With difficulty, I've wrapped my non-analytical mind around this financial crisis.
It didn't require a PhD in economics to see the nation rushing headlong to ruin.
An expensive preemptive war,
a massive defense budget that does not even cover the war cost,
slumping dollar...well, these things don't skid along forever.
The bubble has burst. And Congress will finalize this week the largest government intervention in financial markets since the . The Bush Administration is asking for $700 billion to bail out Wall Street by buying up the mountains of bad debt they accumulated when the housing market was overvalued.
Outrageously, the Administration includes nothing for struggling homeowners,
no protections for taxpayers or sharing of future profits and no regulatory
control over the institutions that created the mess.
They want to privatize the profits, and socialize the losses!
And, what is perhaps the most galling display of greed and corruption, while the Administration plans to stick each American taxpayer with a $2000 bill, the CEO's who crafted the schemes that led to this disaster get to keep their multi-million dollar salaries and exit on golden parachutes.
My Monday food pantry co-worker is a rabid Republican. We can't discuss politics. His mind is closed. And he rants pro-Bush! But, yesterday he was livid. Republican-schmublican--he knows the difference between what's responsible and what is outrageous. He is seriously ticked!
As for me, I'm not about to get railroaded into another Patriot Act:
"Hurry up! We need this NOW! Don't read it...just pass it. No recourse. No supervision of these powers passing to an appointed official. This is necessary for AMERICA. God bless America!"
A grassroots group I've come to trust, Working Families Win, suggests we insist on:
- a moratorium on all foreclosure proceedings
- protection for homeowners equivalent to the assistance given the lenders
- a cap on CEO pay for the institutions taking the bail out
- strict regulation of the commercial and and a public share of their profits
- the breakup of institutions deemed 'too big to fail' who participate in the bail out
Call and ask to be connected to your Members' office.
Yeah, it might not work. But I'm going down swinging. How about you?