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September 28, 2008 at 08:01:29

Must Read 8   Supported 4   Well Said 3   View Ratings | Rate It

Promoted to Headline (H2) on 9/28/08:
Bipartisan Betrayal of Main Street, Bailout Hands "Victory" to Bush

by Rob Kall     Page 1 of 1 page(s)

www.opednews.com

 

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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.

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.

 

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 is executive editor and publisher of OpEdNews.com, President of Futurehealth, Inc, inventor . He is also published regularly on the Huffingtonpost.com and is a columnist with Northstarwriters.com. He is a frequent Speaker on Politics, Impeachment, The art, science and power of story, heroes and the hero's journey, Positive Psychology, Stress, Biofeedback and a wide range of subjects. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates. He recently retired as organizer of several conferences, including StoryCon, the Summit Meeting on the Art, Science and Application of Story and The Winter Brain Meeting on neurofeedback, biofeedback, Optimal Functioning and Positive Psychology. See more of his articles here and, older ones, here.

To learn more about me and OpEdNews.com, check out this article.


and there are Rob's quotes, here. To Watch me on youtube, having a lively conversation with John Conyers, Chair of the House Judiciary committee, click here Now, wouldn't you like to see me on the political news shows, representing progressives. If so, tell your favorite shows to bring me on and refer them to this youtube video

My radio show, The Rob Kall Show, runs 9-10 PM EST Wednesday evenings, on AM 1360, WNJC and is archived on www.whiterosesociety.org Or listen to it streaming, live at either www.wnjc1360.com or here.

Or check the archived interviews at: whiterosesociety.org

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A few declarations. -While I'm registered as a Democrat, I consider myself to be a dynamic critic of the Democratic party, just as, well, not quite as much, but almost as much as I am a critic of republicans. -My articles express my personal opinion, not the opinion of this website.

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40 comments

I spend my free time traveling, reading, occasionally speaking at scientific conferences, and working with various social and political organizations. I principally work on free software, and my primary interest is in solutions for enabling intercept-free communications.
AlexanderI spend my free time traveling, reading, occasionally speaking at scientific conferences, and working with various social and political organizations. I principally work on free software, and my primary interest is in solutions for enabling intercept-free communications.

The price

The price of capitalism is the prosperity of sociopaths and the prevalence of their "values" - me

How does enabling the wealthy to unload their current debts so they can go on and create new ones "help the economy" when millions are still loosing their homes and finding their wages, which are not going up, buy even less as a consequence of the devaluation of the currency this further creates? Rather than blaming the victims of capitalism's sociopathic greed and rewarding it's perpetrators, helping the "economy" can only happen by helping these very sample people, who ARE the economy. 

This deal simply further demonstrates for me that neither political party legitimately represent the general public.   It is long overdue for the general public to respond by deligitimizing both, empower itself, and move past these sociopaths, both on wallstreet and washington, as either there will be revolution in government, or there WILL have to be revolution on the streets.

 

by Alexander (2 articles, 0 quicklinks, 7 diaries, 15 comments) on Sunday, September 28, 2008 at 9:42:21 AM
 


"There can be no freedom for a society that lacks the means with which to detect lies." - Guy Debord
Ingrid"There can be no freedom for a society that lacks the means with which to detect lies." - Guy Debord

Good Question

How does enabling the wealthy to unload their current debts so they can go on and create new ones "help the economy" when millions are still loosing their homes and finding their wages, which are not going up, buy even less as a consequence of the devaluation of the currency this further creates?

It doesn't. We've been sold as slaves to Paulson and his Wall Street friends. The fruit of all our labor is theirs for the taking.

www.campaignforliberty.com

by Ingrid (0 articles, 0 quicklinks, 0 diaries, 120 comments) on Monday, September 29, 2008 at 8:23:12 AM
 


Currently I'm a cartoonist and contributing writer for The New Orleans Levee. For those wishing to view my work you can see my latest at: nolevee.com
Mr MCurrently I'm a cartoonist and contributing writer for The New Orleans Levee. For those wishing to view my work you can see my latest at: nolevee.com

We are here to bury you ...

Once again the so-called representatives of the people have shown they neither represent nor care about us. Scholars, financial experts, and the people overwhelmingly rejected any bailout. So what do our traitors to America do?

Instead of jailing those that put us in this mess they have just handed them the keys to the kingdom. The robbers not satisfied with emptying U. S. Treasury are now coming after what money people have, your homes, land, pensions, securities, 401's, and they'll most likely pluck the gold out of your teeth before they're done without waiting until you're dead.

