Monday, September 22, 2008
Paul Krugman in his Article "Cash for Trash", starts asking some of the Ugly Questions about this Buyout....
It's funny but this weekend while cleaning and putting the trash out I kept thinking about this BuyOut Mess, Corporate Bailout...and I kept trying to figure out WHY if Everything is plunging, and worthless, WHY is the Government Bailing and WHO does it help ? You ? Me ? the retired grandmothers and VETs on my street ? our college bound kids ? WHO?
Please do read the Paul Krugman Article linked to the Title....he is examining these issues even closer....And why aren't we seeing people like him and other Economists, even Bloomberg being interviewed ?
Now that Paulson has appointed himself Treasury Czar, and stipulated he will be In Charge of this Massive Plan- with NO interference...most people I talked to this weekend have expressed more than Moderate Discomfort....for me it is partly instinct ( reminds me of that really great deal I got on that VEGA Hatchback long ago- just TOO good to be true ....) and on another level- I have heard NOTHING about all the Homeowners and About to Be Foreclosed Folks....I watched Bush 's last few pressers and it dawned on me that in his petulant peevish pressers- he is BLAMING THE AMERICAN HOMEOWNERS for this mess- and that Someone is to be PUNISHED for asking for loans...it is not the Predatory Lenders or the Greedy Manipulative Money Merchants...it is US, Mainstreet that Bush has decided to get his Pound of Flesh...Enough of What I think...Read Paul Krugman...he is smart...a Real Economist...
( Just a Thought but how come the Corporate Gurus in this Administration Always Want Czars for everything- how come they don't want like a Board of Experts- real Economists like Bloomberg, Krugman etc to Oversee this Massive Plan? And Why doesn't the restructuring include taking away Bonuses and parting gifts and Severance Packages from the CEO's that machined this nightmare??? )
"The new legislation states: “Decisions by the Secretary [of the Treasury] pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of trillions of our tax dollars.
We will not stand by and let the Bush Administration formalize its vision of a “government of, by and for the richest bankers."
The new system institutionalizes theft on a grand scale. Lehman Brothers bankers will receive $2.5 billion in bonuses after their company went bankrupt last week, but the new dictatorial authority under the White House and Treasury Department has ruled out any relief for the millions of working families who are being foreclosed.
We live in a $15 trillion annual economy. Instead of taking our tax dollars and giving it to the already rich and powerful, these funds should be used provide to decent paying jobs, affordable housing, health care and a good education for our children. There is another way! "
( this was sent out by Impeach.org...raises some really good points about WHO is being Bailed Out ...and why..)
Key DEMS ask Questions about the Language and the Legality of it ( Dodd, Frank and Leahy) And offer to rewrite it so it is more legal.....
Sen. Bernie Sanders (I-VT) put it in a public statement about his proposal for holding those to be bailed out accountable:
"The Bush administration, six weeks before an election, wants the middle class of this country to spend many hundreds of billions on a bailout. The wealthiest people, who have benefited from Bush's policies and are in the best position to pay, are being asked for no sacrifice at all. This is absurd. This is the most extreme example that I can recall of socialism for the rich and free enterprise for the poor."