Just want to say that in the aftermath of the vote to go ahead with the bailout on Friday, I found many of us speechless, me included. At first yesterday I just couldn’t put my head around it. It was and is a huge “fix” like giving an addict money for cocaine, crack or heroin — wherein he or she promises “Yeah buddy, I am really going to change my ways, don’t you believe me?” And then just walks away laughing after you give him or her the money. You just know what they are going to do next.
The comment here recently given by Graeme Jones on this subject seems to be correct. People involved in high finance and the “Religion of Capitalism” just can’t see what everyone else sees as the obvious needed treatment for our financial problems (or just aren’t telling you) — stanch the wound where it bleeds: stop rising mortgage rates, and perhaps even roll them back to where they were 6 months or a year ago. And use some of those billions of dollars to give small business and people who want to own their own home etc. low (or at least reasonable) cost loans. Plus change accounting back to how it used to be when things were valued at their real value rather than some version of the roller coaster stock market.
Now here we are with even Mr. President Bush (as well as now a whole bevy of commentators–now that the vote has already happened and was quickly signed into law) admitting his “emergency plan” won’t work unless x, y and z is done — which of course is left up to the “good-will” of the predator banks and other wayward financial institutions. As one commentator said, if they just sit on the money it won’t do the country (or the world for that matter) a whole lot of good. Its like Bush, Paulson and their “Pirates on Wall Street” are saying “Hey, can we take the silverware on our way out? How about the chandeliers and while we are at it we like the jewelry too! And yeah, you can just lie there kicked in the stomach. We’ve got ours!” with a wink (if they bother) or some such ilk.
In case you don’t get it, we the people of the United States of America just got ripped off. And it wasn’t like we didn’t complain. Calls to Congress were 99 against to 1 for the Bail-out. However Congress decided they were “wiser” than us. So wise they couldn’t even take a month to deliberate on this important issue, or put in temporary emergency fixes until after the election that would have represented responsible legal corrections without the huge Bail-out.
I wonder what it will mean for us who do the creative work to make sense of this country as well as just the man and woman and kid on the street, not to speak of the sick and elderly etc. How will we respond? What will we do? Obviously we will be more on our own from now on out…
A friend of mine suggested it might be a liberation. I think Mr. Jones would agree. I certainly hope so. However we will have to work to make it so rather than just have endless, chaotic suffering.
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Editorial by Bea Garth
Please note my editorial on the Commentary Page (Social and Political) about the $700 Bail-Out. It is my hope this won’t transpire, however it looks like it very likely will either today (Monday) or Wednesday by the latest. Its unbelievable but true. Alice In Wonderland’s Mad Hatter and Queen of Hearts could hardly pull off such an unlikely stunt but there it is. Enough said, but if you’d like to say more please feel free. And look to the Commentary page for more from me. I plan to keep an eye on its “progress” so to speak as time goes on.
And look to the possible links (”tags”) below to see what others are thinking…
“The measure went down 228-205, with more than two-thirds of McCain’s own Republicans and 40 percent of Democrats opposed.” Yay!! Maybe now Congress can engineer something that may actually have a chance to realistically work rather than partly bail out the many companies that created this problem to begin with. We don’t need a bandaid. We need to stanch the place we are bleeding by putting a cap on rising mortgage rates etc. etc.