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Don't Miss the Bigger Point Here . . .
In times of crisis, it's always good to take a deep breath, step back, and try to view the situation in the larger context of history.
On that score, I would strongly suggest that the Wall Street fiasco is just one more in a long chain of cataclysmic "disaster capitalism" events. The bubble-bound Bush team may well not have seen them coming ("no one could possibly have predicted . . . "), but Iraq, Katrina, and the oil crisis are all glaring examples of government inaction aiding and abetting shortsighted and greedy "money boys", who take shameless advantage of fear and suffering to make a quick buck - or, to be accurate, billions thereof.
We must NOT let Congress be stampeded into writing these folks a trillion dollar blank check, as Bush heads out the door to begin burnishing his "legacy." There *must* be meaningful checks and balances, to ensure this is an investment in our nation's future, not merely one more chance for the Haliburtons and Katrina contractors to line their pockets, while utterly failing to accomplish the tasks they agreed to do.
Another week or two to get this right - as opposed to once more trusting the very same folks *who got us into this mess* isn't just prudent - it's necessary to avoid our continuing national suicide.
Comments (4)
I wholeheartedly agree. I have already started writing congress insisting that they not give away power and that the thoroughly understand and review the situation and make sure that any solution is balanced and has checks and balances in place. I am very concerned that politics will be played with our money.
September 21, 2008 5:29 PM | Reply | Permalink
Obama said today:
Here's Barack today: NO BLANK CHECK!
"We must work quickly in a bipartisan fashion to resolve this crisis to avert an even broader economic catastrophe. But Washington also has to recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America.
As of now, the Bush Administration has only offered a concept with a staggering price tag, not a plan. Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects the basic principles of transparency, fairness, and reform.
First, there must be no blank check when American taxpayers are on the hook for this much money.
Second, taxpayers shouldn’t be spending a dime to reward CEOs on Wall Street.
Third, taxpayers should be protected and should be able to recoup this investment.
Fourth, this plan has to help homeowners stay in their homes.
Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.
Sixth, we need to start putting in place the rules of the road I’ve been calling for for years to prevent this from ever happening again.
And finally, this plan can’t just be a plan for Wall Street, it has to be a plan for Main Street. We have to come together, as Democrats and Republicans, to pass a stimulus plan that will put money in the pockets of working families, save jobs, and prevent painful budget cuts and tax hikes in our states."
September 21, 2008 6:00 PM | Reply | Permalink
TheraP wrote "Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets."
I don't know if we could insist on their cooperaton.
I think Paulson and company have come to the realization that foreign investments are going to dry up rapidly, and that's what they are afraid of, a run on the treasury by foreign counries.
September 21, 2008 7:48 PM | Reply | Permalink
I just sent this e-mail to Obama's senatorial website:
Please stand strong against the proposed bailout in its current form. As a Constitutional scholar you must see that this is a form of monetary facism to give the Treasury Department such unusual powers of control over our money without any oversight, review or legal redress. Many Americans are unconvinced of the urgency of this situation. This is not the first time that the Bush administration has lied to the American people to promote their own agenda. It seems very suspicious for it to occur right before the election, to effectively gut the treasury so that no money will be available for the programs that the people who support your Presidential campaign have been praying for. Thank you and God bless you.
September 21, 2008 7:14 PM | Reply | Permalink
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