Democracy Now!: Largest Government Bailout of Private Industry in US History

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Democracy Now

Sept 22, 2008

Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History

It’s being described as the largest government intervention in private markets since the Great Depression. The Bush administration has asked Congress to swiftly approve a massive $700 billion package to rescue the crippled financial institutions on Wall Street. Some analysts say the final cost to taxpayers could top one trillion dollars. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout. [includes rush transcript]

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Democracy Now | Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History.


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5 thoughts on “Democracy Now!: Largest Government Bailout of Private Industry in US History

  1. Pingback: The Bush Administration’s Banking Rescue Plan by Rodrigue Tremblay | Dandelion Salad

  2. The USA Government is a corporation acting as such.

    Why so much confusion? After all who is this government that is bailing out the big speculative banking and financials corporations with tax payer’s money?

    This government is a corporative institution that does not have any thing to do with what a sociopolitical government is about; a civil apparatus engineered by fair laws and the election of representatives by the vote of the adult population in general; an apparatus which represents all sectors of society as a regulator, law enforcer and protector of the rights and individuality of every citizen.

    The current republican neoconservative government is nothing but the opposite; it has being converted in a, almost, private business whose main asset is the taxing system that is imposed on the labor of the population as a guaranteed source for fresh cash, which is used by the administrators of the corporative government in whatever form they need it to be used for their own private business interests, just to name two of the most popular lets say: Wagging wars for profit all around the world and bailing out failing private enterprises — as the speculative ones from the banks, wall street and the insurance industry all of them parts of the same financial business system that “controls the whole social life” of our American society an the world’s – “to save the core” of the banking-financial-speculative capitalistic system which is their own source of power and control upon the world’s population…

    What this government is doing with its financial strategy, is assuring the total control of the Nation’s finances for their own profit and against people’s wealth and freedom. They had been setting the stage and the structure, in the last eight years, to impose poverty and “slavery”, into the American population and the world’s population, to a calculated and prepared scale that will left not option to people more than to work the rest of their lives for less than peanuts or to go into a civil war to get rid of the “sickness”…

    The patriot act, the laws against bankruptcy and the lending fiasco “to give people a chance for having a house” through bogus loans and now the massive bail out for the speculators doing predatory lending, are part of this strategy, with the first one, the patriot act, having the objective to monitor peoples lives and to build profiles of those, “radicals”, that will oppose any actions that the “government” and other private “patriotic” institutions decide to take for the protection of their system, but not of the people that sustains it. The other “laws” and schemes were designed to impose rules that disempowered individuals and families to protect them selves against predatory businesses as the ones that ere ripping of Americans right now: wars for profit, credit card debt, foreclosures, bailouts for the rich, etc.

    Every thing had been designed to work the way it is, with the goal to make us subjects of persecution and, almost, force labor with none or little benefit but only for the gain of their system. What the American dream was all about at the end and under the law of the financial “free” markets and from the administrators’ perspective and plan, is that eventually the dream was going to be turn to be into a Nazi-financial nightmare.
    Welcome to the post 9/11 XXI century New North American Financial World Order.

    As one commentator had putted it in a column of a Mexican news paper:
    “Like never before it applies the biblical metaphor of Sodom and Gomorra, which symbolizes the biggest degree of concupiscence and lasciviousness that humans are capable…
    “Even the republican presidential candidate, John Mc Cain, who is the most affected; more than Obama, by the this serious financial global crisis, has had no other option that to denounce, against his own free-exchange ideology, the corruption and greed with out control of the Wall Street speculators. The imprecations of the bellicose Mc Cain remind “the curses of the prophet Isaiah” with Wall Street and the City becoming the new global financial Sodom and Gomorra in complete degradation…”
    “Dominique Strauss-Kahn, French director of the IMF, considers that the worst is yet to come, meanwhile the silly Jacques Attali, former director of the European Bank of Reconstruction and Development, assures that the present crisis looks like the 1929 crisis, with the difference that the current one, due to its major interconnectivity, is superior in its extension. To his judgment, the problem lays in the hiding of the accountings of the bad quality actives in many financial businesses…”
    “Incredibly: The financial neo-liberalism is being pulverized by its own entropy. The bad news is that it’s dragging everybody else in its cataclysmic disgrace…”
    “The best as with Sodom and Gomorra, is not to turn back trying to rescue what is gone with the wind already…” ( La Jornada, Bajo la Lupa 9/21/08)
    “The world as we knew it is gone…is the end of an era”; when “the fundaments of the US capitalism had been destroyed” In this way concludes the era of the capitalism with out brakes of the “free market” economy in the USA” (Der Spiegel on line, 09/18/08).

  3. Pingback: The Paulson-Bernanke Bank Bailout: Will the Cure be Worse than the Disease? by Michael Hudson « Dandelion Salad

  4. Pingback: Now Is the Time to Resist Wall Street’s Shock Doctrine By Naomi Klein « Dandelion Salad

  5. Pingback: “Mortgage Fraud”: The Paulson Bail-Out Plan by Richard C. Cook « Dandelion Salad

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