There should have been only one deal, arrest, trial and imprisonment. Add this to a long list of crimes this government is getting away with.

And what are American people going to do about this?

Nothing.

Pundits will spread their venomous propaganda and before this day is done the masses will be repeating all the phrases they've been programed to say, expounding how "...it had to be done", "....there was no other alternative," and all the other crap that will make them swallow this poison pill. One can only imagine what they'll be told to say when we're on the street starving.

The only thing that's missing now is another "false-flag" attack to throw the election and put us into another war. Does anyone else feel a draft coming?

This "deal" has sealed our fate. Before they're done we won't even own the hole they bury us in.

by Mr M (4 articles, 0 quicklinks, 51 diaries, 2029 comments) on Sunday, September 28, 2008 at 9:55:32 AM
 


Currently I'm a cartoonist and contributing writer for The New Orleans Levee. For those wishing to view my work you can see my latest at: nolevee.com
Mr MCurrently I'm a cartoonist and contributing writer for The New Orleans Levee. For those wishing to view my work you can see my latest at: nolevee.com

Organize?

It's football and playoff season, the ignorant people of this country can't be bothered with something as little as a bankrupting of their country.

Maybe one can organize a football party, but doing something about saving this country? Forgetaboutit.

Outside of the hollowed halls of political sites like this you can't organize a piss-party in an outhouse with this dumbed-down public.

And why do I say this?

Easy.

I witnessed an entire country believe that a plane can vanish - that's right, simply vanish, into a hole 16 ft. wide and a steel building simply fall for no reason any one can explain and believe what they were told. With evidence mounting day by day I watch as the most horrendous crime ever committed gets less and less attention.

I've witnessed a nation overwhelmingly against a war get, not just ignored, but get spat-on as the so-called representatives prolonged the war and increased it.

And what did all the "organizing" against this war do?

Again - nothing.

Don't get me wrong, I do not advocate doing nothing, and indeed people should be organizing, but at this point it's akin to closing the barn door after the horse is out. If we haven't stopped these cretins by now, if we're just now starting to organize, when these cretins are in their final stage of destroying us ... well, we just might be a few decades too late.

by Mr M (4 articles, 0 quicklinks, 51 diaries, 2029 comments) on Sunday, September 28, 2008 at 12:05:21 PM
 


50 yr old father of 2. Grew up outside of a small farming and timber town in Oregon. Some college. Like to play guitar,read and keep tabs on OUR GOVT. Kids are raised and doing well. I've done farm work, driven longhaul, worked as a carpenter, pumped gas, worked in the oilfields of Wyoming in early 80s(till Reagen shut down the land based drilling by signing away the import oil tariffs; gotta keep Big Oil happy.),managed retail parts and welding supply stores,worked on industrial machinery; heck...

to see more of bio, click on member name

comncents50 yr old father of 2. Grew up outside of a small farming and timber town in Oregon. Some college. Like to play guitar,read and keep tabs on OUR GOVT. Kids are raised and doing well. I've done farm work, driven longhaul, worked as a carpenter, pumped gas, worked in the oilfields of Wyoming in early 80s(till Reagen shut down the land based drilling by signing away the import oil tariffs; gotta keep Big Oil happy.),managed retail parts and welding supply stores,worked on industrial machinery; heck...

to see more of bio, click on member name

Football season.

Out here in the west it's also hunting season. But ask around as I might; I can't seem to find out where to buy a tag to hunt corporate elitist boot lickers. Not sure when the season starts; but I'm pretty sure it's before the elections. Any info would be appreciated. Also any recipies any one may have. At least I hope they are edible as I've never really gone in for trophy hunting.

Maybe the problem I'm having is that they are classified as varmints/pests and no license or season is needed. If so maybe we could do some helicopter hunting like Palin does in Alaska? If anyone knows for sure please respond as I need to let my hunting buddies know when to take vacation time from work.

Time To Eat The Rich!!!

by comncents (0 articles, 0 quicklinks, 0 diaries, 14 comments) on Monday, September 29, 2008 at 3:49:43 AM
 


A loyal, lifelong democrat and small business owner who hopes to retire sometime in the next decade, that is if the politicians in Washington haven't ruined it for everyone.
Frank ProctorA loyal, lifelong democrat and small business owner who hopes to retire sometime in the next decade, that is if the politicians in Washington haven't ruined it for everyone.

Washington's answer to the Banking Crisis

I agree with Mr M that everyone who had a hand in creating this crisis, from the banking regulators and Wall Street bankers on down to the brokers who originated the worthless mortgages, should be ferreted out and prosecuted to the full extent of the law.  The level of avarice and/or stupidity of all these players is just breathtaking.

