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Are Americans ready for a revolution? What worse than the current meltdown of the financial sector, the unraveling of our economy, and burdening us and future generations with astounding debt is needed to convince Americans that the two-party plutocracy has sold out ordinary Americans? What we are witnessing is far worse than the taxation without representation that spurred the American Revolution. Taxation with MISrepresentation is a greater evil and shameful sellout of democracy that so many Americans have fought and died for.
Yet, despite over 80 percent of Americans saying that the nation is on the wrong track - BEFORE the current financial crisis, Americans sheepishly seem ready and willing this year to keep voting for Democrats and Republicans. If they had one shred of the smartness and courage of our nation's Founders, they would overwhelmingly vote for third party presidential candidates to send the clearest and most patriotic message possible to the ruling class that has both major parties in their pocket.
Ousting Democrats and Republicans is more justified and needed than removing the tyranny of the King of England. Our elected domestic tyranny operating as a plutocracy masquerading as a democracy has been raping our nation. Yet middle class victims seem more than willing to keep bending over and asking for more pain and insult as they fall hook, line and sinker for the lies of both Barack Obama and John McCain.
It is far too easy, with the financial sector meltdown, for Americans to only blame Republicans. But Bill Clinton started the deregulation of the financial sector and every evil and stupid thing George W. Bush and Republicans have done could not have happened without the cooperation of corrupt and cowardly Democrats in Congress. They too have inflicted economic sodomy on us and contributed to disgracing our Constitution.
What incredible absurdity that the government seems ready to spend $700 billion to bail out countless crooked, mismanaged and greedy companies (and similar money on the Iraq war) and not ever seriously propose to spend that kind of money on rebuilding the nation's crumbling physical infrastructure that would immediately create millions of new good paying jobs desperately needed by the middle class.
Now is the time for Americans to wake up, stand up and vote down Republicans and Democrats. How wonderful it would be if the candidate that claims the presidency only receives, say, 20 percent of all eligible voters. This is the first necessary step for we the people to take back OUR country.
[Contact Joel S. Hirschhorn through www.delusionaldemocracy.com.]
3:32 AM, 09 23 2008 | Permalink
I've got a very bad feeling about this $700 Billion bail-out.
I think it will make things much worse in time.
While we have big problems now, this bail-out will probably make the problem many times worse.
The Federal Reserve and federal government are going to buy the bad loans at a fraction of the original loan (e.g. 50%).
However, home values, which were already severely inflated to begin with, are still falling.
For a lot of people, it will be a long, long time before their homes are worth what they still owe on them (i.e. upside-down loans).
Therefore, the tax-payers are probably going to get stuck with a loss, because there's no way to know how far falling home prices will fall.
Especially when most Americans are already deep in debt (e.g. $53 Trillion; $66 Trillion if you include the $12.8 Trillion borrowed and spent from Social Security, leaving it pay-as-you-go, with a 77 Million baby-boomer bubble approaching), and 80% of all Americans own only 17% of all wealth in the U.S. (a downward trend that has been worsening since year 1976)?
And what makes anyone think there is a market big enough to buy enough of these foreclosures to break even?
Also, there is no doubt in my mind that this process will also be plagued with rampant greed, corruption, lottery-sized CEO salaries and severances, corporate welfare, welfare for the rich, graft, bribes, etc, etc., etc. What makes anyone think there won't be? Afterall, Congress is still the puppet for their big-money puppeteers. They are largely responsible for getting us in this mess. They didn't all suddenly turn over a new leaf.
Also, have you noticed they way Henry Paulson and Ben Bernanke are trying to rush the entire process (like a high-pressue salesman)?
That's because if we are allowed the time think about this, they know the bail-out will probably fall through.
But when did we hand over the reigns of power to Henry Paulson and Ben Bernanke?
Shouldn't the decision to heap $700 Billion of debt onto tax-payers be discussed and decided by Congress?
Also, this bail-out of AIG may not be the last corporation/bank to fail.
After all, IndyMac wasn't even on the Federal Deposit Insurance Corporation's (FDIC) secret watch list when that IndyMac failed.
Many people want to know specifically which 117 banks are curently on the FDIC’s watch list of possibly failing banks, but the FDIC doesn’t make their watchlist of failing banks public, for fear of everyone drawing their money out of the failing banks.
Here's an interesting web-site documenting the current losses for numerous huge banks and investment corporations.
That list of write-downs comes to $1.2 Trillion in losses.
So, is a $700 Billion bail-out big enough? Not likely.
And there's still the 117 banks on the FDIC's secret watch list, which probably isn't accurate since IndyMac never made the list.
But, perhaps enough voters will be less apathetic, complacent, and blindly partisan when enough of the voters are deep in debt , jobless , homeless , and hungry ?
At any rate, the voters have the government that the voters elect (and re-elect, and re-elect, and re-elect , . . . , at least until that finally becomes too painful).
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