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Republicans Demand Blank Check for Wall Street Buddies

22 September 2008
John Boehner, House Majority Leader, (R-Ohio)

John Boehner, House Majority Leader, (R-Ohio)

What’s wrong with the media? Just as they echoed the drumbeat of the Bush Administration’s call for a no-strings-attached invasion of Iraq, they are now echoing the drumbeat by the same crowd for a Wall Street Bailout.

According to reports on the morning shows today, the American people are beyond angry about the proposed bailout of Wall Street; they are FURIOUS! And why shouldn’t we be? When was the last time that the electric company where you live or the telephone company or your credit card holder offered you a bailout at their expense because you were having a little trouble living within your means? And make that double for banks and mortgage companies. Earlier in this administration when the Republicans also controlled Congress, the banks and mortgage companies went to our/their lawmakers and got them to toughen up the bankruptcy laws to make it harder for everyday people to file for bankruptcy protection against big banks and credit companies.

Now, that same crowd of mega-rich corporate entities comes before our Congress with hat in hand and says, “Oops! We went a little wild and need some help. Just give us the money, Uncle Sam, and we’ll never do it again.” I call BULLSHIT! Not only are they asking for a handout from the government, they are demanding that it come to them without any oversight whatsoever. How do we know that? Simple. John Boehner, Republican Leader of the House of Representatives, was out there again today invoking bi-partisan support for a “clean bill.” What does “clean bill” mean? It means that the Bush Administration, who got us into this mess, now wants us to just hand over a blank check for at least $700 Billion with no oversight or control of any kind attached to it. They want us to give it to their Treasury Secretary who sat on this little bit of bad economic news and did nothing until he had to come clean.

$700 billion! Let’s put this into some visible perspective. Our government and their mouthpieces in the media like to use the words “million,” “billion” and “trillion” when showing numbers in writing because it doesn’t look so bad. Here’s how bad it looks: $700,000,000,000! Now, I ask my fellow taxpayers out there: Does your checkbook have a check with enough space to write that kind of a number? Mine doesn’t either. As if that weren’t bad enough, some experts estimate that the amount may climb above $1 trillion ($1,000,000,000,000). I even heard one financial reporter this morning throw out the number $11 trillion. Perhaps she was misreading her teleprompter, which would be understandable when dealing with such large numbers. We can only hope.

Henry Paulson, Secy. of Treasury (AP Photo/Charles Dharapak)

Henry Paulson, Secy. of Treasury (AP Photo/Charles Dharapak)

Are you mad enough, yet, to throw the Republican bums out? Well, check out this morning’s other bit of under-reported news on the matter. Christine Romans of CNN reported that late last night – while you were sleeping and so you wouldn’t notice – Secretary of the Treasury Hank Paulson let it be known that he really wanted to roll in all the other debt that the troubled financial sector has taken on including car loans and credit cards. In case you’re not aware of it, your car isn’t worth nearly what you owe on it until you pay it off. And credit card debt is totally unsecured; that is, there’s no asset to offset a default if it happens.

This is sounding more and more like the same promises we got from the same people just before we invaded Iraq. Remember? “Oh, the Iraqis will repay us for our expenses with their vast oil revenues, and we’ll get cheap gasoline to boot.” There was some fuss this morning on Morning Joe about the difference between an untrue statement and a lie, but when I told an “untruth” my ol’ country Momma called me a liar and beat my butt like a dirty rug. The promises made by the Bush Administration leading us into the war in Iraq were pure and simple lies, which the news media passed along as unvarnished truth. Now, we’re being assured by Secretary Paulson that we will get our money back. The Treasury will just hold onto the assets for a few years until the housing market turns around and then sell them for a profit. Once again, I call BULLSHIT!

