The House rejected the original bill on Monday, sending stocks tumbling around the world.But lawmakers approved the rescue package, backed by U.S. President George W. Bush and Treasury chiefs, Friday after the U.S. Senate passed it by a large majority on Wednesday.Congress voted 263 to 171 in favor of the bailout bill, which will now go to President Bush to be signed.Wall St, after climbing nearly 300 points before the bill was passed, slipped after the successful vote as the market tried to take in the news.President Bush later said he would sign the bill into law Friday. --U.S. lawmakers pass $700 billion bailout bill
Section 7. All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills. --US ConstitutionAt the time the Constitution was written, it was believed that Senators would be more wealthy than Reps and might, therefore, be willing to spend public money unnecessarily. The larger house was also believed to be a 'better gauge' of the people's wishes. Ummmmm!!! This bailout bill originated in the Senate. According to US wealth distribution data compiled by 'The State of Working America', 'Wealth distribution in the U.S. is extremely concentrated at the top --even more so than income.'
These statistics, on the other hand, only hint at the L-Curve phenomenon because the top 1% isn't scrutinized in sufficient detail. Still, compare the net worth of the top half of the top 1% with the bottom half of the top 1%! If you add them together and proportion them out, 3/4 of the wealth in the top 1% is actually in the top 0.5%.Only a tiny group of Americans --Bush's 'base' --will benefit from the bailout directly.
The top and bottom halves of the top 0.5% would undoubtedly show even greater disparity if the data were presented with enough resolution. Note that nothing on this page even mentions billionaires. The largest fortunes are in the $100-billion range. The statistics on billionaires are diluted by lumping them in with mere millionaires. --op cit,
This absurd bill bails out the Wall Street house of cards upon the backs of working Americans, those who still have jobs. This is not merely absurd, it's criminal. It's a hold-up, theft under threat of 'martial law'.
The richest man in the world is probably worth more than some $60 billion dollars. If the 'bailout' were pro-rated, he should be expected to pay proportionally or between 10 and 15 percent of the total bailout. Will that happen? Not a chance. In America, the rich are supported by the middle and lower classes.
People must see clearly the futility of maintaining the fight for social goals within the framework of civil debate. When the forces of oppression come to maintain themselves in power against established law; peace is considered already broken. --Che Guevara, Principles of Guerilla WarfareThe bailout was unconstitutional but you can bet Scalia's rubber stamp office will give it a big OK! The current government in Washington is NOT legitimate. This is, perhaps, a good time to recall an America that no longer exists. Thanks to Bush it may never exist again.
- Bush's Conspiracy to Create an American Police State: Part I, Police States Begin With False Flag Attacks
- Bush's Conspiracy to Create an American Police State: Part II, A Climate of Fear is Maintained
- Bush's Conspiracy to Create an American Police State: Part III, In Fascist Dictatorships Telling the truth becomes a crime
- Bush's Conspiracy to Create an American Police State: Part IV, the state forces an 'existential' choice
- Bush's Conspiracy to Create an American Police State: Part V, Public Opinion Becomes Irrelevant
- Bush's Conspiracy to Create an American Police State: Part VI, The government places itself above the law
- Bush's Conspiracy to Create an American Police State: Part VII, The Government Denies 'Due Process of Law'
- Bush's Conspiracy to Create an American Police State Part VIII: Atrocities are justified with lies, myths or propaganda
10 comments:
Len,
Your "lesser of two evils" Democrats overwhelmingly voted in favor of the bailout. 73% of them compared to 46% of the repubs.
I didn't talk to a single person this week in favor of this. All of our phone calls and emails were in vain. My democrat congressman is a traitor as are all of the rest of them.
This goes beyond blackmail. Both parties are entrenched parts of the same criminal enterprise.
Our votes, our voices don't count.
What's next?
kenny's sideshow said...
Your "lesser of two evils" Democrats overwhelmingly voted in favor of the bailout.
Kenney, I've always said that the Rethugs and the Dems are two wings of a single party. But --that's what we're stuck with until the revolution takes place.
Secondly, I don't see the American people having the stomach for a real revolution --so, until the get one, they might as well just shut the fuck up, bend over and get screwed!
The government in DC will not go quietly into that good night because we write nasty things about them on a blog.
