For decades our Congress, our President, the Corporate Media and the Global Corporate Elite have consistently denied that, what has masqueraded as Capitalism, is really nothing more that an elaborate Ponzi scheme. And it is this elaborate Ponzi scheme that has benefited a Global Elite at the expense of the American Working Class. I would further allege that these same parties have known full well that the outsourcing of jobs, the insourcing of Legal/Illegal foreigners and the outsourcing of our manufacturing base, would eventually result in the destruction of the "American Dream"- for millions and millions of American Workers. And of course it is becoming increasingly clear to the American People that their motive was dispassionate greed coupled with an almost unbelievable disregard for the welfare of the American People.
That is why I find it almost unfathomable that Secretary of Treasury, Paulson, would have the audacity to suggest that the American People bail out the very same parties that basically plotted their demise. But that is exactly what Paulson's "Trillion Dollar Corporate Bailout"- plan would do. His plan is a perfect example of the "privatization of profit and socialization of debt."- For example the large corporations profit off the creation of these massive economic bubbles (e.g., Savings and Loan, Dot Com and Housing) and then the American worker absorbs the losses when these bubbles finally burst.
Well it is clear that the reason Paulson is trying to "strong arm"- Congress into passing his "Trillion Dollar Corporate Bailout"- plan is partially due to the latest bubble: Housing. The Elitists made their obscene profits off of housing through outright fraud and now they would like the American Worker to pick up the tab, now that this latest Ponzi scheme has run its course. Of course the irony is that these same parties are the ones that lobbied for the destruction of Glass-Steagall Act of 1933 which paved the way for the speculative fraud that followed. And of course this slight of hand was achieved through the bi-partisan passage of the Gramm-Leach-Bliley Act which was signed by President Bill Clinton in 1999.
It is worth pointing out that the main reason for the Glass-Steagall Act was to regulate the markets in order to avoid the speculation that caused the Great Depression. So in a way it was the Democrats, Republicans and Bill Clinton who may have set the stage for the current Depression. And of course they got plenty of financial support from the parties that I mentioned at the beginning of this article.
Let me summarize this with an analogy. A robber breaks into your house and robs you blind but breaks his back as he exits through your 2nd floor window. What Paulson is suggesting is that you pay for the robber's medical care while still allowing him to keep everything that he has stolen from you.
So my first and final reaction to Paulson's "Trillion Dollar Corporate Bailout"- plan is to kindly ask him to shove it up his butt. You, and Bush, are not getting your bailout. And to add further insult to Paulson's plan, 200 Academic Economists have signed a petition stating that the bailout is neither justified nor is it necessary (09/25/2008).
But there is someone that needs a bailout and that is the Legal American Citizen. Because the real reason so many are loosing their homes is not merely because of fraudulent sub-prime lending. It is because the parties, mentioned at the beginning of this article, have left millions of Americans Unemployed due to their previously described actions.
And this is why I have come up with a first draft for the "American Home Preservation (AHP) Act."- I first started thinking about this when I produced the YouTube video "Where Is the "Bailout" for the American People?"- on July 19th, 2008.
When I did the research for this video I discovered 2 very disturbing facts:
* Current projections estimate over 5 million American families will be left homeless, due home foreclosures, between January 2007 and December 2008. That means that roughly one of every 20 American families will be thrown out on the street in just the span of 2 years.
* The average retiree only has $60 thousand dollars in their account at the time they retire: barely a year's wages. And growing numbers of retirees are going bankrupt as they enter retirement because they are unlikely to have supplemental income, such as pensions, paid medical benefits etc.
This is the result of 35 years of Corporate Policy that has slowly eroded the financial security of American Workers. In point of fact the real incomes of American Workers began to decline in 1973 according to most studies. And there is little doubt that this decline is accelerating with the devaluation of our dollar and the increasing competition for finite resources. The American Working Class really needs some help.
So I have further refined the proposal, first discussed in the YouTube video in order to make it more equitable for all Americans. Here is a link to that video
Where is the Bailout for the American People?