I think a more likely scenario if the Republicans can pull off a John McCain victory in November is that the same old “friends” who control things now will quickly line up to buy the assets that our government picked up in this debacle at a bargain-basement price and make a tidy profit. Let’s face it, John McCain has FINALLY allowed the word “oversight” to pass his lips in this crisis, but his vast quarter-century record suggests a no-regulation attitude that will be hard for him to overcome. I feel more likely that McCain’s Treasury Secretary – guess who? – Hank Paulson, having been granted the blank check that he seeks, will continue the same kind of oversight he has exercised during the present administration.

In short, the bad boys of Wall Street will be off to the races again. But in a McCain Administration they will also have the prize they have been seeking for the past seven-and-a-half years: the Social Security Pension Fund. That’s what “private retirement accounts” means. “Let’s take the Social Security Pension Fund and ‘play the market’ with it.” McCain has been a major voice in that chorus for years, and he’s still singing the song in his solo appearance now.

Florida home-owners angry about state's insurance crisis in 2006

Florida homeowners angry about state insurance crisis in 2006

It’s time for the American people to wake up. The fat cats are raiding the Treasury while they can, and if we elect John McCain, they will continue unabated until there isn’t one red cent left. The sound I heard last week was that of the Republicans and their true base, Big Business, winning the election even if they lose. If they can successfully raid the Treasury before Obama comes into the presidency, they will effectively cut off any funding available to help the struggling middle class of this country. The Very Big Boys of Corporate America are taking their tax cut off the top right here and right now.

What are you going to do about it? It’s time to storm the Bastille! It’s time for everybody to stand up against the Republicans and their corporate masters in every election, from County Seat to National Capitol. If you think the two political parties are the same, open your eyes and look at what is happening on the Republican watch. It’s time for a massive change!

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6 Comments leave one →
  1. 22 September 2008 3:15 pm

    Nice writing style. I look forward to reading more in the future.

  2. corporate supporter permalink
    23 September 2008 11:04 am

    Though I agree with the terrible administration and the absurd way it’s handling a ‘bailout’, I don’t think we should blame Corporate America. Corporate America businesses are simply small businesses that took off and were very successful, that anyone in America has the ability to launch. I do think the government should not bail us out though. Just let the markets lay as they are and allow a real crash, and let those corporations deal with the mess they got themselves into. It would save a lot more tax dollars.

  3. Left-Eyed Jack permalink
    24 September 2008 11:10 am

    @corporate supporter
    My bad! I didn’t mean to lump in all the small businesses out there. I used to have one of those myself and know what they go through on a day-to-day basis.

    What I meant to point out is the blame that is due to Big Corporate America — you know, the big boys who play golf at the country club and spend huge amounts of money on lobbyists and political contributions in order to get access to our government. That sector is a very real part of the problem and doesn’t deserve to be given a pass in this current meltdown crisis.

    As far as your idea about letting the markets “lay as they are,” I tend to agree. From all I have heard from Bernanke and Paulson, I’m not convinced that this “crisis” is all it’s cracked up to be.

    Thanks for the comment.

  4. 24 September 2008 11:16 am

    I am a small business owner who, for the last 5 years, has been struggling as my, once very lucrative, business has been slowly sinking into the muck and mire. The thing that everyone seems to be overlooking here is that we are now an economy that can claim no manufacturing capabilities. How can we have a strong economy if all our dollars are being shipped overseas? We also need to rebuild these manufacturing capabilities by increasing the cost, to manufacturers, of any out sourced product that they are producing overseas and then bringing them here. If we make it harder for them to do so, then they just might bring these jobs home.

  5. Left-Eyed Jack permalink
    24 September 2008 2:50 pm

    @Willpen
    Thanks for the comment. I agree wholeheartedly. The current Administration and those who support it — include John McCain in on this one — keep on keepin’ on with their no-protection-for-their- own-constituency free-market policy. It is ridiculous to contend that we can compete in a free world market when we don’t have anything to sell, and that’s the way things are heading. Let’s face it, not one word of outrage was raised by the Republicans when Halliburton used our tax dollars to move their corporate headquarters to Dubai. No question about it, it’s time for a regime change.

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