GOP got their wish -- Gov't drowned in a bathtub
Conservatives got their wish: over the years since the Reagan administration -- admittedly helped along by Clinton -- they managed to squeeze government down small enough to "drown in a bathtub," as conservative Grover Norquist put it. The financial regulatory function of the government has been moribund for some time now.
Well, staring us in the face is the awesome and terrible result.
And now we're supposed to take John McCain's word for it that, after 26 years of complete and utter allegiance to the philosophy of deregulation -- proudly proclaimed from his own lips many times -- he knows best how to create a just, sane, orderly, fair-to-the-taxpayer structure of regulation out of the pile of rubble and dust that he, his economic guru Phil "You Bunch of Whiners" Gramm, and his team of die-hard deregulation-loving lobbyists have left us? Uh-uh. I don't think so.
The whole conservative philosophy of "getting government out of the way, so that the private sector can do what it wants, because the market will correct and police itself," is today totally bankrupt. It was already proven to be a bankrupt philosophy back in 1929. Back then, it required Roosevelt's New Deal to repair the financial devastation left behind, and it will require an even Newer Deal now.
All along the way, we have seen examples showing us that lack of regulation is disastrous in a capitalist system, but we allowed these clowns to remain in control of the levers of power anyway. So, they continued to make it easy for greedy slimeballs to take advantage of the lack of oversight. And when their behavior caused a major problem? Government bailout to the rescue!
The same government they had been trying to drown in a bathtub the whole time. "Privatize the gains, but socialize the losses." That's their real, unspoken, philosophy. Meaning the government picks up the tab for their high-risk and unethical behavior.
But wait! Who is this benevolent parent that always has enough to save the day? Why it's us -- we're the government, remember -- and it's our pockets these greedy bastards are picking every time their get-rich-as-quick-as-possible schemes implode.
Sure, something has to be done. But does that mean we rush a bill through on the say so of the president, no matter what? (Isn't that the same thing Bush did with the war and then the Patriot Act?) Does it mean we give total control over to his administration to do what they will with obscene piles of cash that are supposed to materialize out of thin air, and without any oversight? That's what Treasury Secretary Paulson demands. Yes, he has the gall to actually DEMAND it!
If this whole scene weren't so outrageously obscene, it would be funny.
But think about it, this whole mess could be an opportunity. Just as the Chinese word weiji, translated as "crisis," is composed of the characters for "danger" and "opportunity," we could, if we were a people worth our salt, use this crisis as an opportunity to completely revamp the financial system. The time is ripe, and if ever the people were ready for effective change, it is now.
But fear and ignorance will likely prevail instead. Fear of change, and general civilian ignorance of the depth and breadth of the problem and its systemic nature. The entire banking system is corrupt to the core, because it is founded on the Federal Reserve system, which is actually unconstitutional, and antithetical to everything the founders stood for.
It is a private central bank, despite the word 'federal' so deviously included in its title, when it was drafted by a group of the world's most powerful bankers on an island of the coast of Georgia in 1913. Later passed when most lawmakers were out of town in the dead of night near the holidays that year, it obliterated Article I, section 8 of the constitution, which gives Congress the power "To coin money [and] regulate the value thereof." Instead, the Federal Reserve Act let the private bankers start printing the money and regulating its value.
That is an enormous power. It has made the banking families stinking rich, and has slowly put our nation into previously undreamt of amounts of debt.
That act needs to be repealed. Call me radical -- this crisis calls for a radical solution, or we become China's property, basically.
After we abolish the Fed, and the government (that's us) regains the power of the purse, we set up a sane financial regulatory system. Then we freeze the assets of those in the financial sector who made off like bandits, and sort out what is ill-gotten gains, and do our best to return that money to where it came from.
We immediately institute a tax on offshored businesses, and steadily increase the rate of that tax, to give a powerful incentive to keep our nation's business at home, and our own people employed.
Then, we forgive all debt. Wipe the slate clean. Everyone gets their houses back, and the economy is instantly back on an even footing. We can all flourish once again.
Socialism? A dose, perhaps, temporarily. As are the bailouts these financial titans want -- only their brand of socialism -- corporate socialism -- is only for them, not the general population.
Insane? Could be. But I'd argue that a continuation of the present system is what's insane. After all, insanity can be defined as doing the same thing over and over again, yet expecting different results.
Sure, some will get hurt worse than others in this scheme. But no one will be in too bad of shape, as they will not be in debt. Some financial "wizards" of the present system may have to find new jobs, but hey -- they didn't mind telling that to all the people put out of work in their globalization schemes.
With the so-called "pillars" of our economy falling like dominoes, what have we got to lose?
We have national pride, and a sane, prosperous society, to gain.
