As I write this Ben Bernacke says the government is not only going to buy garbage but its going to buy garbage at premium prices. Of course they all insist it's for the good of the taxpayer.
Washington is incorrectly blaming the Wall St. meltdown on bad mortgages. But anyone with a brain knows that's not the problem. They are blaming Americans for the global hollowing out of our national prosperity.
I made the following comments on a Courant story a few days ago. They're slightly edited to correct one poorly written sentence.
There are a number of things that are curious about this financial disaster.
1.) George W. Bush, neo-con evangelist, rightest of right-wing Republicans has accomplished what Karl Marx could have never imagined, socialism as an economic paradigm in America.
2.) American workers whose jobs have been pirated for over a decade by globalism are now being asked to pay for the collapse of our own economic prosperity. How many ways can the American workforce get stabbed in the back?
3.) American IT workers who dared question the delusional business practices that at face value made no sense were shown the door. Global pirates whose only ambition was to saturate the market with ever-cheaper foreign labor were treated like royalty as the businesses drifted further and further from reality.
In turnabout, now those global interests are left holding worthless paper for their efforts. Will any American shed a tear? Will Americans be forced to buy that bad paper? [update: The answer is YES AND Bernacke insists that the sellers of garbage will be offered generous profit.]
4.) People on fixed incomes and living on pensions will have their standard of living reduced by the inflationary pressures this bailout will bring to bear. Are they guessing ONE Trillion? If this crisis takes the same giddy arc as the Iraq War, what they really mean to say is *TEN* Trillion.
5.) [To the Courant] Please run more articles by conservatives who insist on privatizing Social Security.
6.) [To the Courant] Please run more articles about businesses who want to reform schools because the stock market is a shiny example of global competition.
7.) [To the Courant] Run more articles about how corporations need more tax incentives and deregulation because Americans really need a laugh.
8.) Any bailout package [edit] *MUST* insist that any qualified American who applies for a job in this country must be hired before that company can even consider outsourcing that [edit] job.
9.) Any bailout package that does not insist on heavily taxing the outsourcing of American jobs toward this buyout of Wall St. should not be passed.
10.) Any bailout that does not insist on severe penalties for age discrimination in the workplace should not pass. Older workers who have lost their retirement savings will have to work, starve, or visit Dr. Kevorkian.
[UPDATE!]
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