Comments on: Wall Street Rattled By Bailout Angst

Dow Plunges 370 Points As Government Hashes Out Rescue Plan For Banks' Mortgage Debt

[alphaa10-2009]

WELFARE FOR THE RICH?

In the current market melt-down, not one problem is attributable to "big government" or "oppressive regulations standing in the way of business prosperity".

So much for supply-siders who preached-- somewhat fatuously-- the job of government is to stay out of the way of business.

As it turns out, the Laffer tribe tried to foist the biggest fiction (lie) of all on the American people-- that their own government is the enemy, and all America needs is a good dose of lessez faire and everything will be better.

Apparently not, from all indications.

Abruptly, we find the stage miraculously cleared of familiar, if buffoonish, personalities. And where, oh, where, are the advocates of the so-called "free market" now?

Remember the "tough love" GOP bozos love to talk about when it comes to Americans who cannot afford health care, or who must choose between buying food or paying their heating bills? Where is their prescription for "tough love", now, when Bush asks for a taxpayer handout?

(see "Welfare for the Rich?"--2)

[alphaa10-2009]

WELFARE FOR THE RICH?--2

Welfare for the rich is called a "rescue", but a rescue for the the poor or middle class is called "welfare"? Don''t ask Bernanke for a famiy values sermon from Wall Street on honor and trustworthiness and personal integrity-- Wall Street has none. And Bernanke, himself, plays by rules imposed by the very players he is supposed to regulate-- after all, Bush has told him they are too big to fail.

Speaking of privilege, perhaps we should ask, where is the tax revenue Bush gave the "HaveMores"-- that slim 5.5 percent segment of taxpayers Bush called his political "base"? Just at the moment Bush fiscal policy erupts in a four-alarm blaze, we learn Bush has drained the treasury reservoir dry to throw a party for his friends.

At this point, we might do well to wonder whether these GOP-aligned, "free-market" bozos ever properly identified themselves. Why have they gone into hiding, if not to escape the firestorm their lies helped create?

(see "Welfare for the Rich?"--3)

[alphaa10-2009]

WELFARE FOR THE RICH?--3

Their principal deception portrays government as an enemy of the public interest. In stark and factual contrast, however, the government in a truly functional democracy is not the enemy, but the instrument of the people it is charged to serve. Most interestingly, when the GOP found itself in power, it not only expanded "evil" government for its own ends, but created the most monstrous governmental debt this nation ever has seen.

It seems the GOP cannot get even its own message straight. Consider taxation. The GOP free market bozos regard taxation, at best, as a necessary evil because-- as they like to remind everybody-- there is no free lunch. Yet, Bush and McBush regard taxes as an UNnecessary evil, and promise to refrain from taxation.

But many (even conservative) economists will insist, to the contrary, taxation is an essential part of a rational fiscal policy. It goes along with the truism about "no free lunch".

Taxation is only a means to an end-- not necessarily good or evil. For example, two major tax increases by Clinton were almost immediately followed by a surge in economic growth. This puzzled supply-siders to distraction.

(see "Welfare for the Rich?"--4)

[alphaa10-2009]

WELFARE FOR THE RICH?--4

Two major tax cuts by Bush-- most of it to a small minority of taxpayers-- were almost immediately followed by absolutely nothing. A disappointed Bush was left empty-handed, plaintively assuring everybody who would listen the economy is actually much better than it seemed.

By now, most Americans realize the next president must restore our fiscal policy to a semblance of rational order. After eight years, Bush tax cuts have not worked as any kind of effective, coherent stimulus for the economy.

It is abundantly clear the standard Bush modus operandi has been to avoid tax increases and simply postpone them to the next administration. That is called "borrowing with interest", and already Bush has nearly doubled the national debt. With his $700 billion appropriation request, he may well make it-- but at our expense.

Bush (Shrub) never forgot the humbling experience of his father, forced to recant his famous line, "Read my lips! No new taxes!" So Bush does the emotional but not rational thing, dismissing taxes like a drunk tosses his house keys away when he cannot find the right one.

(SEE "Welfare for the Rich?"--5)

[alphaa10-2009]

WELFARE FOR THE RICH?--5

Now Bush wants American taxpayers to give him another boost-- on top of his spendthrift ways with Iraq, monstrous national debt and lavish Bush gifts to his friends (the tax cuts given primarily to his political "base", the wealthy 5.5 percent of taxpayers).

Bush wants a $700 billion check-- just like that.

And Bush has a simple plan for that check-- to pass along our money to the very Wall Street players which are responsible for the crisis.

It''s clear direct action is long overdue for the disastrous Bush economy, but Bush''s blank check proposal is nowhere near the answer.

Barack Obama laid out key principles for dealing with this situation. Obama''s main point: Main Street must be put ahead of Wall Street, and no blank check for the Bush Administration. http://www.barackobama.com/issues/fiscal/

Congress needs to hear from the public.

[alphaa10-2009]

Fenner said, "DONT U KNOW THAT AUTHENCITY CANNOT BE DETERMINED BY AN INTERNET PICTURE?"
---

You lack authenticity, as well. These "probing" but idiotic questions come straight from the scuttlebutt smear machine of the GOP, the backfield operation to which McBush will not admit, but which has become the staple of his campaign against Obama.

