Thursday, October 2, 2008
Excellent Opposition to the PELOSI-Bush-PAULSON Millionaires' BAILOUT BILL...
Below we will post some quick links in opposition to the PELOSI-Bush-PAULSON US Taxpayer financed BAILOUT of WALL ST. MILLIONAIRES bill.
The premise behind this bailout is simplicity itself: Wall Street (and its lobbyists and hired media whores, which is to say 90% of the US media) CRYING AT THE TOP of their voices,
"IF YOU DON'T GIVE US A TRILLION DOLLARS TODAY, WE WON'T LEND YOU A DIME TOMMORROW!"
This is of course PATENTLY ABSURD.
#1. Senator Bernie Sanders opposes the PELOSI-Paulson GIVE-AWAY bill...
#2. Rep. Marcy Kaptur opposes the Peloi-Paulson GIVE-AWAY BILL..
#3. Rep. DeFazio OPPOSES the Pelosi-Paulson give-away bill...
#4. Rep. Dennis Kucinich opposes the Paulson-PELOSI BAILOUT bill...
#5. Lou Dobbs was even more outspoken Weds. night in opposition to the Pelosi-Paulson Bailout bill than his guests Rep. Kaptur and DeFazio were.... http://www.cnn.com/video/#/video/bestoftv/2008/09/30/ldt.kaptur.defazio.intv.cnn
Speaker Pelosi IS REWARDING FAILURE and CORRUPTION at the expense of the very citizens who have been steered in to predatory loans, over-hyped refinancing, inflated property values, and soaring gas and energy prices, from those very Wall St. banks, brokers, and energy traders!
WHILE Wall St. and it's media whores like to trumpet "SUB-PRIME MORTGAGES!" as the cause of this crisis, that is simply NOT true: WaMu did not write many "subprime" mortgages, if any: MANY of WaMu's FORECLOSURES are LUXURY HOMES in GATED COMMUNITIES by people who PUT 10% DOWN, and had good jobs and incomes at the time. Homebuyers in a RISING MARKET thought that they were _insured_ against a credit nightmare, because if they lost their jobs or incomes, they could always sell the home in a rising market. IT WAS WHEN THE WHOLE MARKET turned, that some people became UPSIDE DOWN for hundreds of thousands of dollars on the value of their loans, and other people simply lost jobs or had income-killing medical crisis.
Wouldn't a BETTER _CREDIT RESTORATION PLAN_ be TO FIND THOSE BANKS AND LOAN companies THAT DID _NOT_ FAIL in the over-hyped markets - and guarantee them BILLION DOLLAR LINES OF government CREDIT so they could take up where the FAILED banks & lenders left off?
Institutions like LOCAL CO-OPS and CREDIT UNIONS ?
No, clearly NANCY PELOSI, the DEMOCRATIC "leaders" in the House and Senate, the American media, and the Republican Party are IN IN BED WITH the Wall St. Banking lords who are SO QUICK TO BRAG ABOUT THEIR PROFITS one year - and BEG, PLEAD, CAJOLE, and DEMAND BAILOUTS the next!
Goldman Sachs infamous, wallow in bonus billions, WHILE thousands of American homeowners are BEING EVICTED FROM THEIR HOMES! The $16 BILLION BONUS GREED CHRISTMAS of Dec. 2006 - http://abcnews.go.com/Business/FunMoney/story?id=2723990
Media Whores all but CENSOR REAL ECONOMIC DEBATE from coverage of the bailout plan. This follows the WHORE media's FAVORITE THEME - THE HORSE RACE! The "he said, she said" politics of a debate or bill... WITHOUT HARD ANALYSIS of the economics behind theat bill, in this case bailout.
As Josh Silver reports at HuffingtonPost.com -
"The American people are getting virtually no hard economic analysis about what the bailout would achieve or what the range of options are.
to the International Monetary Fund after studying 42 banking crises over the past 37 years. Their conclusion: Bailouts often do not work, they often result in more bad practices, and they distort economies by transferring wealth from taxpayers to bankers and their customers.
Why hasn't economist Dean Baker been invited onto a single television program in the past week? He is one of the guys who actually predicted the current crisis." >>
Baker simply posits that IF the NIGHTMARE presented by Pres. Bush and his Secretary of Goldman Sachs came to pass - IF there were an entire banking meltdown - then the FEDERAL GOVERNMENT would step in and restore the banks - AS IT JUST DID in the case of depositers making a run on WaMu and BREAKING that bank.