Want to stop the banksters’ bailout? by The Other Katherine Harris

by The Other Katherine Harris
Featured writer
Dandelion Salad
Sept 25, 2008

Rallies are being organized today by Democracy for America, so there may be one in your neighborhood.

Sadly, there’s none in Albuquerque, but I just sent a fax begging Democratic leaders in Washington to stop the lunacy. For several days, I’ve been writing a huge blog on the subject (tying it to all the other obscene 11th Hour Grabs underway); with luck, that should be ready to post here by tomorrow.

In the meantime, please feel free to cannibalize this fax, adding your own Democratic senators and/or representatives to the list of recipients:

FAX TO:

Senate Majority Leader Harry Reid, 202-224-7327

House Speaker Nancy Pelosi, 202-225-8259

Financial Services Committee Chair Barney Frank, 202-225-0182

Senator Barack Obama, 202-228-4260

Dear Gentlepersons:

If the proposed bailout goes through in ANY form, we’ll soon be left with no money for anything else — and it won’t even work to restore lending.

The QUADRILLION-DOLLAR derivatives bomb aimed at us has to be dismantled by the players.  Trust can’t be restored among them, until they admit where all the pieces are and how big they are (as many experts, including Robert Reich, have pointed out).

Too, these are only hyperinflated side bets with no essential relationship to the productive economy.  Most are matched sets in which party A bet one way and party B bet the opposite, so they should simply nullify the contracts and refund whatever sums were paid up-front (a tiny fraction of what they’re trying to get out of taxpayers).

Paulson’s plan isn’t just cash for trash, it’s cash for HOT AIR.

You’re all economically sophisticated people, so I’m not telling you anything you don’t know.

I’m sure you’re also aware that, even if the cost of this bailout is paid through a tax on future stock trades or a temporary surtax on the very wealthy, that money would be better spent on other things than to enrich multinational organizations that already have far too much power over every government in the world and now, on the pretext of “reform,” are pushing to consolidate all financial regulatory power in the U.S. under the Fed, demonstrably a handmaiden to the international banking cartel.

At its core, this lightning raid on our Treasury (or, rather, its remaining ability to borrow) is the strategic equivalent of what Bush is trying to pull off in Iraq, by binding subsequent administrations to agreements made now.  The Wall Streeters’ stickup would be more than sufficient to achieve the Republican dream of cutting off social spending in America — because no future leaders will be able to afford any!  If it goes ahead, we can not only kiss the prospect of universal healthcare and a “green jobs” initiative goodbye, but we’ll also risk losing Social Security and everything else a civilized nation is supposed to collect its tax dollars for, maybe even public education.

Please, please explain to the public what’s really going on and stand up for the American people against global predators who scorn democracy, crush real competition and prize only money and power, feeling no bonds of patriotic loyalty or human empathy.

Besides stopping this insane bailout, please also stop the further sale of exotic derivatives and predatory mortgages, as well as speculation in commodities by those who aren’t in the commodities business.  And how about using anti-trust powers to break up anything that’s “too big to fail”?

Thank you for your time.

see

Tell Congress: No to Bailout! (Action alerts)

Naomi Klein: Now Is the Time to Resist Wall Street’s Shock Doctrine (video)

President Bush Addresses Nation on Economic Crisis

Congressional Backbone Needed by Ralph Nader

Nader Calls McCain’s Move To Postpone Debate ‘Political Stunt’ Says McCain To Blame For Financial Crisis