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Wednesday, October 8, 2008

Let No Good Deed Go Unpunished

The Wall Street Welfare Act

There was a simple solution the banking crisis:

Guarantee ALL normal banking deposits. That's what European countries are doing.

With bank deposit guarantees, individuals and real businesses would have access to their money and to normal credit.

But the White House took a different path...

A multi-trillion dollar "no string attached" checkbook controlled by the White House through the Treasury Department to buy the toxic assets of Wall Street and other reckless investors.

Who will pay?

The US tax payers who are footing the bill.

Who will benefit?

Wall Street CEOs and their deep pocket clients and members of the Bush regime.

What will the US do in the future when it needs money to prepair crumbling infrastructure, take care of public health, and deal with natural and man made catastrophes?

The answer will to all these problems will be simple and consistent: We have no money.

How did this insane legislation get passed?

Congressman Brad Sherman lays it out:

* fraud (fake phone calls from paid stooges in support of the bill),
* bribery (hundreds of pages of pork added to the bill by the Senate at the last minute), and
* threats of violence (the claim that without the bailout martial law was a certainty.)

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