Sunday, October 5, 2008

Breaking the back of the working class

John Lennon~ Working Class Hero

We the People are now some kind of working class hero, working not to contribute to the greater good, but to shore up the gamblers of Wall Street. We are bailing out people, some of whom make over $500,000 a year.
We are rescuing them.
We are told we are rescuing ourselves. And who amongst us feels any sense of trust in what George Bush says or does?

So how do we know this "catastrophe" is not just some other ulterior motive of some other scheme? I can't help but notice the banks gobbling up other banks would otherwise be subject to anti trust rules & reviews, but are now seen as the sky-is-falling saviors.

We have every right to have doubts and fears, not about the ones Bush is telling us, but about the other questions and details he is NOT telling us. Right after the House approved the $700 billion dollar bailout, Bush was quick to say, this won't totally solve the problem- as if to deliver the omen that he'd be back asking for more. Time will tell just how many other places fail in the Wall Street world of finance. After all, it is being handled by a hand picked Bush regime appointee.

Meanwhile we go to work, earning meager wages, making a tiny fraction of what these high finance CEO's make, to make sure they stay wealthy & solvent, while breaking the back of the working class. Working Class heros.


Christopher said...

The $700 billion dollar bailout of Bush's Wall Street supporters will do nothing; zip; nada, to help the credit crunch.

Anyone who thinks bailing out white collar, corporate criminals is good for Main Street doesn't have a clue about the language in the bill or how the economy works.

Trust me. In 90 days, the "Street" will still be shedding jobs, credit will be hard to get and business will be disappearing. Meanwhile, the debt ceiling will be raised to $11.3 trillion -- an amount so large that generations will be paying for it 100 years into the future.

Fran said...

Christopher~ I think you may be right. The Decider was quick to pass the $700 billion slush fund & tell us this is just a small chink in the economic situation armor. Will banks & the mortgage loan businesses continue to implode, as we lose more jobs, and businesses go under in this ignored economy?
Well, at least we are winning the war. (snark).

Mary said...

Yes, my brother who is a loan officer, said the same as Christopher. He doesn't believe this will help anything as far as WE are concerned.

Christopher said...

What's making the economy sick is the ailing capital market. This isn't rocket science.

If George Bush and the Congress were really interested in Main Street and not Wall Street criminals, they would've bought the bad mortgage paper and taken it off the books of the banks and S&Ls. This would've opened up new capital streams to lend in the forms of auto and home loans.

I know there are lots of people out there who have been duped by Bush's economic propaganda team into thinking the bailout will help you and me. Trust me, it won't.

In fact, the Asian and European markets all opened low today and credit in the USA is just as tight as it was a week ago.

Until the bad mortgage paper is dealt with and the housing market begins to recover, America's economy will be in the doldrums.