Well folks, it looks like the Congress critters are about to sign off on the $700 Billion bail out for the big Wall Street money gangs.
You knew it was going to be a done deal as soon as they announced the plan was in place. Discussion? Not in the Amerika of 2008. Nope, no way, not any "real" discussion at least.
Oh sure, there were a few of the "elected" critters involved who made noises about the "plan", but you just knew it was going to be passed by Monday no matter what. The "discussions" were not about any real help for the "regular" Americans. Nope, no way, no how. We just get the "honor" of paying for this give away of OUR tax dollars to the big investment banks and other speculators.What? You mean you actually thought that there might be some relief for the regular folks who are having trouble paying for their mortgages? Silly you. This is a government bail out. How much money do any of those folks with crap mortgages ever contribute to the politicians? My guess is not much if anything at all. Nope, mostly they are too busy trying to pay for the "adjustable rate mortgages" and trying to pay for other "minor" things like health care and save for the kids college education. No way they have any "extra" to give to a political campaign. They are stuck with their crappy mortgages and high interest credit card debt. They, meaning most of us, will not get anything from this bail out except the bill.
"We" will have the obligation now to cover this new, additional debt. Gee, thanks loads there Mr. Paulson. Interesting how is old firm, Goldman-Sachs has made out quite well from this bail out. I bet HIS investments are covered. Losses? What losses? These big money folks can't have losses. They get bailed out if it even looks like they might have a "down turn". We, well, we get to pay for the bail out. That is the "duty" of the American taxpayer. We, and our children and possibly even their children, will be paying for this welfare for the rich for many, many years.
$700 Billion is a whole lot of money there folks. And, don't think that is the end of the amount of this bail out. Nope, no sir, it is just the beginning of it. You may wonder just how they came up with this figure of $700 Billion. Well, they sat down, looked at the economy, looked at the balance sheets of the big banks and then, they guessed. Yep, they just plain old guessed at the figure. Or as we used to call it in electronics school in the Marines. They used the SWAG method. SWAG? Well, that is the Scientific Wild Assed Guess method. It works wonders when you flat out don't have a clue. Just sit back and pull an number or answer out of the air (or your ass if you wish).
For a very good look at this financial mess I highly recommend the following linked article by Mr. Mike Whitney. Mike is a very good person to read on the economic mess we have here. I read everything he writes and he is always on target with his excellent analysis. His latest is at http://www.counterpunch.orgwhitney09272008.html
You will certainly learn a good deal about this crisis by reading Mike's articles.
Oh, and just in case you might have been thinking that this bail out was the only big money deal our Congress critters have been working on this week. Well, it wasn't. They just voted on a defense(??) bill with a price tag of $612 Billion. And that is JUST for the coming year.
Our government has spent $182 Billion on the two wars we are stuck with for just this current year. Yep, $182 Billion for this year alone in Iraq and Afghanistan.
Now, aren't you glad that Bush vetoed that bill last year that would have cost us $7 Billion to provide health care to state funds for children's health services? With such "necessities" as wars and Wall Street bail outs we just can't be spending on such "trivial" things as health care for our kids. No sir, we have to have "our priorities" straight! War and war profits are what matter. Oh, and those fat commissions and annual bonuses for the stock sellers and CEO's.
I really wonder just how much longer the American people are going to just sit still for the abuse. How long are we going to let the big money gang run away with our tax dollars? How many more wars are we going to support? And let me tell you all something right here. If you don't protest the wars, and by doing so I don't mean you need to be out in the streets, you CAN protest by writing letters/emails to your Congress critters. If you are not doing at least that much to protest the wars, then you ARE supporting them. You support the crimes by not saying anything. Your silence is taken by those running this mess as support for their crimes. How much longer are you going to stay silent? Are you waiting until one of your children or grand children are sent off to these damn wars? Does it need to be one of your family members being shot at before you "decide" that war is not exactly healthy for children and other living beings?
War is NEVER the answer! General Smedley Butler, who was awarded the Medal of Honor TWICE and served in the Marine Corps for 33 years said that there are only two reasons for war. One; to defend OUR homes. Two; to defend the Bill of Rights. ALL other reasons for war are a racket.
He wrote a pamphlet titled "War Is A Racket" after World War One. In this short pamphlet he describes how various manufacturers make huge profits from wars. Even down to the companies who make under wear and socks. Yep, the troops need socks and under wear, and the folks who make these items are only too happy to reap huge profits from wars.
How many more wars and Wall Street "bail outs" are the people of this country going to stand still for? When will "we" finally say, enough? How much government debt, placed on the taxpayers is too much? When do we finally say STOP?
I sometimes wonder how this is going to play out. Will there be a revolt? Is that what it will take to finally stop this "government" by theft? Is that what is really needed to restore the old Constitutional republic?
I sure as hell hope not. That would be the worst case in my opinion. But something must change in the structure of how this country is being run, because right now, it sure as hell looks to me like the country is being run straight into the ground. We are just beginning to see the consequences of the past decades here folks. Ever since "saint" Ronnie of Ray-gun we have been on a fast down hill run. We haven't hit the bottom yet, but I think that final stop is getting very, very damn close. Look for the $700 Billion bail out to be just the start of the huge flow of tax monies being sent to the Wall Street gangs.