As Wall Street burns, you would do anything to distract attention from the meltdown of political credibility for Bush and his GOP.

[nler1]

why all the hurry, and the end it will be lipstick on a bear

[tootall10142]

i hope they all rot in hell and all thier off spring are stricken with disease and slow death.

[nextgenman]

Rattled by Angst: Translation, Please! Please! Bail us out so we can continue business as usual! Otherwise we''ll through a temper tantrum and take the world down with us!

Republicans. spit.

[oneworldusa]

Posted by ubrew12 at 03:08 AM : Sep 23, 2008

-Good point. Short selling should be illegal period. And I used to be in the business. Thank goodness I am no longer. I couldn''t tolerate the lies being sold to people.

[bob8jv]

We herd what the political experts believe what the American people want from this economical crisis bailout. Now let us tell you what we believe the American people want, in simple terms. The American people want nothing short then an excellent bill past before you take your campaign breaks. Even if it means, you must stay in Washington until an excellent bill is past. If it turns out, you have no time for campaigning, so be it. We do not really care about your campaigns. We can check your records and get the facts on the web. It is a waste of our time listening to your manipulation and lies anyway. The American tax payers will be in debt between nine and twelve trillion after the bailout. This is the same as having credit card debt, because the interest on the debt is accumulative. So you can see why your campaigns have no real significants to the American people.

[ubrew12]

OneWorldUSA said: "tell me that speculators haven''t been running up the price of fuel....this is very clear evidence in my opinion. "

Perhaps this is what short-sellers do when they can''t legally short financial stocks...

[oneworldusa]

Now, someone try and tell me that speculators haven''t been running up the price of fuel....this is very clear evidence in my opinion.

[ubrew12]

DeckardBR said: "Be assured, this "bailout" will run into many trillions of dollars, and it will never end. "

Agreed. The bailout sounds necessary, but the ''urgency'' reminds me of the ''urgency'' surrounding the Iraq invasion. Bush pulls these ''urgent'' requests, threatening Armageddon unless everyone does what he wants, and we''ve seen where its led us.

We really shouldn''t go down that road again.

[denright]

http://salsa.democracyinaction.org/o/2165/t/1027/campaign.jsp?campaign_KEY=25969

After you send your email to Congress, please be sure to forward this email along to friends and family or use the Tell-A-Friend option on the American Freedom Campaign site. It is critical that members of Congress hear from their constituents before they adopt any legislation related to this crisis.

Thank you for joining me in this effort.

* Here is a link to the text of the proposed legislation:

http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/

[denright]

This week, the Bush administration is at it again. With the specter of a complete Wall Street collapse hanging over our heads, Treasury Secretary Henry Paulson is seeking 700 billion taxpayer dollars to bail out the financial industry. The legislation he and the Bush administration have proposed* contains one shocking and outrageous section related to executive branch accountability.

Section 8 provides, "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Yes, the Bush administration is asking Congress to give the Secretary of the Treasury the authority to spend $700 billion as he wishes, without any real oversight or accountability. With respect to Congress, the proposed legislation requires the Secretary to merely submit reports about his activities starting three months after the first purchase of mortgage-related assets and semi-annually thereafter. That%u2019s like giving a gambling addict your life savings and asking him to send you a postcard from Las Vegas every once in a while.

If you believe, as I do, that it is time for Congress to actually serve its constitutional function and guide and oversee the activities of the executive branch, please use the following like to send an email to your members of Congress.

[nler1]

a bloody shame, this plan

All investmentbanks are gone now, but who misses them, not me.

[onceagirl]

Our cities full of homeless...our streets full of drug pushers...the list is endless..avarice and greed fuels our nation and this bailout of wall street is contrary to the needs of the American people. Everything must fall to a level where it is comfortable...propping up a corupt entity will only compound the problems our country is now facing...We must start again...but this time we must rebuild with our consitution as the absolute law. God bless America...God save America!

[rudy654-2009]

Remember the "tough love" GOP bozos love to talk about when it comes to Americans who cannot afford health care, or who must choose between buying food or paying their heating bills? Where is their prescription for "tough love", now, when Bush asks for a taxpayer handout?

(see "Welfare for the Rich?"--2)
************

Well stated Alphaa! It was just a couple of years ago these financial institutions were putting money into the pockets of congressmen, republican and democrats, so as to influence them into changing our bankruptcy laws so that there would be no way out for many people facing terminal illness and unable to pay their bills. Today, if someone cannot make their medical bills and medicaid steps in, anything and everything they ever worked hard for is taken over by the government and sold. How sad that these rich welfare succkers have no regard for the common man, but yet the common man will be taxed so as to save their rear ends.

[toshi43]

I don''t understand the term ''bipartisanship'' as it applies to American politics. Granted, you have two main political parties, but they''re ideologically almost identical. One party just happens to be a little more right-wing than the other, and they''re both completely controlled by the wealthy. The mad rush to approve this incredibly hypocritical and obscene bailout proves it.