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News :: Globalization : Labor : Organizing : Politics : Social Welfare
No to Bush-Pelosi Bailout of Wall Street Greed! Time for People's Action and Real Change!
by Doug Cupertino
29 Sep 2008
The Bush-Pelosi proposed law bailing out Wall Street capitalist greed and hyper-profit,will hit the American poor and middle class even harder, and prolong the crisis. Time to stop the bill! Time to change Wall Street-coddling politicians! Time to go into the streets and make the people's voice heard!
The Bush administration, the Republican kingpins of Wall Street led by Paulsen and Capitol Hill led by the Democrat Nancy Pelosi is selling to the American people a bill hatched to bail out Wall Street greed and hyper-profit, hit the American poor and middle class even harder, and prolong the crisis.
Politicians like Pelosi are peddling the lie that the party for Wall Street is over. With the new bill the Wall Street-coddling politicians are cooking up and railroading in Washington, the message is: The Party Must Go On! More 700 billion dollars in intoxicating and addicting speculative capital to pump up the Wall Street money machine.
This is like curing drug addiction with more drugs and a higher level of drug addiction. Why not let the system go cold turkey? Why not rehab? Why not let Citigroup, J.P. Morgan Chase, Well Fargo bailout their fellow banks and the hedge funds, as they are already doing?
The problem is, Washington, the political establishment and the Republican and Democrat party kingpins don’t get it!
The problem was that Wall Street had no much money, too much profit and capital to lend and speculate, and the Main Street had too little money, to buy housing. The poor and middle class were already long being battered by falling real incomes, lay-offs, contractualization of jobs, lower wages, higher gas prices. And so Rich Wall Street twisted increasingly poor Main Street to borrow, borrow and borrow so that it could pump up more, more and more profit.
And with the help of Wall Street coddling Washington and media, it pumped up the lie that the fundamentals of the economy are okay, so keep those investments and borrowing coming! There’s more where they came from! It was a case of greed feeding on politicians and media hype feeding more greed!
Instead of helping Main Street, the poor and middle class, with raising real income, the government coddled Wall Street with taxpayers money through Treasury bills and notes. With a socialist orientation, this was money that could have gone into comprehensive health care, education, technology, renewable energy, industrial jobs. But no, it must go into Wall Street profiteering.
Not that falling real income has hit housing with mortgage failures. Washington’s answer: go on with foreclosures to save the banks. Not save the people with moratorium on foreclosures. To the Republican and Democrat kingpins, this was no crisis. As long as Wall Street was fine.
Now the deep crisis has hit Wall Street as well Since Wall Street and not just Main Street is in deep trouble, there is now a official crisis. The number one coddler of Wall Street himself, George But it is a crisis of greed. The super-greedy of Wall Street can no longer satiate their greed and addiction to hyper-profit.
Now the politics of fear takes over. Bush announces, Wall Street is about to fall, so you have to bail it out. This is big time crime and theft. A mugger pummels you. And then, he grabs your money. Wall Street and its sidekick Washington is the biggest mugger of all time. They first battered the poor and middle class and now they are grabbing more money from them with this tax-money bail out.
And then the Grand Pied Piper, George W. Bush, follows up on his grand lie of weapons of mass destruction in Iraq with the grand lie of economies of financial destruction. Wall Street is the heart of the economy, if we don’t save it with a bailout, Main Street will fall, too. Baloney! Wall Street is the heart of greed. The heart of the economy is Main Street, the working people who and create prop up the real economy. It is they who need saving in order also to save the economy. They need to save themselves, not Wall Street. They need to save themselves also to make the economy healthier. Because it is obvious that Washington and the Democrat and Republic Party and politicians will not save Main Street because Washington and the two party leaderships’ hearts are for Wall Street.
Pelosi is trying to replicate Bush as a new Democrat Pied Piper luring the people to support the bailout of Wall Street. She dishes out three main lies.
One, the amount, 700 billion, is small, and will trickle out to Wall Street, then back into the taxpayers by the end of five years. America is also broke with over 10 trillion in debt. The U.S. government is bogged down in debt. Only lending by China, Japan and Saudi Arabia is saving the United States from bankruptcy. Washington and even the Federal Reserve do not still know how big the bad, toxic debt is all over the economy. Some say, 2 trillion dollars, all in all. How can Paulsen, Bernanke, Bush and Pelosi say that the bankrupt bankers can pay back most, if not all, of the 700 billion in five years. Baloney!
Pelosi is repeating the Wall Street line pushed by Bush that Wall Street will trickle down the 700 billion dollars and eventually prosperity and relief to the poor and middle-class. Baloney!
And how can they save the economy, if they are not saving what has to be saved to really avert the crisis, Main Street! What’s worse, they are inflicting more of the same problem with the bailout. Battering Main Street by coddling Wall Street! 700 billion dollars to Wall Street means 700 billion less to Main Street in terms of funds for health care, education, public housing, industrial jobs, environmental protection, etc., etc., etc.
How can Pelosi and the rest of the Democrat kingpins promise helping the middle class if they are in cahoots with Bush and Wall Street in hatching this deal that bashes the middle class? Are they saying that Democratic Party is after a Wall Street party, too?
How can Pelosi say in all honesty and her right mind say that this bailout is going to stop government bailout of Wall Street? This bailout is actually and obviously saying that taxpayer bailout of Wall Street is okay, and will happen again and again and again…..until the government itself is foreclosed, completely default on health care, education, job-creating, Social Security obligations.
Two, Pelosi says, Congress will now regulate Wall Street tightly. Baloney! Even though nominally a part of Wall Street, the Federal Reserve and Paulsen, a kingpin of the leading Wall Street investment bank, Goldman Sachs, is at bottom Wall Street and big-time corporate to the core. How can Capitol Hill regulate Wall Street business of over two trillion dollars in dealing every day? In the end, Wall Street insiders and kingpins like Paulsen will eventually be “regulating” Wall Street. Wall Street greed regulating Wall Street greed? Baloney! It would be just like Bush regulating Enron and his Big Oil election campaign donors.
Three, Pelosi trumpets, no golden parachutes anymore. Another lie. The devil is in the details. The truth is, the old golden parachutes stay for the Wall Street tycoons. They are not to be touched. What’s there in the bill and law if passed is that there will be no addition to the old golden parachutes for the top 15 per cent of the bank management. That’s all. Meanwhile, the party and the golden parachuting must go on!
Wall Street and the Wall-Street-coddling politician kingpins of the Democrat and Republic Party are bent on passing a bill that not only hits the poor and middle class, but it also drags out the crisis even longer. That’s because they don’t get it. The problem itself is Wall Street capitalist greed and hyper-profit eating into the real income of Main Street and potential public health care, education, housing, industrial jobs and other welfare benefits. The bill and the proposed law does nothing to correct this. Worse, it immediately makes things worse for Main Street.
The American taxpayers and the poor and middle-class must stop this Wall Street robbery and grand theft of their hard-earned money. They must stop this criminal act of the robber super-barons. They must stop the complicity and coddling by Democrat and Republic politicians of Wall Street. No to bail-out of Wall Street! Yes to moratorium on foreclosures and higher real income and relief for Main Street!
It’s time for real representatives of the people, not political agents of Wall Street. It’s time for regime and politician change! Junk the politician coddlers of Wall Street!
Time to go into the streets and make the voice of the people heard loud and clear! Time to build a people’s movement for and by the people! Not time for more of the same. Time for real, socialist change!
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