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September 21, 2008 at 09:15:33

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Promoted to Headline (H2) on 9/21/08:
A Resounding Bottom Up NO on the Bailout-- From the Entire Progressive World

by Rob Kall     Page 1 of 3 page(s)

www.opednews.com


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It is urgent and essential that YOU contact your legislators in congress today to demand that they reject the bailout deal Henry Paulson has proposed. Let them know approval of it will be as bad as, maybe worse than their approval of the Iraq war and you don't want to see them screw up again.

They need to hear this from MILLIONS of Americans. A handful of plutocratic corporatists created this economic disaster. The Dem leadership seems to be ready to allow Bush to turn a disaster into law and furtherance of the disaster capitalism Naomi Klein has described. It will take a massive bottom up wave of outraged demands to make it clear to the dems in congress and the purported new leader of the Democratic party, Barack Obama, that the Paulson plan has been outed as a plan to loot the American taxpayer and is totally unacceptable.

From Dailykos to Firedoglake to OpEdNews, TalkingPointsMemo to Paul Krugman (No deal) , Glen Greenwald, the Nation, MYDD, Atrios, Huffingtonpost, the voices of the left, representing millions, probably tens of millions of readers, are in agreement-- Paulson's bailout proposal is NO DEAL and the frightened Democrats in congress better not spinelessly respond to the bogus warnings of disaster this time like they did in response to warnings of Iraqi WMDs.

The approach varies, but all basically say that the Bush admin is setting up a deal that has no accountability, that is a huge gift to Bush and friends. Glen Greenwald and I brought up the spineless dem response to Iraq as an earlier example of the same cowed cooperation. 

If Obama ever had a shot at showing he really is a force for change, rejecting the Paulson plan is an extraordinary opportunity to again (like he rejected the Iraq war) stand out as an independent thinker, apart from his party. Here is where Barack can play a leadership role. He IS running to be the new leader of the Democratic party. If he tells the leaders in congress they're making a huge mistake, he will be serving the middle class-- the people who Reid, Pelosi, Dodd, Schumer and friends are getting ready to saddle with such enormous debt.

 An evening update: I went to a "peace event," and had a few conversations. A few people cited what I was just citing a few days ago, that  the powers that be are "socializing debt and losses and privatizing profit." But I've read a bit more, had more conversations and now I realize, it's not socialism. It's fascism. The corporations aren't being taken over by the government. They are infecting the government and taking it over and that, my friends, is Mussolini type fascism, where the corporations run the government.

Here are excerpts from the progressive bloggers:

Glen Greenwald, The complete (though ever-changing) elite consensus over the financial collapse

...the fact that Democrats are on board with this scheme means absolutely nothing. When it comes to things the Bush administration wants, Congressional Democrats don't say "no" to anything. They say "yes" to everything. That's what they're for.

They say "yes" regardless of whether they understand what they're endorsing. They say "yes" regardless of whether they've been told even the most basic facts about what they're being told to endorse. They say "yes" anytime doing so is politically less risky than saying "no," which is essentially always and is certainly the case here. They say "yes" whenever the political establishment -- meaning establishment media outlets and the corporate class that funds them -- wants them to say "yes," which is the case here. And they say "yes" with particular speed and eagerness when told to do so by the Serious Trans-Partisan Republican Experts like Hank Paulson and Ben Bernake (or Mike McConnell and Robert Gates and, before them, Donald Rumsfeld and Colin Powell).

...regardless of whether this nationalization/bailout scheme is "necessary" or makes utilitarian sense, it is a crime of the highest order -- not a "crime" in the legal sense but in a more meaningful sense.

What is more intrinsically corrupt than allowing people to engage in high-reward/no-risk capitalism -- where they reap tens of millions of dollars and more every year while their reckless gambles are paying off only to then have the Government shift their losses to the citizenry at large once their schemes collapse? We've retroactively created a win-only system where the wealthiest corporations and their shareholders are free to gamble for as long as they win and then force others who have no upside to pay for their losses. Watching Wall St. erupt with an orgy of celebration on Friday after it became clear the Government (i.e., you) would pay for their disaster was literally nauseating, as the very people who wreaked this havoc are now being rewarded.

More amazingly, they're free to walk away without having to disgorge their gains; at worst, they're just "forced" to walk away without any further stake in the gamble. How can these bailouts not at least be categorically conditioned on the disgorgement of ill-gotten gains from those who are responsible?

 

OpEdNews; WMDs and Financial Meltdown-- RelatedThreats? Related Dem Congress Failure? Rob Kall

The news is abuzz with the reports of the solemn, haggard faces of the leaders of congress when Bush's economic Czars Paulson and Bernanke informed them of the deadly threat of financial meltdown the US, even the world economy faced if something dramatic was not done immediately.

So, of course, they came out, shaking in their boots, telling the nation how awful things were, how close to the abyss we've come. 

Next Page  1  |  2  |  3

 

Rob Kall is executive editor, publisher and site architect of OpEdNews.com, President of Futurehealth, Inc, more...)
 

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61 comments


Bailout means ownership.

If a private company bailed out these crooks, the private company would own it.  If we bail them out, we get nothing.  We should own these companies and use them to force competition on the rest.

We should nationalize every major racket, particularly pharmaceuticals, insurance, banking, oil, etc.  Only ownership can truly regulate these filth.

by John Hanks (1 articles, 0 quicklinks, 0 diaries, 1760 comments [39 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 9:31:24 AM

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Reply: Wait a minute

You might want to re-think what you just proposed.

If we willy-nilly nationalize everything, without some carefully thought-out controls, we wind up socializing everything. This can be done, and has been, but it is tricky. Look at the rest of the world, especially Scandinavia. 

After socialization (without any detailed considerations) comes some form of facism. That may be what the neo-cons, the wealthy, and the Bushes want. but time has shown it not to be healthy for children and other living things. But don't try arguing with them about this: it is like debating a fence post. They like WAR alot, and can't seem to manage to think of much else.  History has shown these cultural/political concoctions to be routine sociological and humanitarian failures. 

