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      I was born in 1968, the year Wallerstein calls one of “world revolution”. It was a revolution that both failed and succeeded: women and minorities got more rights, often a lot more, but the end result was an oligarchy, where most people were equal in their lack of power, and where every year saw ordinary people becoming poorer, no matter what the official st […]
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Even Drunken Sailors Would Be Ashamed


Remember that $700 BILLION that Wall Street needed NOW NOW NOW back in October?  From Mike Madden at Salon:

This won’t be news to anyone with a 401K or without a winning lottery ticket, but even though Treasury Secretary Hank Paulson has burned through almost all of the first $350 billion Congress authorized, it didn’t quite turn things around. The infusion of money may have kept credit from tightening up further, but it certainly didn’t jump-start the economy — banks didn’t resume lending to businesses and consumers.


So what went wrong — and where did all that money go?

A lot of it is, apparently, just sitting in the bank.


The feds were pumping money into these banks so they would feel free to make more loans — better, simpler, sounder loans. The epidemic of exploding mortgages and failing institutions would ease. But the banks did not start making new loans.


And as of a couple of weeks ago, Treasury had spent all but $15 billion of the first installment of the bailout money, and the administration may soon ask permission to tap into the second chunk, which they were supposed to leave for Barack Obama’s administration to disburse.


But the banks are used to getting their way, and there probably wasn’t much reason to think they wouldn’t this time around, too. The financial sector has always been a generous donor to political campaigns, and it gives heavily to both Republicans and Democrats.


Chances are they’ll keep getting their way, too, even after Obama takes power. His pick for Treasury secretary, Tim Geithner, was one of the prime architects of the government bailouts of Bear Stearns and, later, AIG, and may have been one of the main reasons why Lehman Brothers didn’t get the help they did.

With the exception of some evil Republicans who torpedoed the first House bill, both parties and the media cooperated to push this thing through even though the voters hated it.  The media even managed to spin the whole mess in a way to help Obama win the election (when they weren’t busy obsessing over Sarah Palin’s wardrobe.)

Executive pay was protected but homeowners weren’t.  The Bush administration just handed out wads of money to the banks with hardly any control over what the banks did with it.  I’m surprised they didn’t just give it to Bernie Madoff to invest.  Here’s the money quote:

“It’s amazing how quickly you can get through $350 billion.”

Some of us DFH moonbat libruls thought that the guv’mint should have focused on helping the little people, the Joe and Jane Bagodunuts types who are struggling to stay afloat.  But why focus when they can to f*ck us instead? 

In 1960 historian John D. Hicks wrote in Republican Ascendency 1921-1933 that:

As later events seemed to prove, money poured in at the top of the economic system tended to stay there, whereas money poured in at the bottom tended to rise through all levels of business and to strengthen the economy as a whole.”

Let’s party like it’s 1929!

15 Responses

  1. As later events seemed to prove, money poured in at the top of the economic system tended to stay there, whereas money poured in at the bottom tended to rise through all levels of business and to strengthen the economy as a whole.”

    And most likely the same thing will happen this time.

  2. I STILL say they best thing they could have done was give that whole 1.5 T to the people.

    5000 to every citizen of the US. (both sposes and the children too)

    A family of four would get 20 grand. Think of what that would mean. Everyone buying things, and paying bill and mortgages.

    Can anyone tell me THAT wouldn’t have helped fix the economy. Hell with enough in the family you could buy a car outright, helping the auto industry too…..

    What am I going to do? How am I to live in Obama’s world with this HORID Common Sense??????

  3. And in other news on greed and misspending B0bots still get fleeced

  4. I thought this post over at Alegre’s Corner was funny:
    Tough Luck, Stoners – Obama is Against Legalization

    So the hippie Obots on college campuses who are responsible for Obama’s win are now under the bus with the rest of us. Serves them right.

  5. ” the hippie Obots … are now under the bus with the rest of us”

    Sometimes, I wonder who are really going to be happy with Obama… probably no one.

  6. Karen Evangelical Christians will really warm up to the Guy….

  7. Perhaps the banks are sitting on the Government money (our money) waiting for businesses to go bankrupt so that they can buy up those businesses for pennies on the dollar.

    Good article — well done!!

  8. If they bring those funny cigarettes, everyone under the bus will get stoned!! I guess that is one way to get through the next four years and 22 days. Yes, I am counting.

  9. Sorry, those cigarettes are already having an impact on my math skills, 34 days. 😉

  10. No, Fuzzybear, they’ll be preaching that he’s the anti-Christ.

  11. sure they will see I dont trust the evangelicals to be able to pick out the antichrist if he had a big 666 on his forehead!

    He will not be id’d as the anti christ probably because he is one of them!

  12. I read conservative blogs as well as liberal blogs. The conservatives and the Christians hate him as much as the liberals and atheists do.

  13. and some devout Christians – not all – already consider him as the anti-Christ. Worldwide demagogy, his connections to people with extreme hate, connections to people who hate Israel. One person began to wonder if maybe she was wrong and maybe Obama was NOT the anti-Christ, but then the Illinois lottery number for Nov 5 was in fact 666. When she learned that, she really freaked out.

    It turns out liberals and conservatives have a common enemy – Barack Obama.

  14. Karen:

    The Antichrist would have gravitas.

  15. I read Joseph Tainter’s theory on societal collapse over the summer. He said societies collapse because it is more economically sound to do so. All this financial trouble is really making me worried. In the past, I thought about what would happen if our national government was destroyed. Maybe this is just me being optimistic, but I always thought our state governments would take over and soften the blow for the common citizens so that we wouldn’t suffer anarchy.

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