Thu 25 Sep 2008
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I write my ‘blog knowing full well that there are many folks more eloquent, more on-point than I will ever be. Jim Protzman, former Chapel Hill Councilmember, BlueNC’r sent this simple request to Representative David Price about the Bush Administration’s $700 billion long con.
We were told last week that the world would end if the bail-out didn’t pass immediately. It didn’t pass, and the world didn’t end. Then we were told we had a few days. Then we were told next Monday would be okay. Some even say a few weeks would be okay.
The truth is, no one in Congress has any freakin’ idea what you’re dealing with here. The $700 billion figure was pulled out of Paulson’s ass. It has no grounding in reality whatsoever. It’s not even clear that a bail out is absolutely necessary…..
Dead on. Thanks Jim for articulating, if even a little freakin’ off-color, what I want David to do – reject the Bushies final grift.
Unfortunately, I’m afraid that David’s efforts, if he should take Jim’s sage advice, will be subverted by his own party’s leadership, ala Salon’s Glenn Greenwald’s recent observation what the Democratic Leadership
(The complete (though ever-changing) elite consensus over the financial collapse) will probably do:
Leave aside for the moment whether this gargantuan nationalization/bailout scheme is “necessary” in some utilitarian sense. One doesn’t have to be an economics expert in order for several facts to be crystal clear:
First, the fact that Democrats are on board with this scheme means absolutely nothing. When it comes to things the Bush administration wants, Congressional Democrats don’t say “no” to anything. They say “yes” to everything. That’s what they’re for.
They say “yes” regardless of whether they understand what they’re endorsing. They say “yes” regardless of whether they’ve been told even the most basic facts about what they’re being told to endorse. They say “yes” anytime doing so is politically less risky than saying “no,” which is essentially always and is certainly the case here. They say “yes” whenever the political establishment — meaning establishment media outlets and the corporate class that funds them — wants them to say “yes,” which is the case here. And they say “yes” with particular speed and eagerness when told to do so by the Serious Trans-Partisan Republican Experts like Hank Paulson and Ben Bernake (or Mike McConnell and Robert Gates and, before them, Donald Rumsfeld and Colin Powell).
So nothing could be less reassuring or more meaningless than the fact that the Democratic leadership has announced that what they heard scared them so much that they are certain all of this is necessary — whatever “all this” might be (and does anyone think that they know what “this” even is?). It may be “necessary” or may not be, but the fact that Congressional Democrats are saying this is irrelevant, since they would not have done anything else — they’re incapable of doing anything else — other than giving their stamp of approval when they’re told to.
This will be the third “big scare” used to justify the most corrosive of public policies. 9/11 led to the hasty adoption of the Orwellian Patriot Act. Fabricated “intelligence” of Iraqii WMDs led to the worst foreign policy and humanitarian disaster of the last few generations. And now, with the implosion of financial institutions whose underpinnings were based on incremental movements of trust in instruments spun from less substance than cotton candy, we have the rush to payoff the indefensible ripoffs on Wall St.
By every and any measure, the American public, prodded by fear and ignorance over 7 years, have emptied their, their childrens’ and grandchildren’s pockets – trillions of dollars – in the largest transfer of public weal to private hands ever.
Never have so many given so much to so few.
And as the Cheney/Bush madministration draws to a close, this third and final act seeks to strip the America’s cupboard bare, dot the final i on the most incompetent Presidency in our Republic’s short history and end, it seems, by drowning the Neo-Con’s favorite whipping boy – a Federal regulatory government – in the bathtub.