A little further along with the government owning everything, you have communism.  And everybody, including China, has discovered that that doesn't work, either. Facism and communism both throw the babies of capitalism and free market enterprise out the window, with the all-cleansing bathwater, and that seems always to prove fatal, as well.

And please bear in mind that enabling some form of communism means dis-abling GOD, and a way of explaining everything. That will make a lot of people in America VERY unhappy. 

Everyone wants a blanket solution, a panacea, a one-size-fits all, fully redemptive and painless cure, and it is not that easy. If it were, we would have it already and wouldn't be listening to snake oil salesmen and economic witch doctors who are trying to sell us the farm we already own.

Be careful what you wish for: you may get it. 

by Ivan Hentschel (12 articles, 0 quicklinks, 10 diaries, 302 comments [4 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 10:26:34 AM

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Reply: Is Sweden fascist?

The Swedes have stood for a third way.  The claim that socialism leads to totalitarianism does not bear scrutiny.  

 I concur with those who argue against the bailout.  If meaningful change is desired, it is best to avoid Obama, who is up to the eye balls in Wall Street cash and connections [he is THE corporate candidate], and McCain, because of his party's hold on his actions.

by steven mather (0 articles, 0 quicklinks, 0 diaries, 6 comments) on Sunday, Sep 21, 2008 at 12:19:25 PM

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Reply: bad example

Is Venezuela fascist? No its not. At least not since Hugo Chavez became president.

by Ty (0 articles, 0 quicklinks, 0 diaries, 888 comments [2 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 12:50:28 PM

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Reply: We are all mostly on the same page

Steven and TY:

The major point I was trying ot make is that there is always more than one way to skin a cat. And one thing doesn't necessarily lead to another, but it can happen, and you can have different forms of success, like Sweden or Venzuela. Lots of people like Chevy's but not everyone wants the same drivetrain.

Some forms of experiential governing (Chavez)deserve a rigorous defense, and others just don't work. We are in danger here, if we look for some simplistic cure-all, of driving ourselves into a system which doesn't work and defies the Constitution.

The only absolute that the world can no longer tolerate is an adherence to absolute solutions. There aren't any.

by Ivan Hentschel (12 articles, 0 quicklinks, 10 diaries, 302 comments [4 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 1:09:04 PM

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Reply: A Resounding Bottom Up NO On Bailout - From the Entire P

You're right; there is no simple panacea; and, this bailout scheme proposed by Treasury Secretary Paulsen is nothing more than some "snake oil" salesman's failed pitch.

What Paulsen proposed is not free enterprise, but outright theft. There's nothing in the Constitution that permits such piracy; instead, it prohibits it. No Government official (and that includes a member of the President's Cabinet) is permitted under the Constitution to assume dictatorial powers, even if offered by the President. The Founding Fathers were very careful and conscientious in preventing such abuses.

We the People are sovereign, as the Bill of Rights states; and, it's up to us to state - in our tens of millions - that this is OUR country, not that of the "Neo-Cons", or greedy corporations.

by eileen kuch (0 articles, 0 quicklinks, 0 diaries, 151 comments [14 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 4:05:17 PM

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bail-out

OK, I think I havw this straight. The conservatives who whine about too much govewrnment in our lives, and how we must allow business to succeed (or fail) on its own w/o any intervention or regulation (this is only a slight exaggeration), now believe that the government and our taxpayer $700 billion is needed to help businesses who got into the problem by their own stupidity and greed.

 And, I think these are the same conservatives who also (until August) said that single women who have children and drop out of school are immoral.

/walt brasch\

by Brasch (87 articles, 0 quicklinks, 0 diaries, 70 comments) on Sunday, Sep 21, 2008 at 9:43:46 AM

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Reply: You got that right.

Brasch you said it all for me.  This bailout has gotten me totally peeved.  They will pay huge amounts of money to corporations while leaving the common man down by the wayside.  As long as we do not bash Bristol, it is however okay to bash all of the other unwed mothers out there.  They push the adoption issue without providing the same resources for all of the other mothers. 

by Amyadoptee (0 articles, 0 quicklinks, 0 diaries, 6 comments) on Sunday, Sep 21, 2008 at 10:20:17 AM

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Reply: More than $700 Billion see my article on this tomorrow...

We are already beyond $1 Trillion

by Steven Leser (255 articles, 58 quicklinks, 38 diaries, 2147 comments [63 recommended, 2 rejected]) on Sunday, Sep 21, 2008 at 6:16:12 PM

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What? You don't include American Everyman....

...with those big named progressive sites? What am I, chopped liver?

Section 8  Section 8 of the bill for the bailout gives complete control of the entire $700 billion dollars to one guy; Bush's Secretary of Treasury. His decisions may not be reviewed, they are not subject to any future court ruling, and it is completely up to him as to whether or not they are even made public.

Now if there has ever been an administration that has proven beyond ANY doubt that they will put the interests of their corporate masters above those of the people, it's this one.

 

by scott creighton (25 articles, 11 quicklinks, 2 diaries, 244 comments) on Sunday, Sep 21, 2008 at 10:00:23 AM

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NO THANKS!

It is so nice to finally see that I am not alone in the wilderness in thinking this was a major ripoff of the American taxpayer. One trillion dollars or more in money to the thieves that have already handsomely profited from this mess means that, if our population is about 300 million, we each just spent at least $3300 per person this week. I may as well have bought AIG stock - I will get about the same return. But the problem is that this will not fix anything. Who's next to step up to the plate to demand big dollars to save the economy from going down the drain? GM or some other ccar company. Makes sense. Too mnay jobs at stake, right, to let it go down the drain.

by Tom Dawson (0 articles, 0 quicklinks, 0 diaries, 17 comments [6 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 10:16:02 AM

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Ditto 2 Bottom Up NO

Comment from Ratings:   Go Rob! Great round-up of material. Though the spectrum of protest might have been broadened by including anti-bailout sentiments from libertarians and traditional conservatives. Not only the left objects to this gargantuan transfer of power from Congress to the Administration...

by Carola Von Hoffmannstahl (16 articles, 0 quicklinks, 0 diaries, 16 comments) on Sunday, Sep 21, 2008 at 10:27:58 AM

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3 cheers for the progessives

Libertarians are definitely with you guys on this one:

Bailouts and Economic Calculation

Don't Bail Them Out

Government Failure

by Darren Wolfe (15 articles, 401 quicklinks, 141 diaries, 1031 comments [84 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 10:29:45 AM

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Say WHAT?

