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

The Paulson Plan: Another Raid of the Taxpayers by the Corporatocracy

By       Message Timothy Cavanaugh       (Page 1 of 1 pages)     Permalink    (# of views)   3 comments

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

View Ratings | Rate It

Author 17556
- Advertisement -
I do not want to hear another word about this nation's tight budget! Not another word about America not being able to afford a policy, a program or a one time expenditure that would benefit the common man (or children, seniors, minorities, the poor, the working class or any other group that finds itself regularly under attack from our corporatocracy) when are legislators are seriously considering spending an unprecedented amount to the tune of three-quarters of a trillion dollars to bail out Wall Street.

This is the same Wall Street that consistently rapes American investors for every cent it can by way of frivolous fees, excessive commissions, astronomical executive compensation and various other digs to our pocketbook, and then offers virtually no assurances on the service they provide.

This bailout, by the way comes after we've already spent unprecedented dollars in excess of three trillion once all the debt servicing is factored in financing two separate wars and an overblown security and defense posture that many of these same Wall Street firms have benefited immensely from.

And to add insult to injury, the crisis that precipitated and made necessary this bailout was not the result of some unforeseen natural disaster or unavoidable world event, it was all the making of these same firms in cooperation with their puppets in our government via flawed policy, zero transparency and poor risk management.

- Advertisement -

Two of the leading figures in the effort to correct this finance sector debacle are Henry Paulson, the current U.S. Treasury Secretary, and Ben Bernanke, Chairman of the Federal Reserve Board. In addition to being part and parcel to the policies that brought this fiasco upon us Henry Paulson is also the former CEO of Goldman Sachs, one of the bigger firms caught up in this mess and that stands to reap substantial benefit from whatever bailout plan is finally settled on. Ben Bernanke was the prote'ge' of Allen Greenspan who just so happened to be at the helm of the Federal Reserve when most of the shenanigans that got us into this mess were passed.

In reading the Paulson Plan as it's been come to be called it suggests that the American taxpayers are investing in troubled financial services companies through a bailout package.

If we are taking the risk that comes along with that kind of investment then we shouldn't we have an equity share equal to the percentage our investment represents in every company we bailout. To do otherwise is not only unfair but is also a complete violation of the principles these companies and the system they represent capitalism claims to stand for.

- Advertisement -
It remains to be seen if this most logical conclusion is the one that the "bailout" purveyors come to but considering who is driving this effort I won't be holding breath.

Regardless of what happens the fact is that this will be the largest legislative expenditure adjusted for true dollars in the history of this nation. And for what? To correct the catastrophic mistakes of the very class of Americans that passionately complain usually on budgetary grounds but almost as common they invoke the ideological threat of Socialism every time a program designed to help the poor and disadvantaged is proposed.

The "Corporate Elite" as they've been come to be called. Well to them I want to say: NOT ANOTHER WORD!!! But of course this is one of the peasants ranting to the King so who am I really kidding?


- Advertisement -

View Ratings | Rate It

My name is Timothy Cavanaugh and I am an independent writer specializing in political, environmental and social justice issues. I regularly submit op-eds to various newspapers and blogs and I enjoy debating my positions with others when I get the (more...)

Timothy Cavanaugh 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
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.

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)

In Awe of 9/11

Conservatism vs. Progressivism

Wisdom in the Waves

Is an Economy that has Created so much Inequity Worth Saving?

Moore Capitalism: It's Time to Have the Conversation

Isn't Healthcare as Important as Education?