- By Ellen Gamerman, Cheryl Lu-Lien Tan and Francine Schwadel in Sep. 20, 2008, Wall Street Journal
Oh the poor, poor rich.
Resistance to the Wall Street bailout is beginning to increase.
Some are asking, why do the rich get corporate socialism while the rest of us are stuck with the dregs of capitalist system in decay? Why is no one talking about welfare Cadillacs now?
Already protests of the $750 billion proposed rescue of the rich plan have occurred from Los Angeles to Burlington, Vermont.
In LA Alvivon Hurd from ACORN told the local ABC affiliate, "I hope Congress does the right thing. I hope that they don't okay it, and I hope they let them sink in their own muck."
Trouble is all those Congress folks have been playing in the same much as the rich Americans they represent.
In Miami, site of another protest, Onial Merceus lost his North Miami home to foreclosure Tuesday. No one came to bail him out. At the protest Wander Adderly of Fort Lauderdale told the Miami Herald, ''If they can bail out AIG, they can help bail us out of the foreclosure crisis.''
Thing is Onial and Wander aren't rich enough to get bailed out.
Truth of the matter is governmental and business leaders haven't a clue as to what to do about the latest capitalist crisis. They are putting huge bandaids on a system in need of a complete overhaul at least, and elimination at best.
Wealthy Democrats and Republican leaders are lost in a quandary of bailout soup. They all tout the "free market" until it hits them and their rich buddies in their wallets, then suddenly the market is too free.
Gerald Celente Founder/Director, The Trends Research Institute, is well respected for his track record of picking business, consumer, political, and economic trends before they come to pass. Celente predicted an economic 9/11 more than a year ago (of course, my wife predicted it long before that). Celente says the worst is yet to come. He has little use for this federal bailout and writes about it in a piece in the Hudson Valley Press:
"On the evening of September 18th 2008, the American democratic system was replaced by a financial dictatorship."
What was billed as a "Federal Bailout" was nothing less than a bloodless coup. The Wall Street Gang had taken over the White House and control of Washington. Congress promised not to resist, and pledged to pass legislation as demanded."
...Treasury Secretary Henry Paulson, spearheading the coup, sought unrestricted authority to spend the nation's money as he saw fit. The first order of business by the Economic Czar was to take trillions of dollars of bad debt from crumbling investment banks and insurance companies and transfer it to the backs of already debt-burdened citizens."
...In simple language, with cameras rolling, in broad daylight, the American public was robbed blind. This wasn't a magic show. There were no hidden tricks or sleights of hand. "We want this to be clean, we want this to be quick," demanded the Economic Czar. "We need to get this done quickly, and the cleaner the better," intoned President Bush, with the urgency of his "smoking gun that could come in the form of a mushroom cloud" logic he used as a pretext to invade Iraq."
...Presidential candidate Barack Obama promised to "fully support" the plan and called on Congress to take "immediate action." Republican challenger John McCain said he would further review the proposal before passing judgment while Congressional leaders from both parties have signed on with their support.
Americans were told they would have to pay to rescue the very companies whose unregulated greed, fraud and recklessness had created the crisis in the first place. Considered nobodies by the authorities, the people had no voice and had no choice."
Anybody heard tell of the long dismissed REVOLUTION lately.
The following is from Indypendent.
Get Out the Pitchforks and Lighted Torches: Protest at Wall St. This Thursday at 4 p.m.
By John Tarleton
There is a polite debate going on Inside-the-Beltway as well as on the presidential campaign about how exactly to give away the $700 billion that Treasury Secretary Hank Paulson is demanding as a bailout for the bankers and financiers who presided over last week’s economic meltdown. What hasn’t been visible is the shock and outrage that much of the public is feeling over this proposed looting of the public treasury. That, hopefully, will change on Thursday afternoon at 4 p.m. when protesters plan to gather (see announcement below) at Bowling Green Plaza, just south of Wall St.
With the world famous financial district as a prop and the eyes of the national and global media on us, those of us who live in New York can make visible the anger and concern so many people and we can do so at a strategic moment as Congress appears set to pass legislation by the end of the week before adjourning for the fall campaign season.
There is no central group organizing this event. But as the call to action that began circulating Monday afternoon noted, “Do whatever you can – make and distribute your own flyers, contact all your groups and friends. This crime is without precedence and we can’t be silent! What’s the point of waiting for someone else to organize a protest two months from now, long after the crime has been perpetrated?”
ANNOUNCEMENT FOR THURSDAY’S PROTEST
When: 4pm Thursday, September 25!
Where: Southern end of Bowling Green Park, in the plaza area
What to bring: Banners, noisemakers, signs, leaflets, etc.
Why: To say we won’t pay for the Wall Street bailout
This week the White House is going to try to push through the biggest
robbery in world history with nary a stitch of debate to bail out the Wall
Street bastards who created this economic apocalypse in the first place.
This is the financial equivalent of September 11. They think, just like
with the Patriot Act, they can use the shock to force through the
“therapy,” and we’ll just roll over!
Think about it: They said providing healthcare for 9 million children,
perhaps costing $6 billion a year, was too expensive, but there’s
evidently no sum of money large enough that will sate the Wall Street
pigs. If this passes, forget about any money for environmental protection,
to counter global warming, for education, for national healthcare, to
rebuild our decaying infrastructure, for alternative energy.
This is a historic moment. We need to act now while we can influence the
debate. Let’s demonstrate this Thursday at 4pm in Wall Street (see below).
We know the congressional Democrats will peep meekly before caving in like
they have on everything else, from FISA to the Iraq War.
With Bear Stearns, Fannie and Freddie, AIG, the money markets and now this
omnibus bailout, well in excess of $1 trillion will be distributed from
the poor, workers and middle class to the scum floating on top.
This whole mess gives lie to the free market. The Feds are propping up
stock prices, directing buyouts, subsidizing crooks and swindlers who
already made a killing off the mortgage bubble.
Worst of all, even before any details have been hashed out, The New York
Times admits that “Wall Street began looking for ways to profit from it,”
and its chief financial correspondent writes that the Bush administration
wants “Congress to give them a blank check to do whatever they want,
whatever the cost, with no one able to watch them closely.”
It’s socialism for the rich and dog-eat-dog capitalism for the rest of us.
Let’s take it to the heart of the financial district! Gather at 4pm, this
Thursday, Sept. 25 in the plaza at the southern end of Bowling Green Park,
which is the small triangular park that has the Wall Street bull at the
By having it later in the day we can show these thieves, as they leave
work, we’re not their suckers. Plus, anyone who can’t get off work can
still join us downtown as soon as they are able.
There is no agenda, no leaders, no organizing group, nothing to endorse
other than we’re not going to pay! Let the bondholders pay, let the banks
pay, let those who brought the “toxic” mortgage-backed securities pay!
On this list are many key organizers and activists. We have a huge amount of
connections – we all know many other organizations, activists and
community groups. We know P.R. folk who can quickly write up and
distribute press releases, those who can contact legal observers, media
activists who can spread the word, the videographers who can film the
Do whatever you can – make and distribute your own flyers, contact all
your groups and friends. This crime is without precedence and we can’t be
silent! What’s the point of waiting for someone else to organize a protest
two months from now, long after the crime has been perpetrated?
We have everything we need to create a large, peaceful, loud
demonstration. Millions of others must feel the same way; they just don’t
know what to do. Let’s take the lead and make this the start!