Even without the chops most "economist" possess, I can see this is a crock! I got bent over with the mortgage crunch and lost my house to escalating payments which threatened to bankrupt me. I jettisoned it and will continue to pay the price under a corrupt system. Common sense seems to be suspended here. CEO's escaping with multi-milion severance packages, money-controllers being bailed out because of their own malfeasance/misconduct, the greedy politically connected skating away with OUR money...it's absolute bullshit of course and we have Congress sitting on their hands and clucking their tongues about how bad it is instead of making the guilty pay, as has been the case for the past eight years. What makes us think the Bush White House is any better suited to handle this?

I think the the Federal Reserve System should be made to really be Federal and be nationalized instead of being what it is, a privately-held and run system which dictates to us instead of the other way around. Maybe that's naive but how could we do worse? No more paper OIU's, back up our money supply with gold, silver and platinum and hold speculators responsible for their mistakes. It's the same thing expected of us when we incur debt, so why should it be different for anyone else?

by HarpMan1224 (0 articles, 0 quicklinks, 0 diaries, 14 comments) on Sunday, Sep 21, 2008 at 10:30:15 AM

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BAIL OUT; SMAIL OUT...

This bailout is the beginning of the end for our country. What the hell do we think we're allowing them to do? REALLY bail us out! Not on your life; we're letting them dig a deeper trench that WE taxpayers are footing the bill for, and we will get NOTHING...but big Corps. and the current US administration will.

It's time to realize that taking back our country may be just a dream. We lost it big time with W and we are not easily going to get it back, if ever. The Dems don't have the spines to do it, and I feel like we must march in the streets, shouting NO MORE...get arrested for social protest of unjust actions.

And I KNOW we should arrest Bush/Cheney for the murder of our country!

This was a plan, folks...they wanted us in a Depression...and the rich boys got it all. They knew EXACTLY what they were doing.

I'm ashamed to call myself an American ONLY because most of our leaders under Bush/Cheney continue to: allow this to go on and on, pulling the sheets over the heads of people who still think there IS an American Dream, and then these "big boys" laugh ALL THE WAY TO THE BANKS WE ALLOW THEM TO BAIL OUT WITH OUR TAXES!! No more!

I'm sick of it. Arrest the murderous bastards NOW! Protest in any way we can.

Professor Fandel

by Professor Fandel (7 articles, 2 quicklinks, 0 diaries, 56 comments [22 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 10:42:07 AM

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Rob...This is what Mr. M. was trying to tell people about...

I heard him, looked into it, and it made sense to me.  Not only that, it has proceeded like clockwork.

Paulson is talking just a little too fast right now and he and Bloomberg have the same script... IT HAS TO BE DONE RIGHT NOW !!!!!" 

HAY - We didn't start this fire.  The Democrats are either in this and we're screwed, or they will screw it up... Looking back with Pelosi first off removing impeachment - Democrats are in it.  Then they don't feel any need to justify any thing they do, we get fisa, homeland security, Bush gets his effing war chest, AND THESE A-HOLES RAN TO END THE WAR AND IMPEACH THE S.O.B.s

In any event, I don't hold out much hope.

by bucketslogg (0 articles, 0 quicklinks, 0 diaries, 259 comments [99 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 10:55:02 AM

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NO to the Bailout

I agree, Rob, and with all of  you who don't support the bail-out. What will it take to show thiis country that we are being screwed and this is just one more thrust? This is just wrong-but once again, who can we get to listen to us? We, the people, remember US? Help, Rape!!!

I say throw them out, indict them for murder, fraud, genocide, and blaming Bin Laden for 9/11! Enough is enough! How angry can we get?

by Sharon Froehlich (0 articles, 9 quicklinks, 1 diaries, 32 comments) on Sunday, Sep 21, 2008 at 11:23:10 AM

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NO to Bailout!!

Comment from Ratings:   Right on, Rob!

by Sharon Froehlich (0 articles, 9 quicklinks, 1 diaries, 32 comments) on Sunday, Sep 21, 2008 at 11:25:39 AM

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The Democrats will give Paulson everything he demands.

The deal will be signed in just a few days, & there won't be any serious opposition to it, or even criticism. The entire matter will scarcely even figure in the presidential campaign (except for peripheral sniping about how the crisis reflects on the other candidate's "judgement"). Both candidates will basically treat the bailout as a "non-partisan" matter, where we must all "pull together as Americans for the good of the country."

The reason the Democrats will cave in to this, as they cave in to 100% of everything, is that they don't really work for the good of the US population. They are instruments of the ruling class, pure and simple -- and this bailout is urgently desired by the ruling class. So there is no question about whether they'll accept Paulson's demands or not. The only question they will ask Paulson is whether $700 billion is enough -- they'll say to him, in effect, "Please Mr Secretary, we'll give you even more if you need it. Don't be shy about asking!"

by Richard Mynick (2 articles, 4 quicklinks, 1 diaries, 1552 comments [255 recommended, 5 rejected]) on Sunday, Sep 21, 2008 at 11:42:52 AM

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Wait a Minute --

Obama isn't running to be the head of the Democratic Party.  He already IS the de facto head of the Democratic Party, for the next four years, whether he wins in November or not.

He is also, we may remember, a United States Senator.  That means he can filibuster this damned bill until Congress gets it right.  How about a "Cross of Gold" speech, a la William Jennings Bryan?

