The new age will be gilded with Bling

Posted on November 10, 2008 by Eric Verlo

While the American middle class eventually embraced repudiation of West Egg bad taste in favor of affecting a supposed blue-blood sensibility, the ostentatious nouveau riche carried on. The chasm between rich and poor kept expanding and the economic crisis which now engulfs the world is simultaneously heralding a new gilded age.

Romanticize its sophistication no longer, the new gild is bling.

I saw an uncharacteristically unique convertible the other day, and its shiny rims looked like after-market wheel covers that you might see spinning in place while stopped at the traffic light. It seemed highly improbable that the Gaudi style “B” at the center would have stood for Bentley. Americans rarely catch a glimpse of the plain-wrapper cousin of the Rolls Royce, much less remember it. But overhearing the driver answer an inquiring pedestrian, it turns out the sports car did belong to that otherwise conservative marque.

“Pedestrian” might also describe such a commoner’s question who has to ask “What kind of car is that?”

This particular car belonged to the driver’s wife, I heard him say, who I learned subsequently belonged to the Morley family, local land magnates.

So Bentley has discovered who’s buttering the upper crust these days.

Common America’s boom of prosperity brought vehicles covered in chrome. Even the eventual Ford Thunderbird and the Corvette Stingray were still pretty damn shiny. Meanwhile European sports cars eschewed unpainted metal. German and English models evolved a style which put forward utilitarian function as form. Their lines may have been loud, their paint a high gloss, but their knobs didn’t glitter. Even the most extreme Ferrari or Lamborghini still looks understated next to an urban ride pimped in chrome.

Do we imagine that the gilded age was art directed by Italian designers, or by self-styled age-of-excess capitalist pimps?

The gilded age and the police nightstick

Posted on November 10, 2008 by Eric Verlo

A legacy institution of the Gilded Age is the Waldorf=Astoria Hotel. Most of us only know it from the nutty salad, the mysterious Red Velvet Cake recipe, Thousand Island Dressing and Veal Oscar named for the famous maitre d’ hotel. I encountered the book of recipes collected by “Oscar of the Waldorf” and its cover illustration caught my eye. The coachman and carriage don’t look so opulent to us today, but do you recognize a timeless trapping of affluence? There’s nothing else in the picture but the policeman and his nightstick.

We almost dismiss the incongruity of the attendant police officer. That’s because he’s Officer Friendly to us, circa the 1950s egalitarian economic boom, earned post New Deal and post WWII, when law enforcement began to serve and protect the middle class share of the pie. Before those times, whose order did the police enforce?

Could the Waldorf diorama have featured some other occupation at the curb? A newsboy, a shoeshine, or a traffic director? If the cabbie is picking up late night revelers, why not depict a doorman or lamplighter?

If this scene did not include the policeman, he’d be missing.

The Gilded Age of the soaring wealth of bankers and industrialists, of the steel, coal, and rail robber barons, came at the expense of poverty wages for all the rest. The homeless of America’s eastern cities died in the streets, if they crossed the paths of the leisure class at all. As in London, where the bobbies were celebrated for carrying no guns, cops on the beat didn’t need more than a nightstick to beat back beggars and riffraff.

Just as in the Waldorf illustration, the policeman’s nightstick isn’t holstered, it is fingered idly like a baton. We’ve seen it in countless Chaplin, Keaton, and Keystone reels. The policeman’s baton might be carried idly, and animated mindlessly as a clerk might twirl a pencil, but the gyrations telegraphed a swinging function meant to be understood.

Today, a modern financial crisis has finally hit the post industrial era, and unemployment is taking a precipitous plunge. The repercussions for the American middle class are yet unclear to most, their comforts still too tangible to fathom gone. But our modern times have already seen the resurgence of the Rich And Famous, (to even beyond the lunge of our Super-Lotto winners, who always chose the sub-six-figure annuity). Exclusive cars, toy submarines and tickets into space cost multi-millions, but the rich have that money to burn. Common Americans have also watched the armoring of their police, using weapons which offend us, but which protect the security of institutional wealth. Para-military police forces are the natural escalation of the right-to-bear-arms arms-race, the equivalent of nightsticks to quell our social disquiet.

Already aren’t we seeing the police block the public’s way, lest we soil the red carpet of the well-heeled? Aren’t police blocking free speech in public spaces, when the monied media has decided it wants the backdrop to serve their message? Wait until we are gazing covetously upon the gilded extravagances, from the alley side of the gilded wrought iron gate.