I would however, like to have someone who has some credentials in economics or finance to explain to a layperson such as myself how blocking congress from acting on this illiquidity crisis won't cause the entire banking system to seize up, causing big problems for businesses large and small. Being a small business owner who needs credit from time to time, I don't take this scenario lightly. I think that it's great to rage against the rascals in Washington, but let's be sure that we know what we are talking about.

 

by Frank Proctor (0 articles, 0 quicklinks, 0 diaries, 2 comments) on Sunday, September 28, 2008 at 1:56:42 PM
 


Undergraduate degree in political science and philosophy: summa cum laude, Phi Beta Kappa; with postgraduate work in political economics. Postgraduate degree is a juris doctorate. I am a voracious reader and, although I make no claim to expertise, have self studied in logic, linguistics, theology, theoretical physics, macroeconomics, technical and fundamental market analysis, world history, and many other subjects, which I believed at the time helped explain the world around me.

...

to see more of bio, click on member name

W.M.L.Undergraduate degree in political science and philosophy: summa cum laude, Phi Beta Kappa; with postgraduate work in political economics. Postgraduate degree is a juris doctorate. I am a voracious reader and, although I make no claim to expertise, have self studied in logic, linguistics, theology, theoretical physics, macroeconomics, technical and fundamental market analysis, world history, and many other subjects, which I believed at the time helped explain the world around me.

...

to see more of bio, click on member name

FRANK

The fundamental problem these banks have is a lack of capital to back all of the loans they have made so that if a run on those banks occurs they will not be able to pay all of their depositers.  They cannot get loans because many of the bundled mortgages they hold as "capital" are at the moment deemed worthless.  If the Congress were not trying to protect the rich, this would be a simple matter.  Publicly traded banks would have to issue preferred stock to the government in exchange for enough capital to cover any weakness in their capital accounts due to the problem mortgages.  These preferred shares would be sold at a very low value and would essentially cause these banks to be controlled by the taxpayers through the Congress and Treasury.  However, the wealthy stockholders who have profited immensely from the use of valueless mortgages would end up with near valueless stock in the banks, exactly as they should. 

This would bail out the troubled banking system and put a taxpayer guarantee of liquidity on any bank the taxpayers effectively controlled, but would put the American banking system into public control.  The Dems and Repubs want to keep the banking system owned by the rich white folk who exploit taxpayers and bail them out besides.  

There is some question whether a bailout is even needed.  But assuming one is, then the way to do it is the way all business's obtain capital when they cannot obtain loans:  they sell preferred stock or options at a very low price.  While there are many things I am leaving out, this is the simplist way I can explain what I think is happening, admittedly not having had time to study the problem in detail (as seems to be the case in all Bush emergencies).

by W.M.L. (0 articles, 0 quicklinks, 0 diaries, 440 comments) on Sunday, September 28, 2008 at 8:32:33 PM
 


Hater of Nazis above all. Hobbies include activism, military model building, military history, exciting and vital conversation with retired crooks. Retired
John HanksHater of Nazis above all. Hobbies include activism, military model building, military history, exciting and vital conversation with retired crooks. Retired

The one true way.

The one true way to lose all your money is to hand it over to the same thieves who have been stealing from you.  We are going to have to borrow and devalue the dollar to even raise this tribute.  Will they still be able to con and fool enough of us when the dollar becomes worthless, while they still don't tax the rich?  Even in America, the lies run out sooner or later.

by John Hanks (1 articles, 0 quicklinks, 0 diaries, 1483 comments) on Sunday, September 28, 2008 at 10:08:39 AM
 


Eliot Gould , 52, is currently active in New Mexico's political scene. A native of Chicago,and active in Chicago politics,Gould studied the Presidency at Center for the Study of the Presidency, with extensive writings upon Lincoln and Wilson.
Eliot GouldEliot Gould , 52, is currently active in New Mexico's political scene. A native of Chicago,and active in Chicago politics,Gould studied the Presidency at Center for the Study of the Presidency, with extensive writings upon Lincoln and Wilson.

You are so Right with this one

Rob, You are so correct with this "crisis" --and that the Democratic leadership would accept the 'urgency"  over critical thinking. The smoke and mirrors which have been the support of the economy is the rise of the National debt, doubled in this Administration. The bailout just washes the responsibility to the pay for it-- and "converts" the national treasury to another proposal of Bush--"privatize Social security" --in in what now called "equity ownership".