Obama, your credibility is on the line.  Are you with the financial robber barons or the people? 

by F T (Ted) Cloak Jr (0 articles, 0 quicklinks, 0 diaries, 12 comments) on Sunday, Sep 21, 2008 at 11:44:39 AM

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Reply: Like Obama

was going to filibuster the FISA bill a few short weeks ago? Right-like he is going to come riding up on his charger wielding the sword of justice and the shield of equity to rescue us.

by Jack Harrington (0 articles, 0 quicklinks, 0 diaries, 675 comments [70 recommended, 0 rejected]) on Tuesday, Sep 23, 2008 at 3:05:54 PM

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Bailout

Please go to Bloomberg.com  Bush administration seeks Dictatorial Power Unrenewable by the 3rd Branch of government &Courts> Paulsen will have dictatororial Powers to spend our money. He will appoint contractto private companies. This will be bigger than the Pentagon.The Bill would bar courts from reviewing actions taken under its authority.

by Mary Beardslee (0 articles, 0 quicklinks, 0 diaries, 1 comments) on Sunday, Sep 21, 2008 at 11:57:53 AM

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Reply: Thank you

Very much. I guess no one else is paying attention. We have let ourselves get so close to a dictatorship, that it is not even funny.

by Ivan Hentschel (12 articles, 0 quicklinks, 10 diaries, 302 comments [4 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 12:01:17 PM

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they can't have it both ways

Comment from Ratings:   they want free enterprise, let 'em have free enterprise--sink or swim. They believe in free markets until they go broke then the nanny state rescues these 'big boys'? The same nanny state that can't pay for child care, veterans' health, levee maintenance, pregnant womens' nutrition, childrens' health care? Take your medicine like big boys.

by martinweiss (41 articles, 6 quicklinks, 13 diaries, 503 comments [3 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 12:32:23 PM

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Hang together? Or just hang?

It's encouraging, Rob, to know you figured this out before the politicians and news smooze got ahead of us.  It's even more encouraging that so many OEN members were on your wave length before the article became readily available.  
This is going to be an exciting week.  "Washington" (not the state and not a former president) will  have to make a lot of noise and perhaps some silly choices.  The "media" (not the message, exactly) will muddy the waters by wondering what McCain and Obama will wear on Friday night.  And we have to figure out where we, collectively and quite alone, think we can do with a freight train falling off a mountain into our backyard.  
As you often say, there is a story. 

I sought a little solace in Common Dreams, the website.  I thought these links might clear the air. Naomi Klein seems to think disaster is never without some chance of repair.  Alice Walker reminds us we want to be loved by our leaders.  
 

http://www.commondreams.org/print/32589 
klein
http://www.commondreams.org/print/32588  walker

by Margaret Bassett (45 articles, 2909 quicklinks, 42 diaries, 1851 comments [99 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 12:35:53 PM

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What Would

Naomi Klein say about this "crisis"? This is the "Shock and Awe Doctrine" in our face!

No way Neo-Cons! We're not falling for it. But here's an idea:

Why doesn't Halliburton and Blackwater and The Carlyle Group buy AIG? They already have our taxpayer money, so we WOULD be helping out...

And, since all our money is apparently available for the top 1% of our "citizens" anytime, then 

I want Universal Healthcare for all Americans! Think of the meaningful jobs that would create...and let US not underfund our Veterans, either!

It also pisses me off that our government will work on the weekend and "together" for this bailout, but not for Katrina or Child Health Plus or any domestic issues.

We need to all claim 13 exemptions on new W-2 forms to stop the flow of our earnings into these coffers for all-neo-con-all-the time: ENOUGH!

 

 

by grace mcguire (0 articles, 0 quicklinks, 0 diaries, 5 comments) on Sunday, Sep 21, 2008 at 12:50:25 PM

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two major warnings

One-- let's not get into the insurance business just when natural disasters are coming at an increased rate. Even merely 'strange accidents' are ocurring now more than ever before. Get out and stay out of the insurance biz. If gov't. is the insurer, we are asking for trouble.

Two--  theft is illegal, and quasi-legal 'screwups' should not be legalized. Our gov't. should not legalize theft.

The FDIC should never back up speculative risk taking. The margin calls must fall on the risk takers, not we, the people.

by martinweiss (41 articles, 6 quicklinks, 13 diaries, 503 comments [3 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 12:54:25 PM

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howard zinn in 'The Nation'

While our gov't. should not bail out the corporations who have or will collapse, ala Darwin, FDR and the 'New Deal' still have much to be proud of. Gov't. of the people should help the people.

Here's a timely word from Howard Zinn in 'The Nation.'

 




Beyond the New Deal By Howard Zinn

This article appeared in the April 7, 2008 edition of The Nation.


  •  We might wonder why no Democratic Party contender for the presidency has invoked the memory of the New Deal and its unprecedented series of laws aimed at helping people in need. The New Deal was tentative, cautious, bold enough to shake the pillars of the system but not to replace them. It created many jobs but left 9 million unemployed. It built public housing but not nearly enough. It helped large commercial farmers but not tenant farmers. Excluded from its programs were the poorest of the poor, especially blacks. As farm laborers, migrants or domestic workers, they didn't qualify for unemployment insurance, a minimum wage, Social Security or farm subsidies.

Still, in today's climate of endless war and uncontrolled greed, drawing upon the heritage of the 1930s would be a huge step forward. Perhaps the momentum of such a project could carry the nation past the limits of FDR's reforms, especially if there were a popular upsurge that demanded it. A candidate who points to the New Deal as a model for innovative legislation would be drawing on the huge reputation Franklin Roosevelt and his policies enjoy in this country, an admiration matched by no President since Lincoln. Imagine the response a Democratic candidate would get from the electorate if he or she spoke as follows:

"Our nation is in crisis, just as it was when Roosevelt took office. At that time, people desperately needed help, they needed jobs, decent housing, protection in old age. They needed to know that the government was for them and not just for the wealthy classes. This is what the American people need today.

"I will do what the New Deal did, to make up for the failure of the market system. It put millions of people to work through the Works Progress Administration, at all kinds of jobs, from building schools, hospitals, playgrounds, to repairing streets and bridges, to writing symphonies and painting murals and putting on plays. We can do that today for workers displaced by closed factories, for professionals downsized by a failed economy, for families needing two or three incomes to survive, for writers and musicians and other artists who struggle for security.

