by Dale Allen Pfeiffer
Dale’s blog post
Sept 29, 2008
I’ll parse as few words as possible. We don’t need this bailout. The economy will not crash if Congress doesn’t pass it. What is more, the bailout itself could sink the economy.
No economists were consulted about this bailout. No one knows where Paulson came up with the $700 billion figure. Investor Marc Faber, who is considered a reliable judge of these things, believes the actual amount of the bailout necessary will be closer to $5 trillion.
Every economist worth his or her credentials has gone on record against this bailout. Nobody has offered any details on what they want to do with this money. The best we can figure is that Paulson intends on giving extravagant Christmas presents to all his banking buddies.
So how’s this for a bailout package. We use this $700 billion to develop a reliable mass transit system throughout the country, and to rebuild our communities so they can go back to being more self-sufficient. That means relocalizing production and agriculture, and placing the necessary markets within walking distance. And while we’re at it, we can refurbish our homes for energy efficiency.
Now I haven’t run the figures on all this, but I am willing to bet it will not cost $700 billion. And all of this retooling would actually provide jobs and stimulate local economies, instead of swelling some financiers’ pockets.
Unfortunately, between the war debt and the bailouts, we are wasting any chance we might have to do something positive for the people of this country. Our future security is being mortgaged to pay off a pack of thieves.
This amounts to a banker’s coup on the US government and the taxpaying public. As a part of this legislation, the financial institutions which benefit from this bailout will become agents of the government. According to the most popular definition, that is fascism.
The $700 billion bailout will cost every man, woman and child in this country $2,000. My nephew’s newborn daughter will be indebted before she is even a month old. And if the true amount of the bailout is actually $5 trillion, then the amount owed by every man woman and child in this country will jump to $14,000. A family of four will accrue $56,000 of debt in order to pay off the imbeciles who got us into this mess in the first place.
And with all that, the bailout will not solve the problem. It may delay disaster for a few months, but the fall will be even harder when it does come. The next swing of the pendulum could bring down our entire country. So what would happen if the US was placed into receivership?
It is too late to stop the bailout. But we can make damn sure our politicians know how we feel about it. I sure as hell will not vote for anyone who supports this bill — including presidential candidates.
Anyone for a tax rebellion?
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What is the net worth of the Rockefeller’s and the Rothchild’s, the two real banking families of the world? Let them bail themselves out!
I am not all that savvy when it comes to politics and the economy, but I’d have to agree with you that this “bailout” is likely to make things much, much worse. I have a little post on the economy as well. You can visit my site at http://www.phenomenaltruths.wordpress.com.
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