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Bipartisan Betrayal of Main Street, Bailout Hands "Victory" to Bush

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As expected, as has become customary, the Democratic leaders of congress, after making a lot of noise and protest, are selling out Main Street, handing the real plums of the bailout to Republicans, giving George Bush and Henry Paulson what they wanted most.

Forget about the "unsupervised control" part of Paulson's request. They never expected to get that. It was a negotiating ploy they expected to give up, one designed to make them appear reasonable asking for what they are going to be gifted by the Democrats.

What's particularly egregious is that the Dems are giving even more than Paulson asked. Most of the modifications from what Paulson requested, after the obvious extras, never expected to be included were stripped out, have been packaging-- changing the timing of the release of the money, things that have a minimal effect on the deal.-

First, there's that wild story about imposing a tax if the bailout doesn't return profits-- in five years, if the president elected in 2012 asks for it. What a cowardly, disingenuous way to avoid doing what should be done-- impose a tax immediately on stock transactions and loans that are going to be enabled because of the bailout. Thom Hartmann has described a plan that employs a tiny 1/4% tax on stock transactions (How Wall Street Can Bail Itself out without Destroying the Dollar). I say put it on loans too, since they are the beneficiaries of this project. Mortgage borrowers pay a similar PTI interest rate if they have less equity. 

Waiting five years and putting the responsibility on a president two elections away is pretty much saying "a tax would be nice but WE're not going to do it."

Of course, the Republicans will oppose any tax. But the Democrats have a majority in both houses and the support of the American people. Oh well, that was never enough before to get Harry Reid and Nancy Pelosi to do the right thing, what the Majority of Americans want.

The deal gets worse. Now, there's a new insurance for banks, that the government pays for. That's a Republican demand-- remember, the people who hate government, except when it serves their special interests. Will the banks be paying for this, as they go? We'll see.

This "done deal" stinks. The public should tell congress to shove that tax that might be applied five- years from now up where the sun doesn't shine. We need to raise even more noise. Nancy Pelosi has done it again, totally selling out main street, the taxpayers and the middle class.

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I liked Chris Dodd as a presidential candidate. But now, he's trying to put lipstick on this bailout pig, providing cover for another Pelosi failure to do her job. Yes. Pelosi's the worst. She has a solid majority in the house. Even her supposedly economic conservative, balanced budget bluedog dems should be working with her on this pig, allowing a tax to pay for the bailout. But no, Pelosi sold out the majority of Americans again.-

Of course, the Republicans, asking for elimination of the capital gains tax, and other breaks for the rich and corporations, are just as offensive, no more, no, equal for trying to use the crisis as an opportunity to push their standard policies-- the ones that led up to the failure.-

The plan the congress has put together is still highly risky, still endangers the dolar, still encourages risky behavior by businesses and the people and institutions that profitted.-

Both Obama and McCain have an opportunity here. They should reject the proposed "solution."- Americans are ready to help with the bailout, but a tiny tax bite- a quarter of percent-- is a fair, reasonable way to save an industry while- cutting risks.

Make the calls today and tomorrow. Tell your legislator, whatever party, that you see through the five year tax plan lie. Demand that a tax be part of the solution.

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Take action -- click here to contact your local newspaper or congress people:
I see through the Five Year Tax plan Lie. A tax on stock sales and loans Must be part of the solution!

Click here to see the most recent messages sent to congressional reps and local newspapers

Rob Kall has spent his adult life as an awakener and empowerer-- first in the field of biofeedback, inventing products, developing software and a music recording label, MuPsych, within the company he founded in 1978-- Futurehealth, and founding, organizing and running 3 conferences: Winter Brain, on Neurofeedback and consciousness, Optimal Functioning and Positive Psychology (a pioneer in the field of Positive Psychology, first presenting workshops on it in 1985) and Storycon Summit Meeting on the Art Science and Application of Story-- each the first of their kind.  Then, when he found the process of raising people's consciousness and empowering them to take more control of their lives  one person at a time was too slow, he founded which has been the top search result on Google for the terms liberal news and progressive opinion for several years. Rob began his Bottom-up Radio show, broadcast on WNJC 1360 AM to Metro Philly, also available on iTunes, covering the transition of our culture, business and world from predominantly Top-down (hierarchical, centralized, authoritarian, patriarchal, big)  to bottom-up (egalitarian, local, interdependent, grassroots, archetypal feminine and small.) Recent long-term projects include a book, Bottom-up-- The Connection Revolution, debillionairizing the planet and the Psychopathy Defense and Optimization Project. 

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Over 200 podcasts are archived for downloading here, or can be accessed from iTunes. Rob is also (more...)