"The New Deal's Civilian Conservation Corps at its peak employed 500,000 young people. They lived in camps, planted millions of trees, reclaimed millions of acres of land, built 97,000 miles of fire roads, protected natural habitats, restocked fish and gave emergency help to people threatened by floods.

"We can do that today, by bringing our soldiers home from war and from the military bases we have in 130 countries. We will recruit young people not to fight but to clean up our lakes and rivers, build homes for people in need, make our cities beautiful, be ready to help with disasters like Katrina. The military is having a hard time recruiting young men and women for war, and with good reason. We will have no such problem enlisting the young to build rather than destroy.

"We can learn from the Social Security program and the GI Bill of Rights, which were efficient government programs, doing for older people and for veterans what private enterprise could not do. We can go beyond the New Deal, extending the principle of social security to health security with a totally free government-run health system. We can extend the GI Bill of Rights to a Civilian Bill of Rights, offering free higher education for all.

"We will have trillions of dollars to pay for these programs if we do two things: if we concentrate our taxes on the richest 1 percent of the population, not only their incomes but their accumulated wealth, and if we downsize our gigantic military machine, declaring ourselves a peaceful nation.

"We will not pay attention to those who complain that this is 'big government.' We have seen big government used for war and to give benefits to the wealthy. We will use big government for the people."

How refreshing it would be if a presidential candidate reminded us of the experience of the New Deal and defied the corporate elite as Roosevelt did, on the eve of his 1936 re-election. Referring to the determination of the wealthy classes to defeat him, he told a huge crowd at Madison Square Garden: "They are unanimous in their hatred for me--and I welcome their hatred." I believe that a candidate who showed such boldness would win a smashing victory at the polls.

The innovations of the New Deal were fueled by the militant demands for change that swept the country as FDR began his presidency: the tenants' groups; the Unemployed Councils; the millions on strike on the West Coast, in the Midwest and the South; the disruptive actions of desperate people seeking food, housing, jobs--the turmoil threatening the foundations of American capitalism. We will need a similar mobilization of citizens today, to unmoor from corporate control whoever becomes President. To match the New Deal, to go beyond it, is an idea whose time has come.

Other contributions to the forum:

Bill McKibben: A Green Corps

Michael J. Copps: Not Your Father's FCC

Andrea Batista Schlesinger: A Chaos of Experimentation

Eric Schlosser: The Bare Minimum

Frances Moore Lappé: The Only Fitting Tribute

Adolph Reed Jr.: Race and the New Deal Coalition

The Rev. Jesse Jackson: For the 'FDR'

Andy Stern: Labor's New Deal

Anna Deavere Smith: Potent Publics

Sherle R. Schwenninger: Democratizing Capita

Stephen Duncombe: FDR's Democratic Propaganda

About Howard Zinn Howard Zinn is the author of A People’s History of the United States and, most recently, A Power Governments Cannot Suppress

by martinweiss (41 articles, 6 quicklinks, 13 diaries, 503 comments [3 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 1:09:14 PM

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hey rob

already on it --------fiengold will have lots of e-mails and calls on monday morning--

by TRADESMAN (0 articles, 0 quicklinks, 12 diaries, 335 comments [40 recommended, 1 rejected]) on Sunday, Sep 21, 2008 at 1:55:25 PM

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Section 8 and Larisa Alexandrovna

 Read this little ditty from section 8:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

 Do people understand what this is saying????? This is another nail in the coffin of our republic here.  No accountability whatsoever is written into this piece of crap!!!! 

A MUST READ is Larisa Alexandrovna's article entitled "Welcome to the final stages of the coup..."


by Cheryl Abraham (13 articles, 2 quicklinks, 0 diaries, 207 comments) on Sunday, Sep 21, 2008 at 2:02:48 PM

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Reply: Scary indeed

This rule by decree business may fly in Venezuela, but we don't need it here.

by Darren Wolfe (15 articles, 401 quicklinks, 141 diaries, 1031 comments [84 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 3:10:39 PM

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The most frustrating aspect for me is the people in Congress

-- I refuse to call them 'leaders' -- act surprised that our economy has really gone and tanked, despite countless experts and millions of us screaming our heads off that this administration's policies could not be sustained.

Either they are:

1.  ignoramuses

2. tainted by power, or

3. hoping to sneak another disastrous corporate-focused policy through by treating us like we are the ignorant ones.

I think of the three, it's probably the third one. Every decision made in Washington is based on one criteria: how will it affect them in the next election. They balance our perceived passiveness with the needs of their corporate masters.

I've already written to my senators and representative about the bail-outs. They've long since ceased writing back. I don't even get form letters back anymore. Maybe it's because I cannot be fooled by memes and false assurances.

As far as what Congress will do: The writing's on the wall, folks. The Bush administration is pressuring them to move fast, don't take time to put in ANY safeguards for taxpayers, just save the damn corporations who will walk away with their assets in tact and dump their bill onto us.

Stop paying the bills!

by Kathlyn Stone (46 articles, 227 quicklinks, 27 diaries, 690 comments [1 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 4:15:20 PM

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Socialism or Suicide?

True patriotism and real humanity begins with each of us helping one another for the greater good of humankind. It is not bailing out irresponsible and reckless, colossal-sized corporate institutions that have insatiability fed at the trough of unregulated greed and avarice under the Bush administration.

I find it ironic that the Republican “small government” values party, who has harangued liberals for years about “tax and spend” social programs, as a source of America’s decay, now find unprecedented corporate welfare, to the tune of $700 billion, a good thing due to its political expediency. Privatized profits, socialized losses – it’s the Republican way – socialism for the rich at the expense of the taxpayer. It’s time we, as a people and a nation, put people over profits and bail out the real victims – homeowners and struggling families – and not the thugs on Wall Street.

by Frank J. Ranelli (66 articles, 143 quicklinks, 29 diaries, 383 comments) on Sunday, Sep 21, 2008 at 4:38:11 PM

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NO MORE EMERGENCY ACTION in response to President Bush Lies!

