The bankruptcy of Wall Street firm Lehman Brothers and the forced take over of Merrill Lynch are the latest demonstrations of the collapse of American capitalism. All the lies and propaganda about the supposed infallibility of the “free market” are now utterly discredited. The people of the US and the world are confronting a financial catastrophe on a scale not seen since the Great Depression.
What is revealed in this crisis is not merely the recklessness, incompetence and greed of America’s financial elite, but the failure of American capitalism.
Who is going to pay for this crisis? Here the US corporate and political establishment agrees: working people must accept a drastic reduction in their living standards to bail out the Wall Street investors and banking executives who are responsible for this debacle.
Folks, this is more of the crap that got us into this mess. Long experience has shown that when the rich and the corporations get tax cuts it does NOT "trickle down". The cash goes into offshore tax havens, into bonuses, into executive perqs, into yachts, corporate jets, a few extra young and good looking executive assistants; that sort of thing.
The American people need a tax cut. a MAJOR one, not just a few token tax credits. All economic systems rest on their foundation, which is the working class, whose labor creates real capitol (as opposed to the fictitious kind the Federal Reserve prints up). You can pick up and move a building by the foundation, but if you try to pick up a building by the roof, it will shatter. Bailouts and tax cuts for the rich are trying to pick up the economy by the roof.
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