IN case no one is paying attention, almost 2 months after the Nancy Pelosi Congress & Harry Reid Senate authorized $700 billion, SEVEN-HUNDRED BILLION DOLLARS to be used to rescue the US economy under the tender mercies of Bush Secretary of Treasury Paulson.... Paulson has used those BILLIONS of dollars EXCLUSIVELY to PROP UP THE BIGGEST, WEALTHIEST BANKERS on Wall Stree.... TO THE TOTAL EXCLUSION OF ALL OTHER segments of the US Economy!
Mr. Paulson's Rip-Off is SO BLATANT, that after dishing out at least $250 BILLION to his friends and cronies in _selected_ firms on Wall St., Mr. Paulson has harrumphed "I'm NOT GOING TO SPEND ANY MORE of the authorized billions to rescue the economy UNTIL THE DEMOCRATS TAKE CONTROL of the Treasury (Executive branch) - on January 20th, 2009".... IMPLYING that he won't dip into those billions for his banker friends in the next 8 weeks!
Anyone believe _that_ story, we've got a bridge to sell ya!
But more to the point, the AMERICAN ECONOMY CONTINUES TO BURN, as Paulson does EXACTLY NOTHING to buttress ANY OTHER SEGMENT of the economy!
There are even reports that CHINA AUTOMAKERS may buy out GENERAL MOTORS, which would be an obvious "duh" solution for a nation (China) that is awash in billions of American dollars (from the combined US, PRIVATE Trade Deficits, AND the huge US _PUBLIC_ NATIONAL GOVERNMENT DEFICITS to foreign nations), but with nothing really worth buying with all those dollars.
The point here is, that AMERICAN VOTERS voted TO GIVE DEMOCRATS CONTROL over the US government budgets and economy (and, indeed, in presidential election, the entire executive branch of the US government), so IF Obama, Pelosi, Reid, Hoyer & co. DO NOTHING to STOP Paulson overt's LOOTING of thost BAILOUT BILLIONS, the American public will have every right to paint the BUSH-2 RECESSION as the "DEMOCRATS RECESSION" - just as Timmy McVeigh and the "hate government!" militias in the mid 1990s painted the BUSH-1 RECESSION as the fault, NOT of the _DEREGULATION_ of the Savings & Loan industry under Reagan and Bush-1, but as the fault of "TAX AND SPEND, Big Government REGULATING DEMOCRATS" !!
#1. Democrat "leadership" may give a FREE PASS to Tres.Sec. Paulson's LOOT & PLUNDER of Bailout Billions... but MARKET INVESTORS don't!
- "Market Shedding 1,000 points Nov. 18 & 19 was a market Vote of 'NO CONFIDENCE!' in Paulson's administration of bailout billions
#2. Krugman: Lame-duck administration (especially Paulson at Treasury) FIDDLE while MARKETS BURN - while sitting on a $700 billion pot of gold specifically intended to rescue the ailing economy!
#3. "DEMOCRAT" economists Summers, Rubin, WERE IN CAHOOTS with Phil Gramm and Alan Greenspan's "ENRON LOOPHOLE" and the even larger, far more destructive "Commodity Futures Modernization Act," "which banned any effective government regulation of the newly unleashed derivatives market" Scheer, http://www.truthdig.com/report/item/20081118_change_we_can_bank_on/
#4. _REPUBLICAN_ Senator James Inhofe (possibly the most reactionary, right-wing member in all of Congress) confirms: (paraphrasing) 'Treasury Secretary Paulson INVOKED THE SPECTER of MARTIAL LAW, MASSIVE UNEMPLOYMENT, and a new DEPRESSION' to spook the Pelosi-Reid Congress into authorizing the $700 billion bailout of Wall Street in September, following the Dow Jones average spectacular, one-day, 777 point plummet that wiped out trillions of dollars of investor and pension savings.
While this particular article may be a tad on the "conspiracy" side of the story (we believe that Paulson did indeed invoke the specter of imposing MARTIAL LAW in trying to convince Speaker Pelosi to fund his bailout requests, see our previous posts), it DOES SERVE TO HIGHLIGHT _HOW LITTLE_ PAULSON has done FOR THE ECONOMY since then..!
#5. Foreclosures - THE ROOT of the current economic crisis - IGNORED by Paulson and the Bush White House, even as they pour taxpayer BILLIONS into rescuing the very banks that wrote those bad loans, encouraged appraisers to OVER-VALUE those homes, and are doing next to NOTHING to help homeowners retain those homes!!
#6. Naomi Klein sums the above up in Plain English:
"Wall Street's Bailout is a Trillion-Dollar Crime Scene -- Why Aren't the Dems Doing Something About It?", The Nation magazine, 14 Nov. 2008:
#7. Ravi Batra, reknown economist and author of "GREENSPAN's FRAUD," predicts MARKET COLLAPSE under Bush/Paulson's tender mercies.... in AUGUST of 2008!