First it was the Patriot Act and war in Afghanistan in response to lies about 911.

Next it was the War in Iraq in response to lies about WMD.

Not being happy with expending the blood and treasure of the 100% US Citizens and taking away our freedoms, they now want to take all of our money.

Tell President Bush and the NEOCONS that enough is enough. Why is President Bush acting like Hitler and Stalin? Is it because the NEOCONS control President Bush and controlled Hitler and Stalin? 

by Anton Grambihler (1 articles, 0 quicklinks, 4 diaries, 314 comments [7 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 5:08:26 PM

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WHAT is the hurry?

Comment from Ratings:   Sustainable solutions require considerate analysis. This current government has shown its ineptitude for crisis management. Who is to say that the current situation is a crisis? The "experts" engineering the solution? Those same experts blind sided by the situation? Here are the words these people need to learn.... "sustainable", "analysis", "accountability". We are so lost.

by Dan Leithauser (0 articles, 0 quicklinks, 5 diaries, 5 comments) on Sunday, Sep 21, 2008 at 5:08:36 PM

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Reply: Dont You get it ?

This is an engineered crisis. Crash by design. This has been happening for hundreds of years. The fire sale begins in earnest when the money dies. They will not fix what they created.

by john riggs (0 articles, 0 quicklinks, 0 diaries, 463 comments [24 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 5:31:27 PM

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Its deja-vu all over again

last time they called it Resolution Trust. FDR was a little more honest in the 30s,he just confiscated the gold,he stole it outright. If an american gives his time for a wage and the criminal corporate regime takes a portion of his check before he gets it and his Social Security funds are looted his time,his very life is taken, then he is nothing more than a slave. A person making minimum wage cannot afford to live renting his own shelter. At least the slaves were sheltered and fed. Lincoln did not free blacks he enslaved us all.

The corrupt system must be allowed to fail, then maybe,just maybe we the people can start over with a new system after we jail the criminals and recoup the funds placed offshore. A little waterboarding should get us the bank account codes to recoup the funds. It would be interesting to see how much of our gold is still in Fort Knox. If there is not gold to coin money then silver or copper will have to do. Only silver and gold are legal tender according to the CONSTITUTION. Real money will stop inflation and having the law apply to all classes would be a start to stem the corruption at the top.

If you are not fighting mad about this bailout and ready to take definite action you deserve your slavery.

by john riggs (0 articles, 0 quicklinks, 0 diaries, 463 comments [24 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 5:26:19 PM

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China's Default notice

Hey, rather than taking it in the shorts, lets inform China of our intent to default on their loans.  Then let the missiles fly baby

by kato krause (2 articles, 0 quicklinks, 3 diaries, 216 comments [1 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 5:28:50 PM

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Let The Bubble Pop

The apparent problem here is the absolute political determination to stave off a crisis that would adjust the market values of assets downward. The bailout is a repeat of other interventions that would make Keynes a very happy puppy. The artificially high prices of real estate over the last 20-30 years has resulted in the overvaluing of subsequent debts secured by mortgages or more importantly by homes, businesses and other assets. But, nobody wants to be in the store when that happens. Crises are inevitable and corrective.
 
Oppose the bailout. Develop an assets management auditor at the level of the state government for real estate and investment brokerages and licenses that are renewed. Consumer and commercial banks, S&Ls and Credit Unions should be defined as only authorized holders for mortgages. End inter-state investment brokerages and real estate companies. Make mortgages non-transferrable. This will establish financial accoutability for loans approved. Increase the minimum equity/assets requirements for mortgages and commercial loans.
 
Housing bubble must pop. Increase corporate gains tax.Use the old FHA point system, at least its structure, in sales of property. Tie in incentives for property improvements in mortgages. Eliminate home equity loans to secure the value of the assets in event of default. Refinance before foreclosure.

Increase interest rates. The Fed has played a leading role in the easy availability of money that found derivatives and other products to direct quick cash without corresponding assets backing them. Begin to focus on a review of the assets of commercial banks. The assumption that FDIC will back them is based on the "full faith and credit of the United States Government". Not a very sound institution financially at present. Tighten credit requirements. Review commercial lending practices and products with new, tighter standards.
 
Increase federal corporate taxes. Money in circulation is money being invested in growth without assets of corresponding value.
 
Establish safety-net. Health care, federal refinance for loan defaults, emergency rent subsidies, gas vouchers and increased unemployment compensation, increase accessibility to pension funds and 401 (k)s.
 
Reduce the Federal deficit.  Reduce defense spending. Establish a revenue fund for public infrastructure investment.

by Matoska (22 articles, 1 quicklinks, 1 diaries, 33 comments) on Sunday, Sep 21, 2008 at 5:32:00 PM

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Reply: Worth repeating!

I want to repeat this first paragraph, because Matoska has it exactly right, in a short, tight statement . . . the only one in this entire run that tells it exactly as it is...

Let The Bubble Pop

"The apparent problem here is the absolute political determination to stave off a crisis that would adjust the market values of assets downward. The bailout is a repeat of other interventions that would make Keynes a very happy puppy. The artificially high prices of real estate over the last 20-30 years has resulted in the overvaluing of subsequent debts secured by mortgages or more importantly by homes, businesses and other assets. But, nobody wants to be in the store when that happens. Crises are inevitable and corrective."
 

 

by Irvthom (7 articles, 2 quicklinks, 3 diaries, 91 comments) on Sunday, Sep 21, 2008 at 10:35:23 PM

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This is

Financial Terrorism.  Give me the money, now.  No questions, just do it, or we will melt down your financial system so you will look like Zimbabwe and starve. 

Declare all involved enemy combatants, round up Greenspan, Paulsen, Wall Street CEO's, send them to GITMO for interrogation.

Serve notice to the Cayman Islands that we will invade if hostilities do not cease.  Park a couple of aircraft carriers near Britain and warn the London bankers as well.  Send federal agents and troops into Wall Street as a reminder not to destabilize the markets or they will join their CEO's at GITMO.

