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September 20, 2008

Greider: "Bailout Plan A Historic Swindle"

link

Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses--many hundreds of billions, maybe much more. What's not to like if you are a financial titan threatened with extinction?

If Wall Street gets away with this, it will represent an historic swindle of the American public--all sugar for the villains, lasting pain and damage for the victims. My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called "responsible opinion." If this deal succeeds, I predict it will become a transforming event in American politics--exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion. As I have been saying for several months, this crisis has the potential to bring down one or both political parties, take your choice.

The rest.

—Jonathan Schwarz

Posted at September 20, 2008 11:23 AM
Comments

Call Pelosi @1-202-225-0100 STOP THE RIPOFF. While UR on the line U might mention IMPEACHMENT.

Posted by: Mike Meyer at September 20, 2008 12:08 PM

Pelosi showed up on CSPAN the other night, talking about how everyone she was addressing agreed that God had given us the earth to, you know, use and everything, so, we should, like, take better care of it and stuff.
That would be the mighty Jehovah God, of Judeo-Christian Biblical fame.
She seemed terrified, but chronically, an ongoing permanent part of her life.
Fear.
Impeachment isn't stalled by inertia.
It's blocked by the most amoral swine in human history, using the adjective "human" at its widest possible definition.
By the time you get enough steam to get it done, they'll have moved their resources on to the next sock puppet.
Not that Kucinich isn't a total hero and true American patriot, not that the legal recourse of impeachment isn't cathartic and important, just that the real enemy is immune to political process, it is not a political thing, it uses politics as expedient.
It is an alien life form and must be approached with the tools and weapons of science-fiction.
We don't see the violent coercion secondary pols like Nancy Pelosi are subject to, out here in the cheap seats, because it would be bad for business for the little folks' sense of security to see their leaders like that - on their knees with their mouths working.
Pretty much everybody knows the 2000 election was stolen, and the 2004 election was a propagandalooza of deceit and manipulation, and 2006 - that's the one where we sent all them Democrats up to Washington to fix things and get our boys and girls out of Iraq.
Given the narrative so far it seems just a little naive to put any faith in electoral pageantry or process.
These nameless guys are running the back rooms of Washington by remote control, as well as the economy, as well as the media, and the media's now the only real means normal Americans have of finding out anything about the world.
And they won't let go of all that power without getting as nasty as they can, which is very nasty indeed.
So it's about sacrifice, at levels unseen in the past 5 decades in the US, by average citizens.
And putting Sheldon Adelson in a cage on wheels and dragging it from town to town, with a caption card under it that says...
Well yeah, what would it say?

Posted by: roy belmont at September 20, 2008 12:50 PM

"My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called "responsible opinion.""

But responsible opinion brought us the Iraq war, the 9/11 commission, the Resolution Trust Corporation... responsible opinion is mana from heaven!

This part's just silly:

If this deal succeeds, I predict it will become a transforming event in American politics--exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion. As I have been saying for several months, this crisis has the potential to bring down one or both political parties, take your choice.

You know what else is a transforming event in American society that'll lead to the downfall of one or both parties? Pretty much everything that anyone's ever held a strong opinion about.

You know what'll expose the faults in our democracy? Non-obsessive, non-compulsive, critical minds.

Posted by: A Different Matt at September 20, 2008 01:55 PM

Sitting on the couch and doing NOTHING IS what got US here. Waiting for SOMEONE ELSE to figure it out, to say what needs to be said, do what needs doing. Too bad they are sitting on the couch, ALSO, waiting for someone else to do something.

Posted by: Mike Meyer at September 20, 2008 02:55 PM

I think we've settled into a nice pattern, 2 or 3 huge bailouts like this per generation. Shouldn't be too much for the unwashed to handle. Though I do think Bush Jr has probably pushed the upper limits of what people can bear with a straight face.

About the only thing left for the little guy to do is to plan ahead to the next one, and how to make some doe-ray-mee off of it.

btw, A Different Matt: I'm obsessive and compulsive but I don't think it means anything. The faults in our democracy have always been exposed. The only thing anything will take is for people to look at the situation with a detached perspective. How hard is it for people to come to grips with realizing their whole lives have been spent fueling an economy only meant to socialize huge irresponsible corporations' fuck ups? And generally any way they want to waste your money. The elephant in the room is those taxes you pay people.

Posted by: tim at September 20, 2008 03:27 PM

I think I meant to say 'George Jr'

It just sounds more cordial.

Posted by: tim at September 20, 2008 03:34 PM

Tim has the solution at hand.

The key is to not pay taxes..I know I know.. the leviathan will send some police types to put you away and take your house etc. etc...

But there is a legal way..

my buddy does it all the time.. He has his own consulting business on the side (in addition to his day job) and he deducts anything and everything and he keeps all the records and reciepts. And he maxes out his 401K contributions to get more deductions

He takes vacations such that wherever he travels to he does research and meets people that are related to his consulting.

In the end after all the deductions..he ends up paying a paltry 5% or so..

If we all do this and pay next to nothing to the GOV. No money for war.. no more war..

Posted by: Sam at September 20, 2008 04:56 PM

Sam: Yes, but how many people actually do that. (many more soon, of course) I propose and have worked toward Voter Initiative on the BUDGET AND TAXES. In that YOU THE TAXPAYER have total control over YOUR TAXES, that which comes out of YOUR pocket to support YOUR government. AND that YOU also have a FINAL SAY-SO vote on any and all BUDGETS YOUR TAXES contribute toward.(not a line item but a go or no go on the over all budget)
YOU KNOW, congress may hold the purse strings, but its STILL THE TAXPAYER'S purse.

Posted by: Mike Meyer at September 20, 2008 05:54 PM

and YOU ARE the one's filling it.

Posted by: Mike Meyer at September 20, 2008 05:56 PM

Brilliant. Like the government hasn't destroyed the value of the dollar enough, now it wants to pull more money out of it's ass (aka, the American people's pockets.) The more I learn, the more ashamed of my country I become.

Posted by: Taylor at September 20, 2008 09:41 PM

Brilliant. Like the government hasn't destroyed the value of the dollar enough, now it wants to pull more money out of it's ass (aka, the American people's pockets.) The more I learn, the more ashamed of my country I become.

Posted by: Taylor at September 20, 2008 09:41 PM
If we all do this and pay next to nothing to the GOV. No money for war.. no more war..

We'll always find money for war. It's a social investment that has returns.

Everything else we wouldn't fund.

Posted by: Labiche at September 20, 2008 09:49 PM

If Wall Street gets away with this?

I may ask for a write in ballot in November so I can vote for "Fuck All of You Worthless Suckers" for president. Admittedly it's stupid and willful, and even unladylike. And I imagine it won't accomplish anything, since I'll just hear virtual crickets if I cry out


"WHO'S WITH ME?"

Posted by: Tiffa Hancock at September 21, 2008 12:15 AM

Tiffa Hancock: May I suggest Digby-Clark, both decent people that would honor YOUR vote.

Posted by: Mike Meyer at September 21, 2008 02:25 AM