Well, staring us in the face is the awesome and terrible result.
And now we're supposed to take John McCain's word for it that, after 26 years of complete and utter allegiance to the philosophy of deregulation -- proudly proclaimed from his own lips many times -- he knows best how to create a just, sane, orderly, fair-to-the-taxpayer structure of regulation out of the pile of rubble and dust that he, his economic guru Phil "You Bunch of Whiners" Gramm, and his team of die-hard deregulation-loving lobbyists have left us? Uh-uh. I don't think so.
The whole conservative philosophy of "getting government out of the way, so that the private sector can do what it wants, because the market will correct and police itself," is today totally bankrupt. It was already proven to be a bankrupt philosophy back in 1929. Back then, it required Roosevelt's New Deal to repair the financial devastation left behind, and it will require an even Newer Deal now.
All along the way, we have seen examples showing us that lack of regulation is disastrous in a capitalist system, but we allowed these clowns to remain in control of the levers of power anyway. So, they continued to make it easy for greedy slimeballs to take advantage of the lack of oversight. And when their behavior caused a major problem? Government bailout to the rescue!
The same government they had been trying to drown in a bathtub the whole time. "Privatize the gains, but socialize the losses." That's their real, unspoken, philosophy. Meaning the government picks up the tab for their high-risk and unethical behavior.
But wait! Who is this benevolent parent that always has enough to save the day? Why it's us -- we're the government, remember -- and it's our pockets these greedy bastards are picking every time their get-rich-as-quick-as-possible schemes implode.
Sure, something has to be done. But does that mean we rush a bill through on the say so of the president, no matter what? (Isn't that the same thing Bush did with the war and then the Patriot Act?) Does it mean we give total control over to his administration to do what they will with obscene piles of cash that are supposed to materialize out of thin air, and without any oversight? That's what Treasury Secretary Paulson demands. Yes, he has the gall to actually DEMAND it!
If this whole scene weren't so outrageously obscene, it would be funny.
But think about it, this whole mess could be an opportunity. Just as the Chinese word weiji, translated as "crisis," is composed of the characters for "danger" and "opportunity," we could, if we were a people worth our salt, use this crisis as an opportunity to completely revamp the financial system. The time is ripe, and if ever the people were ready for effective change, it is now.
But fear and ignorance will likely prevail instead. Fear of change, and general civilian ignorance of the depth and breadth of the problem and its systemic nature. The entire banking system is corrupt to the core, because it is founded on the Federal Reserve system, which is actually unconstitutional, and antithetical to everything the founders stood for.
It is a private central bank, despite the word 'federal' so deviously included in its title, when it was drafted by a group of the world's most powerful bankers on an island of the coast of Georgia in 1913. Later passed when most lawmakers were out of town in the dead of night near the holidays that year, it obliterated Article I, section 8 of the constitution, which gives Congress the power "To coin money [and] regulate the value thereof." Instead, the Federal Reserve Act let the private bankers start printing the money and regulating its value.
That is an enormous power. It has made the banking families stinking rich, and has slowly put our nation into previously undreamt of amounts of debt.
That act needs to be repealed. Call me radical -- this crisis calls for a radical solution, or we become China's property, basically.
After we abolish the Fed, and the government (that's us) regains the power of the purse, we set up a sane financial regulatory system. Then we freeze the assets of those in the financial sector who made off like bandits, and sort out what is ill-gotten gains, and do our best to return that money to where it came from.
We immediately institute a tax on offshored businesses, and steadily increase the rate of that tax, to give a powerful incentive to keep our nation's business at home, and our own people employed.
Then, we forgive all debt. Wipe the slate clean. Everyone gets their houses back, and the economy is instantly back on an even footing. We can all flourish once again.
Socialism? A dose, perhaps, temporarily. As are the bailouts these financial titans want -- only their brand of socialism -- corporate socialism -- is only for them, not the general population.
Insane? Could be. But I'd argue that a continuation of the present system is what's insane. After all, insanity can be defined as doing the same thing over and over again, yet expecting different results.
Sure, some will get hurt worse than others in this scheme. But no one will be in too bad of shape, as they will not be in debt. Some financial "wizards" of the present system may have to find new jobs, but hey -- they didn't mind telling that to all the people put out of work in their globalization schemes.
With the so-called "pillars" of our economy falling like dominoes, what have we got to lose?
We have national pride, and a sane, prosperous society, to gain.
Labels: bailout, banks, budget, bush, depression, federal reserve, financial collapse, foreclosure crisis, McCain, national debt, new deal, paulson, Phil Gramm, recession, taxpayer, the fed, treasury
posted by James Israel @ 9:05 PM
0 Comments
Links to this post