Declare a Jubilee, eliminating all domestic US and private debt.   Take over the money creation from the Fed and issue debt free money to pay our bills.   Settle our foreign debt with our new currency,  we can give China our new steel coin worth 1 trillion (keep it dry so it won't rust).

 

by pft (0 articles, 0 quicklinks, 0 diaries, 601 comments [7 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 6:04:15 PM

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Fortune and Bird on The Crisis (warning: British humor)

http://www.dailymotion.com/channel/fun/video/x3bwjv_john-fortune-john-bird-on-the-south_fun?from=rss

by F T (Ted) Cloak Jr (0 articles, 0 quicklinks, 0 diaries, 12 comments) on Sunday, Sep 21, 2008 at 6:29:08 PM

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petition

There is a petition you can sign that is heading to congress. I haven't the email address but you should be able to find it at

giveusliberty.org

it has a header at the top of the page "we the people". I got a fundamentalist republican to sign it, and pass it on. So go find it!

Thanks Rob for being so timely with your article topics! You do good!

by shirley reese (0 articles, 0 quicklinks, 0 diaries, 592 comments [98 recommended, 1 rejected]) on Sunday, Sep 21, 2008 at 7:30:44 PM

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Yes no bailout. Act on Bob's call!

Here here Bob.

Absolutely no bail out!!

Let the shadow banking sytem implode on its own bombs. Let it commit suicide.

When the dusts settle, we will go over the wreckages with a fine comb. Arrest everybody responsible and send them to the slammer to sit for 2 years while we sort out the details of the charges - criminal neglience causing national financial disaster.

Then we rebuid a new financial system based on sustainable economics and tight independent oversight. First step is to get rid of the Federal Reserve system!!

by TomK (0 articles, 0 quicklinks, 0 diaries, 330 comments [22 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 7:32:12 PM

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Something For Us

I'll go along with the bailout, provided all Americans are paid in kind with a tax moratorium for the next 30 years.

by Robert Arend (24 articles, 30 quicklinks, 21 diaries, 240 comments [22 recommended, 1 rejected]) on Sunday, Sep 21, 2008 at 9:52:30 PM

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Let's see the Dems show some spine and reject the plan

Comment from Ratings:   unless they repeal Bush tax cuts on the rich and show how they are going to protect the middle class from being screwed even more than the GOFP (F = fasciast) has already done.

by tginmn (0 articles, 0 quicklinks, 0 diaries, 69 comments) on Sunday, Sep 21, 2008 at 10:40:38 PM

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Possible Solution...

Here's a concept.  I'll admit it's a long shot, but it might just have a shot...

What IF the RICH REACH INTO THEIR OWN POCKETS FOR THE BAILOUT?

They'd be out of the woodshed in no time flat.  Besides, they created the problem, profited from it and will be the beneficiaries of the fix too.

by bucketslogg (0 articles, 0 quicklinks, 0 diaries, 259 comments [99 recommended, 0 rejected]) on Sunday, Sep 21, 2008 at 11:20:02 PM

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Reply: Bernie Sanders from Vermont is proposing this...

The Independent Senator from Vermont is proposing just that.

His plan

by E. Nelson (40 articles, 8 quicklinks, 26 diaries, 511 comments [57 recommended, 2 rejected]) on Monday, Sep 22, 2008 at 7:15:34 AM

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This isn't a bottom-up government.

If every single American citizen in the country begged Congress not to do something, they wouldn't have to listen if they didn't want to. The Prevailing Theory, and the actual fact, is that we have no way to hold them accountable during their terms in office. Our only recourse is to try to vote them out in the next rigged election after their terms of office are over and the damage is done.

Too many of us, myself included as I only stopped voting last year, thought we were voting for people to represent us, not voting to delegate our power to people who could then do whatever they felt like doing.

Now if we could trust politicians, it might not be such a bad idea to delegate them our power.

Do you trust politicians?

If not, STOP VOTING FOR THEM!

 

by Mark E. Smith (21 articles, 30 quicklinks, 100 diaries, 1325 comments) on Monday, Sep 22, 2008 at 12:28:59 AM

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But how....

Comment from Ratings:   can we make them listen AND take action? By not re-electing them, those blood sucking, life robbing politicians and replacing them with true progressives of whatever party. WE must as Americans start taking part in our own futures in the political ring. Otherwise, this country is doomed.

by Tim Sanders (0 articles, 0 quicklinks, 0 diaries, 5 comments) on Monday, Sep 22, 2008 at 12:40:21 AM

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FIX IT NOW - Plan to Actually SOLVE THE PROBLEM

http://www.youtube.com/watch?v=9KYtD-Ff_eM

by Munich (1 articles, 86 quicklinks, 14 diaries, 1125 comments [86 recommended, 1 rejected]) on Monday, Sep 22, 2008 at 12:43:08 AM

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Reply: The Mother Of All Frauds

Should have posted this one first.

http://market-ticker.denninger.net/archives/587-The-Mother-Of-All-Frauds.html

 

by Munich (1 articles, 86 quicklinks, 14 diaries, 1125 comments [86 recommended, 1 rejected]) on Monday, Sep 22, 2008 at 12:45:28 AM

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WHY BAIL THEM OUT

SUZE ORMAN on Larry King Live began her discussion of the bailout by expressing compassion for those who will pay for it, but she quickly waxed eloquent to "We have to do it." I listened and learned-quickly- that 1. She is a republican, 2. She has stock in the IGA, whatever that stands for. Anyway that was how all the other depressions occurred including the big one. The local banker filed for bankruptcy, then when he saw angry clients approaching,  grabbed his hat and our money and took a taxi. He landed in the Bahamas and oddly for a man who had just gone bankrupt, managed to survive on steak and whatever he wanted.

I say NO bailout. I am willing to take a chance on an effort toward justice.

I submit that there is no reason why we have to bail them out. Orman's argument "look at all the unemployment allowing them disappear from the landscape would cause" has no validity.  The only one paid a living wage, was the banker, his wife and every one of his progeny.  Today, we have slight variations, like that the manager is called a CEO and just mentioning the amount of his salary would take your breath away. Otherwise, how much difference do you see. We are even scheduled to help the criminials again. If we let them go again we are stupid. Should rich criminals who got that way by less than honest actions be allowed to walk away while the poor pay?

