Comments on: Wall Street Rattled By Bailout Angst
Dow Plunges 370 Points As Government Hashes Out Rescue Plan For Banks' Mortgage Debt
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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)- Reply to this comment
- 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) - Reply to this comment
- 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) - Reply to this comment
- 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) - Reply to this comment
- ---"American gold bullion is king ... I bought my overseas honey a college education with 5 one/oz. gold bullion. The world still holds gold as the real currency."---
Posted by mcv57
That''s a nice story :) There''s something reassuring of having money invested in something tangible, isn''t there? - Reply to this comment
- Totally wigs me out. I could see it going past $1000 again, but it just so wigs me out.
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Posted by SamTheTVCat
Gold bullion is not an investment, its the real currency of the world. If you watch the stock market, Gold follows right behind the Black Gold - oil (if it goes up so will gold). - Reply to this comment
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.- Reply to this comment
- American gold bullion is king ... I bought my overseas honey a college education with 5 one/oz. gold bullion. The world still holds gold as the real currency.
- Reply to this comment
- ---"Hurry and buy gold bullion, it has gone up $200 since last week to $900.00 per ounce. That is the only currency the U.S. Constitution recognizes."---
Posted by mcv57
Something about gold wigs me out - just the unprecedented levels . . . at $600 I was wondering, how high can it go? Then it went up to like $1000. Then it went down. And now it''s going back up again.
Totally wigs me out. I could see it going past $1000 again, but it just so wigs me out. - Reply to this comment
- Paulson wants no accountability over the $700 Billion. What is he tell the American taxpayer ... eat dodo and die I am going to buy an uncharted island and retire on your tax bill.
- Reply to this comment
- ---"I HAVE GOT MY MONEY OUT GOOD LUCK TO EVERONE!"---
Posted by gwjackie at 10:32 PM : Sep 22, 2008
---"If you''re still in dollars.....you''re the one who''s going to need the luck."---
Posted by shanev137
Everybody''s markets are doing no so great, but relatively speaking it doesn''t look like the Euro''s in danger of being devalued any time soon (?)
Thus buying up Euros might sort of be the equivalent creating one''s own home-made mini money market, isn''t that right?
I don''t know . . . - Reply to this comment
- Posted by gwjackie at 10:32 PM : Sep 22, 2008
Hurry and buy gold bullion, it has gone up $200 since last week to $900.00 per ounce. That is the only currency the U.S. Constitution recognizes. - Reply to this comment
- Remember when you go to vote that McCain said last week, "the economy is fundamentally sound", almost word for word what Hoover said in 1929.
- Reply to this comment
- I HAVE GOT MY MONEY OUT GOOD LUCK TO EVERONE!
Posted by gwjackie at 10:32 PM : Sep 22, 2008
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If you''re still in dollars.....you''re the one who''s going to need the luck. - Reply to this comment
- "Wall Street Rattled By Bailout Angst"
Wall Street is ruled by emotion, and hence should have NO bearing on a bailout plan fashioned by the American taxpayer (unless WE want to be ruled by emotion as well, which is a recipe for disaster, since its emotion that got them in this trouble in the first place).
America has indicated she will move in a substantive way to back the emotion-driven debts incurred by a bunch of WallStreet banker millionaires who should have known better. The G7 has already indicated that this positive move will be matched by their own moves to add backbone to this rattled market.
We should be in no rush to actually gift $700 billion of our tax dollars to these chicken-littles. We should do it on our own sweet time, in a way than ensures we get the maximum return for our dollar.
Wall Street LIVES to separate the unprepared from their money on the basis of emotion. If America follows Bush into that emotional cavern, we''ll lose our $700 billion and have to pony up another $700 billion in a year anyway.
WE ARE NOT WALL STREET!!!! WE ARE MAIN STREET!!! WE CANNOT BE RULED BY EMOTION!!! It''ll be too expensive. - Reply to this comment
- Cool. But will it buy tomorrow???
Posted by emelder at 10:35 PM : Sep 22, 2008
Can you say "inflation?" It''s cominggggggggg....
And no, curse, I''m NOT talking about Clinton''s BJ. - Reply to this comment
- I HAVE GOT MY MONEY OUT GOOD LUCK TO EVERONE!
Posted by gwjackie at 10:32 PM
Cool. But will it buy tomorrow??? - Reply to this comment
- If you talk about Clintons BJ in the Oval Office...
Posted by curse914 at 10:29 PM : Sep 22, 2008
None of us was talking about that. It seems to be on only YOUR mind. - Reply to this comment
- Actual and REAL blame for this
to belongs to BOTH parties.
Posted by rushlimpdrug at 10:27 PM : Sep 22, 2008
THANK YOU! I''ve found another TRUE BELIEVER! - Reply to this comment
- he was a Centrist Freidmanite who embraced "Free Market" Dogma that has its origins in the GOP from before the Great Depression.
Posted by curse914 at 10:27 PM : Sep 22, 2008
ROTFL!!! Now you''re blaming the GOP for what CLINTON did!?!?! LOL!
No, wait, that''s worthy of a LOL! AND A HALF!!
Well, I gotta admit, THAT''S FRESH!
The flies are buzzing ALL around it. - Reply to this comment
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