Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

'Bailing Out My Boys'

By Mumia Abu-Jamal  Posted by Hans Bennett (about the submitter)       (Page 1 of 1 pages)     Permalink    (# of views)   1 comment

Related Topic(s): ; ; ; ; ; ; , Add Tags
Add to My Group(s)

Must Read 1   Well Said 1   Supported 1  
View Ratings | Rate It

- Advertisement -
Listen to the radio-essay 
[col. writ. 11/15/08] (c) Mumia Abu-Jamal
- Advertisement -
    It's been over a month since the beginning of the bailout binge, and little, if anything has changed.  For, the bailout, from its inception, has been little more than a bait and switch.
- Advertisement -
    Driven by headlines of gloom and doom, spooked by the fear mongers of Wall Street, the White House and Congress rushed to send bales of bucks to banks -- many the very institutions that manufactured this mess.
    Treasury Secretary Henry Paulson, formerly a top exec at Golman-Sachs, made barely intelligible sounds about "liquidity", and shoveled the dough to his old pals, while promising politicians that these funds would unfreeze loans so that business and consumers could access credit.
    That hasn't exactly happened that way, has it?
- Advertisement -
    Now, we see shifts in strategy, or new ways to throw away public monies for private interests.
    Recently, a New York Times reporter overheard a discussion between an employee and an executive for J.P. Morgan Chase bank less than a week after it received $25 billion dollars of the $700 billion dollar bailout. The employee asked one of the bank directors how the loan affected their lending policies.  The response was stunning:
                    What we do think it will help us do is perhaps a little more active on the acquisition side or opportunistic side for some banks who are still struggling.  And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backdrop.  We should think that loan volume will continue to go down as we continue to tighten credit to fully reflect the high cost of pricing on the loan side."*
    And we wonder why the bailout is a bust!
    It was never designed to 'save the economy!'  It was designed to do exactly what it did -transfer vast amounts of money out of the Treasury and into the banks.
    And the next administration will begin with next to nothing, and every promise made during the election will turn to dust.
--(c) '08 maj
[*Source: "How the banks use our money," The Spark, Nov. 3-17, 2008, p.3.]


- Advertisement -

Must Read 1   Well Said 1   Supported 1  
View Ratings | Rate It

Hans Bennett is a multi-media journalist mostly focusing on the movement to free Mumia Abu-Jamal and all political prisoners. An archive of his work is available at and he is also co-founder of "Journalists for Mumia," (more...)

Hans Bennett Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Related Topic(s): ; ; ; ; ; ; , Add Tags
Contact EditorContact Editor
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author) An interview with Rob Kall

Organizing to Abolish the Prison-Industrial Complex

AUDIO & PRESS RELEASE: New Mumia Crime Scene Photos Unveiled for First Time in the US!

The Assassination of Fred Hampton -- a Book Review