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Wall Street to America: Pay Us or We Kill the Economy

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The continued political priority of Bush-Obama-McCain to maintain expansion continues a modern legacy of the political leaders in the Democratic and Republican Parties to circumvent the real checks and balances within the economy.

Those people who are panicky now and shaking at the prospect of having the bailout rejected should realize that the structure of the US economy has significantly changed. The presumption that this is a sound economy fails to recognize the great gap in income. It disregards the inability of American people to have health care that is less expensive than $700 billion. It ignores that the inflated housing prices have closed any opportunity for millions to own homes. It disregards the lack of government investment and the subsequent degrading of public infrastructure, such as public education and health, mass transportation, resource management and energy.

The economic extortion from Wall Street "Pay Us, or We Kill the Economy" to maintain continued growth disregards the necessity for periodic crises. Things do not just become better and better and better. There is a point where taking adrenaline for a deadly virus becomes self-defeating. To restructure the economy at this point takes political action that is not just based on maintaining the current presumptions of political leaders. As someone who recognizes the dynamism of the market system, I still recognize the basic law of economic gravity- what goes up, must come down.

Obama is heavily promoting the bailout and will NOT demonstrate the leadership needed to address the economy. As a Green, there is no better time to advocate for a transition of the economy away from globalization towards decentralization. Now is precisely the time to invest in a new renewable energy infrastructure that will cost less than $700 billion.

There is no clearer indicator of Obama's intentions than his support for the bailout. Clinton2 will be no more of a change than Clinton1 was. Start looking at the role of the Fed. Greenspan was there during both Democratic and Republican Congresses from 1987 to 2006. "In 2004 Business Week Magazine and others criticized his keeping of low interest levels too long and his concurrent praise of sub-prime lending vehicles such as ARMs as leading to a housing bubble."
http://en.wikipedia.org/wiki/Alan_Greenspan

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I am a Green Party member who lives in San Francisco. I have been active in water planning in the Middle Rio Grande region of New Mexico. I write political articles on the need for third parties, the contemporary failures of public education, the (more...)
 

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Where does one find an American interested in the ... by jeff prager on Wednesday, Oct 1, 2008 at 7:01:54 PM

 

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