  The Dems have failed a realistic alternative that does not tie down the next Congress and Presidency. Of Course, Bush, Senators Craig , Domenici, and others of the Righht Guard will be gone....and not responsible....but living in the illusion of how good their leadership was.

keep up your fine efforts.

by Eliot Gould (13 articles, 0 quicklinks, 24 diaries, 166 comments) on Sunday, September 28, 2008 at 10:48:02 AM
 


Fiction writing...
Armon PacettiFiction writing...

Sold out, pistol whipped, hosed

I'll only disagree on one point... the congress doesn't have the support as you say - not with their approval rating.

So what we need is a bi-partisan revolt that gets them ALL out of office - republicans and democrats alike...

Don't put anyone currently in office back in there!!!!!!!!!!!!!!!!!

 

 

by Armon Pacetti (0 articles, 0 quicklinks, 0 diaries, 21 comments) on Sunday, September 28, 2008 at 10:54:49 AM
 


Lawyer, Real New Yorker, grandma
Mary CallaghanLawyer, Real New Yorker, grandma

Amen

It is unconscionable that the proponent of this bailout was himself making an average of $40 mil a year @ Goldman Sachs 2 Y ago.

It is unconscionable that McCain who ran to DC to support this has a campaign manager  who until last month was getting $15,000 from Fannie Mae. (Did we all forget the $83 mil.)

The only way this deal should go thru is if there  are direct subsidies to homeowners,counties & cities & penison funds to make them whole. There also must be compensation limits & clawbacks for any firm that receives any assistance whatever.

For all those free marketers out there note what Barclay's is doing w/ Lehman. They all have to reapply for their jobs. Good idea.

by Mary Callaghan (0 articles, 0 quicklinks, 0 diaries, 15 comments) on Sunday, September 28, 2008 at 11:56:48 AM
 


Conservative prolife anti-death penalty tree hugger. Believe that less government is good government, government cannot solve anyone's personal problems, the government taking money from one group of people and giving it to another group of people is a crime, and that people should take responsibility for their own lives.
Mad JayhawkConservative prolife anti-death penalty tree hugger. Believe that less government is good government, government cannot solve anyone's personal problems, the government taking money from one group of people and giving it to another group of people is a crime, and that people should take responsibility for their own lives.

TIme for a Change

And I don't mean the hogwash Obama is calling change.  Listen to him.  He doesn't have a clue.  McCain is not much better.

Term limits, ending gerrymandering, and voting against ANY incumbent. 

We, the people - Democrats, Republicans, and anyone else, need to clean up this mess.  Every election we elect more of the same.   These clowns got us into this mess by taking money from the fat cats and pandering to their 'poor' constituents. Electing either Obama or McCain is scary.  I think neither one of them has a clue.  I doubt either one of them will clean up the mess and might even make it worst by imposing some sort of idealogically pleasing solution.

Dodd is the worst of the worst in this deal.  He has taken money from Countrywide and Freddie Mac and done nothing to protect the public from this BS. He should be investigated and removed from office.  He is not the only one for sure.  The whole gang of them should be kicked out and we could start afresh with representatives who think FIRST of the American people and second about getting rich and getting reelected.  

by Mad Jayhawk (2 articles, 0 quicklinks, 1 diaries, 466 comments) on Sunday, September 28, 2008 at 11:41:59 AM
 


Fiction writing...
Armon PacettiFiction writing...

Right on!

Throw the bums out!!!!

by Armon Pacetti (0 articles, 0 quicklinks, 0 diaries, 21 comments) on Sunday, September 28, 2008 at 11:46:26 AM
 


ABOUT THE AUTHOR: I am retired after working 33 years as a claims representative for the Social Security Administration, and I am a card-carrying member of the ACLU.
Blaine KinseyABOUT THE AUTHOR: I am retired after working 33 years as a claims representative for the Social Security Administration, and I am a card-carrying member of the ACLU.

GREAT EDITORIAL, ROB

This is an excellent editorial.  Since the Democrats regained the majority in Congress in January 2007, they have shown themselves to be as despicable as the Republicans, and that is a vile epithet.  The Democrats are so blind that they do not realize how easy it was for the Republicans to maneuver themselves as the populists against the organized crime on Wall Street supported by the Democrats.  The Democrats will now own this unpopular economic bailout/sellout racket when it crumbles under its own rot.

by Blaine Kinsey (10 articles, 0 quicklinks, 0 diaries, 70 comments) on Sunday, September 28, 2008 at 12:03:46 PM