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Rob, one of your best pieces in some time. You are... by Ivan Hentschel on Sunday, Sep 28, 2008 at 9:13:24 AM
The price of capitalism is the prosperity of socio... by Alexander on Sunday, Sep 28, 2008 at 9:42:21 AM
How does enabling the wealthy to unload their curr... by Ingrid on Monday, Sep 29, 2008 at 8:23:12 AM
Don't expect Obama to do anything but posture ... by Mac McKinney on Sunday, Sep 28, 2008 at 9:48:24 AM
Once again the so-called representatives of the pe... by Mr M on Sunday, Sep 28, 2008 at 9:55:32 AM
We need some new Harry Bridgeses right now. It doe... by Mac McKinney on Sunday, Sep 28, 2008 at 10:06:28 AM
It's football and playoff season, the ignorant... by Mr M on Sunday, Sep 28, 2008 at 12:05:21 PM
Rome had its Scipio Africanus, the Franks had... by Mac McKinney on Sunday, Sep 28, 2008 at 2:09:28 PM
Out here in the west it's also hunting season. But... by comncents on Monday, Sep 29, 2008 at 3:49:43 AM
I have nothing to add here...  QFT! Ciao... by steve scheetz on Sunday, Sep 28, 2008 at 10:08:07 AM
I agree with Mr M that everyone who had a hand in ... by Frank Proctor on Sunday, Sep 28, 2008 at 1:56:42 PM
The fundamental problem these banks have is a lack... by WML on Sunday, Sep 28, 2008 at 8:32:33 PM
The one true way to lose all your money is to hand... by John Hanks on Sunday, Sep 28, 2008 at 10:08:39 AM
Rob, You are so correct with this "crisis&quo... by Eliot Gould on Sunday, Sep 28, 2008 at 10:48:02 AM
I'll only disagree on one point... the congres... by Armon Pacetti on Sunday, Sep 28, 2008 at 10:54:49 AM
It is unconscionable that the proponent of this ba... by Mary Callaghan on Sunday, Sep 28, 2008 at 11:56:48 AM
And I don't mean the hogwash Obama is calling ... by Mad Jayhawk on Sunday, Sep 28, 2008 at 11:41:59 AM
Throw the bums out!!!!... by Armon Pacetti on Sunday, Sep 28, 2008 at 11:46:26 AM
This is an excellent editorial.  Since the De... by Blaine Kinsey on Sunday, Sep 28, 2008 at 12:03:46 PM
THEY THE HOUSE AND SENATE, AND YOU NOTICED I DID N... by rich racer on Sunday, Sep 28, 2008 at 12:07:02 PM
crisis.  We need to take action before the Bu... by Mark Adams on Sunday, Sep 28, 2008 at 12:13:51 PM
START MAKING YOUR SIGNS AND BANNERS, AND PUT THE N... by rich racer on Sunday, Sep 28, 2008 at 12:19:38 PM
Gee, we the Sheeple are being fleeced with pens ra... by ed kriner on Sunday, Sep 28, 2008 at 12:32:03 PM
without representation.You have written a good pie... by Jack Harrington on Sunday, Sep 28, 2008 at 1:11:10 PM
The following is a letter I sent to my local paper... by Paul Diamond on Sunday, Sep 28, 2008 at 1:42:16 PM
We have options: Green Party, Constitution Party, ... by Deborah Wells on Sunday, Sep 28, 2008 at 3:23:37 PM
Nice article Rob.I suppose that all of our ph... by Munich on Sunday, Sep 28, 2008 at 3:25:51 PM
Actually, Paulson looks as if he's trying very... by Armon Pacetti on Sunday, Sep 28, 2008 at 3:51:06 PM
"incumbents" and multi-millionaires, we&... by Laudyms on Sunday, Sep 28, 2008 at 5:06:29 PM
By November, most people  will have forgotten... by pft on Sunday, Sep 28, 2008 at 6:13:34 PM
I've argued this in my own words here before; ... by Jim Pivonka on Sunday, Sep 28, 2008 at 7:20:02 PM
. . . don't send comments to their elected off... by sometimes blinded on Sunday, Sep 28, 2008 at 9:44:36 PM
I've signed every petition there is, I've ... by John Lorenz on Monday, Sep 29, 2008 at 12:45:59 AM
 What you see now going on is the complete tr... by vincent passiatore on Sunday, Sep 28, 2008 at 11:26:17 PM
Just like with 9/11, a line has been crossed and a... by boomerang on Monday, Sep 29, 2008 at 7:49:56 AM
...then we're terrorists.If we prosecute &... by Mark E. Smith on Monday, Sep 29, 2008 at 4:46:26 AM
SHOCK!      YOU!WHAT ARE ... by boomerang on Monday, Sep 29, 2008 at 7:18:21 AM
"Tell your legislator, whatever party, that y... by Ingrid on Monday, Sep 29, 2008 at 8:39:45 AM
The "unsupervised control" aspect of th... by Leep on Monday, Sep 29, 2008 at 11:07:59 AM
This hearing happened 3-4 years ago.  What ac... by Mad Jayhawk on Tuesday, Sep 30, 2008 at 12:42:10 PM