Last Big Bite

Often I’ll make a point in a post and then see someone else make the same point much more eloquently. Here an unidentified member of Chester County Peace Movement improves on the point I made about the proposed Wall Street bailout. (No linkie because this came via email relayed to subscribers of CCPM’s listserv by the movement’s founder, Karen Porter).

From my own simplistic view (like you, I am not an economist) I see this entire bailout as the GOP’s last big bite of the public’s tax money before the neo-cons leave office. They haven’t just emptied the treasury over the past eight years, they are now trying to empty the treasury over the next EIGHT years, no matter who is in office.

This is a total sham…. a way of “downsizng” [sic] government once and for all….so the Democrats will not be able to keep their promises to the middle class. The transfer of money — especially if there are “no strings attached” as both Bush and Paulson are asking — is just another way of letting the GOP banker pigs keep on chowing down on the public trough for years to come.

Not only does the author better state my point, they make the far more important point that this bailout would effectively tie the hands of the next president.

In last night’s first presidential debate, moderator Jim Lehrer tried without success to get Barack Obama and John McCain to tell specifically how the bailout would affect their respective administration’s budgetary priorities. That’s a hard question to answer without paying a price politically so it’s no wonder the candidates were evasive.

I have no doubt one of the goals of the Bush administration in putting forward the bailout plan is to sabotage the next administration, which they evidently think will be Obama’s, and pave the way for the GOP, possibly with Sarah Palin 😯 as their standard bearer and puppet, to win back the White House in 2012.

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1 comment so far

  1. miklwald on

    Whether intended or not, the author certainly states what will be the result of this bailout. I have written about, and linked to someone who put it better, the need to get money to the people who will pay the bill. After all, the money to repay loans has to come from somewhere. If the American people don’t have the money, where will it come from? “The treasury”? The Chinese? The recipients of all this dough certainly won’t have to worry. When we can no longer buy cars or homes or whatever, and our car makers, home builders and others go broke, the rich will still be able to buy Mercedes, yachts, etc.

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