economy from the ordinary people who truly keep the economy working. No to the incompetents who have screwed up the economy while telling us all is well. The banking and economic elites who pretend to manage our economy for the greater good, while actually and primarily serving the narrow interests of the greedy on Wall Street, have been the tyrants of our economy for decades.

They need to get a strong message from the people that there will be no more business as usual. Will the Democrats step up to the plate? Sadly, that is not likely, because they are far too much aligned themselves with the same economic elite so undeserving of their power. So far they appear to be wimps. I have no confidence that our spineless Congress will engineer a bailout with the kind of conditions, and structural changes, that are really needed, and which would benefit the vast majority of us in the long run. I think, then, that we should instead insist that there be no bailout at all.

Bush and Company told us all was well, but suddenly now the sky is falling. We've been there before with these clowns. It's too bad the media is going along with the latest lies and manipulations and not exposing these phonies and questioning their motives. Instead, we should listen to one of the economists who was right about both the stock bubble and the housing bubble while the economic elite were irresponsibly full of happy talk. Dean Baker is one of these, and he says we should not reward incompetence and should not give these elites the bailout they now seek: No Bailout: Stop Rewarding Incompetence, by Dean Baker.

To understand better what is really going on (as the New York Times, Washington Post, and the Wall Street Journal frequently do not get it right), see Dean Baker's blog Beat The Press | The American Prospect: Dean Baker's commentary on economic reporting. And, now more than ever, it's a fine time to read his tome The Conservative Nanny State - How the Wealthy Use the Government to Stay Rich and Get Richer.

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