If we try to effect a revolution by arms, WE WILL BE GUNNED DOWN in the streets! Make no mistake about that!
Thirdly, the dems who voted for this piece o'shit bailout can be FIRED during the primary process. But that assumes Americans give a shit enough to get off their couch to go vote. I haven't heard anyone say that the GOP vote thieves are rigging DEMOCRATIC primaries.
You are correct --this DOES go beyond blackmail! And, indeed, our government IS a criminal enterprise. As Che said: "the peace is already broken!"
Don't start the revolution without me!
I totally agree with kenny's sideshow ... "Our votes, our voices don't count." This bailout scam and our scumsucking congress is all the proof I need. The proverbial final nail in the coffin. Wake up folks! Even the rats on the Titanic knew the ship was going down! October 3, 2008 ... the day America died.
The daylight robbery is still in motion.
Another part of this scam is that the debt level of the US has been raised another 1.3 Trillion.
For now, the thieves, liars and grifters that stole the original 700 Billion will wait, holding us and the economy hostage until they scoot that 700 Billion offshore, then stick another gun to our heads and tell us to pony up that extra 600 Billion or else.
Where was the Plunge Protection Team thru all of this?
That's the shadowy group backed by Wall Street and the Fed that buys up stock when the market is dropping faster than the money men would like.
And they've been plenty active this past Summer.
After the House voted down the first plan, did the PPT dump a lot of that stock back onto the market Tuesday, artifically creating that 777 point drop?
Just don't ask any questions, since now is not the time to fix the blame.
"Nobody move and nobody will get hurt"
Yes,
The American people don't have the stomach, they're not hungry enough yet.
We'll see how far they push us.
Former American said...
I totally agree with kenny's sideshow ..
I agree with Kenny as well. What I would like to be able to do, however, is to address specifically the questions: what do we do about it!
This is a problem for 'decision' theory. We are given but two viable choices in a rigged system. 1) The GOP 2) the Democratic party. The GOP is utterly and completely evil. The Democratic party is, likewise, evil but less so.
At this point, progressives have three options and none of them are really good.
OPTION 1) Refusing to vote entirely is unacceptable, in effect, aiding and abetting the power hungry GOP that is the very source of your dilemma.
OPTION 2) Voting for the GOP. Well, that is simply not not an option.
OPTION 3) Voting for a third party candidate. The GOP will simply LOVE IT, if you vote for a third party candidate. 'Nuff said.
OPTION 3) Voting for the Democratic candidate.
A final point: sure --these rules suck! That's part of the problem. But no one has yet figured out a way to either change the rules or change the game. Until them, we have to win the game that's played --not the game that we would LIKE to play.
This bailout scam and our scumsucking congress is all the proof I need. The proverbial final nail in the coffin. Wake up folks!
I have been yelling WAKE THE FUCK UP at least since the early 80s when it became clear that the GOP, under Reagan, had embarked upon a path that would lead inexorably to America's economic destruction. I agree with your analysis entirely.
The issue is what do we do about it?
Greg Bacon said...
The daylight robbery is still in motion.
It might have been easier if the GOP had tried to pull this all off quickly. Instead, their fascist heist of the US government has been underway at least since the regime of R.R.
Just don't ask any questions, since now is not the time to fix the blame.
Revolution can be waged but it must be waged within the existing Democratic party first.
Confronting the GOP regime in the streets is a good way to get shot to death or killed with massive head wounds or tasers. Think about it --you will be going into the street in t-shirts and sneakers. The GOP Praetorian Guard goes in with bullet proof body amror, helmets, tasers, tear gas, and deadly weapons. The combat unit returning from Iraq will have the ability and --no doubt --the orders to shoot to kill.
The tyranny is here.
As long as lip service is given to elections, the only viable option for progressives is not only to vote Democratic but INFILTRATE the Democratic party, SEIZE the Democratic party, RADICALIZE the Democratic party.
You may not like some Democratic positions and specifically sellouts by individual Democrats. But --give the shitty false dichotomy we've been give, its all we've got.
Historically, every revolution is first won within the rank and file of the 'friendly' party. No one goes into the streets alone and wins. Starting a new party will take generations. We 'ain't' got that kind of time.
