Friday, October 03, 2008

Another "Business" Too Big To Fail

Even if the 'business of America is business' (and your Demon takes issue with that postulation--the true 'business' of America is looking out for the commonweal, of which moneyed interests are only a part),the bailout is nothing short of a bloodless coup.
~ Massive transfer of wealth from 'the people' threatens to succeed only in bankrupting America, cannibal capitalists win--all y'all can all go home (if you have one). Absolutely nothing to see here, folks , move on~
So, is it supremely fitting that the American Administration destined to be remembered only infamously as the worst, most unAmerican ever bestows as its parting gift a crippling deficit too big to be imagined, or what?
Of course, the Bush administration is not entirely to blame for creating such a huge debacle--its roots go back to Mr. Morning in America himself, Reagan--but for perfecting it and taking it to its logical and disastrous conclusion, and consistently treating the federal taxpayers' monies with an approach that amounts to "friends and contributors welcome to back the trucks up to the Treasury door and take it all away," and to years of conservative think tanks, letting lobbyists write legislation and appointing foxes like Paulson to guard the henhouse, we have years of concerted and tireless Republicon efforts to thank.
Wall Street has succeeded in extorting its bailout, mostly on its own terms. Where is legislation to help the little people--say a complete repeal of the dastardly bankruptcy legislation the credit card companies managed to push though, just for starters?
Face it, America--the worst President ever and his maleific friends have just succeeded in completely subverting democracy in the name of 'capitalism'--except that, like everything else in this Administration, with its penchant for trying to convince us that up is down and other disingenuous misnomners, the fact is that 'capitalism' has somehow succeeded in privatizing profits and socializing losses, the precise opposite of what we all supposed it to be.
And don't look now, but when you lose your job, and the creditors who are the beneficiaries of this bailout-shakedown come after you, there won't be any social services left to help you get back on your feet, nor any particularly effective laws to prevent them from coming after anything you might manage to salvage.
If you're not outraged, you haven't been paying attention, as the old saw goes, and yeah, what about the plan that Sweden successfully implemented when faced with the same situation, described in a New York Times article not so long ago?
As the WaPo reports, the amount of the bailout must be borrowed because, er, we really don't have that much money on hand: "What is clear is that the Treasury will have to borrow the money: The bill increases the legal debt limit by $700 billion, to $11.3 trillion."
So what if America turns out to be "too big to fail?" Who's going to bail us out, and incidentally, own us?



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