 

 

by emily horswill (6 articles, 0 quicklinks, 1 diaries, 79 comments [1 recommended, 0 rejected]) on Monday, Sep 22, 2008 at 1:19:29 AM

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No on the bailout?

So why is everybody so surprised?  Do you think you actually live in a democracy?  When a candidate has to raise hundreds of millions of dollars just to gain the nomination of one wing or the other of the capitalist party that's democracy?  When a candidate could win a presidential election with only 35% of the total vote (see electoral college)?

In the U.S., especially  since the Civil War, government has existed primarily to channel resources and wealth to the powerful elite.  There are at least two factors that allowed this to happen.  One is that the wealthy have distributed just enough where-with-all to the middle classes to keep them worried about  losing what "stuff" they have.  The other is that America has a huge moron factor where people resign themselves to being  beasts of burden and are easily distracted by "hot button" issues such as abortion, guns, prayer in school, etc.  Think about how many people you have known who vote against theri own overall interests because of one of them.

by Bryan Emmel (0 articles, 0 quicklinks, 0 diaries, 415 comments [32 recommended, 0 rejected]) on Monday, Sep 22, 2008 at 2:14:16 AM

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Reply: yeah

Unfortunately, a Democracy requires some basic level of intelligence to function.  I think the average Joe has regressed to such a point that a real democracy would result in anarchy.   It's like we have undergone a de-evolution, at least us "normal" people have.

It's not really our fault, it was done by design.  Taking control of media, education, science and lowering the middle classes living standards making free time a rare commodity and hard to keep up with the propaganda.

You can not discuss money really since nobody even knows what it is, and how it is created except at the most superficial level.  Thats why these cons just keep getting bigger and bigger.   

The end result has been a population who lives in the consensus reality of myths, and has lost the ability to reason and question what they are told.  They just grab onto a concept they happen to fancy, be it AGW or the GWOT.

Might was well let the elite stay in control and hope they don't go too far.   I do not see any alternative really.   The coup took place and nobody even knows when it happened.   1963?  1913? 1863?   We are no longer capable of governing ourselves IMHO.

The truth is hurtful in todays world, people avoid it like the plague. 

by pft (0 articles, 0 quicklinks, 0 diaries, 601 comments [7 recommended, 0 rejected]) on Monday, Sep 22, 2008 at 3:33:05 AM

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De-facto Dictator - Bush Declares National Emergency

By bush declaring a National Emergency, under the directives of PD-51 bush has now complete control over every aspect of government, financial, commerce, transportation, and avenue needed to run this country. If congress doesn't give him what he wants he'll simply over-ride them and there isn't a damn thing they can do about it. Not that this ineffectual group of criminals would anyway.

Know this; this was a planned take-over of our government. We are now at the mercy of a homicidal maniacs.

No bail-outs or vote will get us out of this mess. There is now only one way to get our country back. The question is do we have enough people with courage to do what is necessary.

by Mr M (8 articles, 0 quicklinks, 66 diaries, 2845 comments [654 recommended, 27 rejected]) on Monday, Sep 22, 2008 at 7:35:56 AM

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Get a grip, Rob

Almost nobody likes Paulson's bail-out proposal.  Paul Krugmann and William Krystol--the latter one of the Iraq war's biggest unwavering fans--both wrote against it in todays NY Times.  So, although the collapse of the banking system isn't something that can be taken lightly, the proposal is not likely to be approved in its present form.

But, as bad as or worse than the Iraq war?  Who's going to die as a direct result of it?

by Maxwell (0 articles, 0 quicklinks, 0 diaries, 409 comments [85 recommended, 0 rejected]) on Monday, Sep 22, 2008 at 9:52:40 AM

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THINK ABOUT IT....

For a party that's PRO-LIFE, they sure do kill a lot of poeple.

Everything they say is spin.  If they say it will help you, it will hurt you.  It's really that simple.

 

by Bob Smith (0 articles, 0 quicklinks, 0 diaries, 270 comments) on Monday, Sep 22, 2008 at 4:25:54 PM

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Send a Message to Obama about the Bailout

I just went to this site

http://my.barackobama.com/page/s/mypolicy

and entered this message:

You are the head of the Democratic Party and a United States Senator.  You are in a unique position not only to stop and roll back the financial madness, but to lead the Senate to enact measures to prevent its inevitable recurrence. Don't wait until you are President to start a New New Deal.  Start now, and the whole country will rally behind you.  Congress can let Wall Street go bust if you have a jobs program and a mortgage relief program in place.  Three-quarters of a trillion dollars will go a long way toward such programs.  "The only thing you have to fear is fear itself."

Maybe, if a whole lot of people sent similar messages in their own words, whoever monitors that page will note an uptick in numbers and pass them up the line.

I don't know about you, but I think Obama's rep – and his chances – are on the line over this bailout issue.

Regards,

Ted

P.S.  Please don't bother criticizing my message.  Just write your own.

by F T (Ted) Cloak Jr (0 articles, 0 quicklinks, 0 diaries, 12 comments) on Monday, Sep 22, 2008 at 7:18:31 PM

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Dem Leadership Won't Care

The Democratic Party hasn't responded to anything bottom up since the Watts Riots of 1965.

by Sean Fenley (7 articles, 41 quicklinks, 65 diaries, 264 comments [4 recommended, 0 rejected]) on Monday, Sep 22, 2008 at 10:03:44 PM

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3rd way = fascism

That's what was originally understood:

Italian Fascism and the Aesthetics of the 'Third Way'

So yes, Sweden is fascistic. They would have to have an unelected dictator to be 100% fascist, so let's call them neo-fascist just like us.

by Darren Wolfe (15 articles, 401 quicklinks, 141 diaries, 1031 comments [84 recommended, 0 rejected]) on Saturday, Sep 27, 2008 at 7:57:47 AM

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