Have a look at this video from the Rachel Maddow Show. Apparently, the US has now committed 4.3 trillion dollars to the current financial crisis – more than the Marshal Plan, The Louisiana Purchase, the race to the moon, the Korean War, the New Deal, the Iraq War, the Vietnam War and the lifetime budget of Nasa. Combined. Even when you adjust for inflation.
Let me explain, as succinctly as I can, what’s going on. Now that the Bush administration has emptied the treasury into the pockets of their corporate bedfellows, they’ve turned to giving away money they don’t even have. They’re committing money they haven’t even collected.
This money is not going to preserve jobs, it’s going to further enrich the rich. When a company goes bankrupt, it doesn’t just shut it’s doors and lay off all its employees. Usually it just gets bought by another company. Stopping a company from going bankrupt bails out its shareholders and executives, not its employees.
The House and Senate are going along with it because they’re scared of lapsing into a depression. They’re scared of this because they are overwhelmingly stupid. Or maybe they’re just ok with the biggest theft of all time.
If the government is going to loan money to businesses to keep them afloat, they should have a plan to recover. You see, the banks are not failing because of the credit crunch, they’re failing because they consistently made bad decisions. Thus, step one of solving the problem is to get rid of bad decision-makers (i.e. management). Similarly, the automakers are not failing because of their unions, they’re failing because they make shitty cars. Again, the union didn’t decide to make the shitty cars. Find the people who did (hint: they’re the ones flying around on the private jets) and FIRE THEM. Nevermind withholding their bonuses, withhold their salaries.
Any plan that begins by giving dump-truck-loads of money to the people who created the problem is a bad plan.
One last thing: not only is Bush a war criminal, he’s also leading the biggest theft of taxpayer money in the history of humanity. Indict him. Try him. Convict him. Life in prison for him and his enablers. That’s change I can believe in.
politics essay economics