Father, bail me out!

The lipstick now belongs on the pig’s ass.

A year ago Treasury Secretary Paulson testified before Congress that “the economy is ‘marvelous, absolutely marvelous’”. Paulson is the former Goldman Sachs CEO who, in 2005, “earned” a $38 million bonus. He was one of the highest paid executives in America for ten years. Now he wants $700 billion to pass out to his Wall Street friends to get them back on their feet.

Since Bush became President, the top 400 individuals in the U.S. “earned” $670 billion. Staggering. As many are saying, even some key Republicans, Treasury Secretary Paulson’s bailout plan is just socialism for the rich. Do you hear the cheering? That’s Wall Street. Real economists hate it. Paulson’s original proposal was totally ridiculous.
Listen to David Herszenhorn of The New York Times tear it apart.

This “bailout” attempt goes hand-in-hand with the massive dishonesty and monstrous incompetence of the Bush Administration. Imagine the nerve, for the administration to say a month ago the fundamentals of the economy were strong. The code-speak there? Our rich friends are doing well. Now the fox wants a golden key to the hen house.

The Bush cabal have absolutely no regard for the middle class. We don’t exist. It is survival of the fittest for us. In 2007 Wall Street’s top firms paid out $39 billion in performance bonsus. Take a breath and read that again. $39,000,000,000.00. Right now, the top 1% of Americans earn more than all the bottom 50% combined. Yet universal health care is socialism, helping poor people heat their homes this winter is socialism, helping them send their kids to college, socialism. Bail out that wealthiest 1%? Absolutely necessary, with no judicial or legislative review. A total blank check. “Trust us”. . . . on a pig’s ass we will.

And don’t expect real help from John McCain. Phil Gramm/John McCain hold the prize for being the most rabid, super deregulators in Congress. The government’s last big bank bailout involved McCain, his poor judgement and joyous connivance with the banks - the Keating Five scandal.
Listen to a short, interesting refresher course on the S&L bailout.

As James Joyce proposed, life is an intensely serious low comedy. How could he know the “free market” buffoons would play it so perfectly?

Time is short to reassure the world about our capability. It can be measured in days. The next act in this low comedy could be ugly.