Send a Tweet
Most Popular Choices
Share on Facebook 6 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H1'ed 3/1/09

Enough of Everything but Dollars - The Money Party at Work

By       (Page 1 of 3 pages)     (# of views)   26 comments
Author 3863
Follow Me on Twitter     Message Michael Collins
Become a Fan
  (120 fans)

Enough of Everything but Dollars

The Money Party at Work

Michael Collins

The government bailout of failed financial institutions locks you into years of debt payments in behalf of the large private banks, debts that you did not create. 

By all appearances, it also locks the country into years of a weak economy.  That means unemployment, underemployment, and more suffering for those willing to work, but left out of the job market.  It means lowered opportunities for those who do work and troubles for dependants and indigents.  Vital national priorities including affordable health care and the massive effort required to save everyone form calamitous environmental catastrophes are now on hold or under funded.

We don't have enough dollars.  It was the banks versus the people and we just lost.

The theory is that without these payments, the banks will fail and we'll all be in a world of trouble without them.

All of this depends on the questionable assumption that by saving the banks, we're saving our economy.

To date, the government has given banks a total of $4.4 trillion dollars.  That's half of the accumulated debt for the federal government.

Citizens get the following from the recently passed $787 stimulus package:  a voluntary program that allows banks to lower mortgage payments to help those with troubled loans; an extension of unemployment insurance beyond that provided by states; some innovative environmental programs; and, a much needed start on infrastructure repair.  For those working and meeting their obligations, there little but a promise of rescue from calamity.

Here's how the federal government and Federal Reserve Board have spent your money and obligated your debt.


(Image by Unknown Owner)   Details   DMCA

Graph:  The banks received $3.2 trillion through the Federal Reserve, a $700 billion bailout in October, 2008 and 2009 budget item for another $750 billion bailout.  An unspecified number of citizens will benefit from the recently passed $787 billion stimulus bill.

 

All the failed banks had to do was wag their tails in unison and dollars flowed their way.

There has been debate on how to describe the current economic state - recession or depression.  Reluctant to admit that we're even in a recession, private banks, most U.S. economic gurus, and the federal government consistently uses the term recession.

Next Page  1  |  2  |  3

 

Must Read 2   Valuable 2   Supported 1  
Rate It | View Ratings

Michael Collins 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.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
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.

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

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Ukraine President Once Agent for U.S. State Department

Worst President Ever - Barack H. Obama

It's official! You're on your own

Rigged Elections for Romney?

Real Unemployment at 23% - Dampening the Excitement

Humiliation And Death As A Tool Of National Policy