September, 2008 Archive

Dear Representative Capps

Monday, September 22nd, 2008

Dear Lois,

As my beloved representative in Congress, I beg you not to be stampeded into accepting the swindle proposed by Paulson, Bush and their cronies.  This is pure crisis manipulation, just like 9/11 and the rush to bomb Iraq.

The accompanying article from The Nation is the first sensible proposal I’ve seen on this crisis.  Please join others in Congress to slow down this insane rush to reward the villains and create even more profound and lasting damage.

Sincerely,

Steven

Paulson Bailout Plan a Historic Swindle
by William Greider

Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall StreetJournal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses–many hundreds of billions, maybe much more. What’s not to like if you are a financial titan threatened with extinction?

If Wall Street gets away with this, it will represent an historicswindle of the American public–all sugar for the villains, lasting pain and damage for the victims. My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called “responsible opinion.” If this deal succeeds, I predict it will become a transforming event in American politics–exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion. As I have been saying for several months, this crisis has the potential to bring down one or both political parties, take your choice. (more…)