All I'm saying is: get real!
kenny's sideshow said...
The American people don't have the stomach, they're not hungry enough yet.
But soon will be. We agree entirely on substance. I'm addressing tactics.
Progressives should look at the Democratic party as an opportunity. There will be NO revolution if there is not first a revolution within the ranks of the Democratic party.
Len, this may interest you.
"Over the last two weeks I have encountered just such an apocalyptic situation, where I and the Department of Justice have been asked to be part of something that is fundamentally wrong."
(Excerpt from Deputy Attorney General James Comey's draft letter of resignation to President Bush, dated March 16, 2004, which Comey did not in the end send.)
What was the Intelligence program that was so "fundamentally wrong" that James Comey could describe it as "apocalyptic"?
Ed Encho looks at that Promis and Main Core Intelligence programs and concludes that the US has been systematically moving to a complete police state by design. All that is required is the final social trigger, likely a staged terrorist attack.
Greg Bacon, you might be right and the PPT worked to bring on a collapse on the markets. Mike Whitney has some details on Fed spending and notes the ineffectiveness of their efforts:
---------------
"The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression. The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities. "The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone." (Bloomberg, Sept 29)
Get it? The Fed has already brushed aside Congress's "No" vote and pumped money into the system; and look what happened.
Nothing!
Libor is still at historic highs, the Ted spread has widened to record levels and interbank lending is grinding to a standstill. There's a run on the money markets that is reducing the ability of businesses to turn over short term debt. The system is shutting down, folks
---------------
Whitney identifies the two key groups to have windfall profits from the $700B bailout:
(1) Foreign investors: "The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20 that it can't be sold to the Treasury. Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure it can happen."
(2) Favored US Corporations: "While the plan broadly aims to prevent banks from profiting on the sale of troubled assets to the government, there is an exception made for assets acquired in a merger or buyout, or from companies that have filed for bankruptcy. This could allow Citigroup to sell toxic mortgages and other assets it gained from Wachovia for a higher price than the bank actually paid for them."
All that talk about the bailout bill going to help "Mr. and Mrs, Jones" and helping Main Street and the American people and not Wall Street was just that, talk.
Inserted into the bill on page 61, was a provision snuck in by the Senate to make it MORE difficult for homeowners to seek mortgage relief.
From Democracy Now
JUAN GONZALEZ: Can you remember a time when there has been so much public anger and opposition to a piece of legislation, but yet the House and the Senate seem to be moving along and going ahead to pass it?
ROBERT JOHNSON: They can, what I would say, use the crisis anxiety of the market fragileness to, how would I say, accomplish their aims on behalf of money and do no service for the public. We have no mortgage relief in this bill whatsoever. As a matter of fact, the Black Caucus, some housing advocates and the AFL-CIO spent the night negotiating with Barney Frank’s staff to take out provisions that made mortgage relief harder. Now, I will say Barney Frank’s staff was working very hard to do that—they’re on the same side—but on the Senate side, somebody snuck that in on page 61 of the bill.
AMY GOODMAN: Explain. What do you mean?
ROBERT JOHNSON: There was a provision, that made it more difficult to get mortgage relief than under existing law, put in that bill at that time. But there are many other provisions of this bill.
They always say in the headlines now, it was “heads they win, tails you lose,” like that’s something looking backwards. It’s heads, Wall Street won yesterday; tails, the taxpayer lose now. But the structure of this bill, which depends upon buying overpriced assets, means heads, tomorrow, in a recovery, the banking industry wins again, and the population, the taxpayers who supported them in this bill, don’t go with them.
No one's riding to the rescue of Main Street or the Jones's.
All that pork that got inserted into the bill?
It's was pork, alright.
A big piece of sausage and I'll give you one guess as to where it got inserted.
"...moving to a complete police state by design" - D
exactly, since being proto facist ain't cutting it for our continued, escalating wedge role in keeping the western industrial complex dominate in the 21st century, we will now be forced to become "good Germans". If this does turn out to be the case, don't expect any help from euro land, I suspect much of their leadership will be glad to hear it done.
"...likely a staged terrorist attack" - D
Or a very hard edge short cycle economic collapse...Just long enough to root out the real non-compliant ones...
benmerc
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