Wiki notes:
Thousand Island Dressing came to the Waldorf from the so-named Lake Ontario waterway where New York’s super rich had their summer homes. The $100 recipe for Red Velvet Cake was the urban myth which resurfaced as the $250 Neiman Marcus chocolate chip cookie.

The original Waldorf Hotel was built by an Astor whose middle name was Waldorf, next door to an aunt with whom he was feuding. Later another Astor convinced her to move uptown and replaced her home with a taller hotel named the Astoria. The two luxurious hotels hyphened via the Peacock Alley, inspiring the popular song “Meet me at the hyphen.” In 1931 the landmark was moved to accommodate the Empire State Building, and was purchased in 1949 by Conrad Hilton who added the double-hyphen flourish, completely in the spirit of gilded ornamentation.

Nader says that Barack Obama is the worst of Clinton

Posted on November 8, 2008 by Tony Logan

Nader Ralph Nader speaks to Alexander Cockburn about the poor performance of his campaign this year, but fails to mention the main reason that was so. This was Nader’s third and most probably last run for the presidency and what it lacked was any noticeable performance by Ralph Nader in the non election years.

Where was this guy in trying to build any non-electoral Mass Movement, like one that would correctly center itself in building a Movement Against US War and Militarism? He basically was not to be found, and that showed in the results to his election bid.

A movement to replace the American Two Party Dictatorship of Corporate Power cannot be built on the cheap, Ralph. You have to try to built something other than a Campaign Committee or two. Unfortunately, your legacy is that you did not try to do this, unlike Cindy Sheehan, who is perhaps the major American figure that provides an example of somebody who has put effort into trying to build a Mass Movement against the Iraq Occupation by the US.

Still, Ralph Nader has been a major spokesperson against liberals just capitulating entirely to the Democratic Party, and continues to be so. It would be great if he would turn over a new leaf now, and call for a unity grouping with the likes of Cindy Sheehan, Cynthia McKinney and other major independent Left activists to help create a new and national Progressive Movement free of the shackles of corporate run faux liberalism that enslaves the American people inside the Two Party bipartisan shell game. Will you do it, Ralph?

More from Cockburn interview with Nader….

AC: How about the liberals and the left now?

Nader: The real crisis is the self-destruction of the liberal progressive community. It’s got nowhere to go, other than to renew its three out of four year cycle of criticism of the Democrats. They’ve nowhere to go because they’ve made no demands. He’s been a candid right-center Democrat and they’ve given him a free ride. No demands. From Labor? No demands. He gave them a sop on the card check. He campaigned for two years, promised blacks nothing, Latinos nothing, women’s groups nothing, labor nothing. Contrast the lack of demands on the liberal progressive side to what the Limbaugh crowd exacted from McCain.

Full Cockburn post election Hail to the Chief! interview with Nader Check it out!

Put IMPEACHMENT back on the table

Posted on November 5, 2008 by Eric Verlo

President-elect Barack Obama could begin work today, and not just choosing his cabinet. As de-facto head of the Democratic Party, Obama should put the impeachment of George W. Bush straight unto the table. Read an insult into this too, but Bush is a lame duck. Shoot it.

Technically a lame duck president is left with not much room to swing. But a drunk in a padded room is still a threat if he’s got the red phone.

What excuse could Speaker Nancy Pelosi give for avoiding taking on the sitting president this time? It imperils what priorities now? The political battle’s won. The Dems are in charge. Is Dubya holding the world hostage until he’s paid a ransom and given a plane to escape to Paraguay?

Bush has proved that in the space of two weeks his team can summon the greatest economic crisis from an economy whose “fundamentals are strong” and raise a tab of possibly five trillion dollars. He’s got an economic summit coming up, and an itch to scratch with his own weapons of mass destruction. Distract him before he pokes somebody’s eye out.

And how better to get a jump on the upcoming challenges than to bring President Bush right to the mat, before the clock is ticking on congressional sessions which everybody should hope can be addressing America’s pressing problems problems.

Too, Joseph Lieberman should be stripped of his leadership roles on Senate subcommittees, and right wing media pundits need to lose their access to Washington.

Lazy thinking Americans want safe ‘change’ and they will only get Obama

Posted on October 19, 2008 by Tony Logan

Wow! 175,000 show up on one day in Missouri at Democratic Party rallies to help elect political hack, Barack Obama. They are looking for CHANGE, capital letters. Sadly to say they will only get Barack Obama into office, and that is no change anybody can really believe in at all. Except for lazy thinking Americans who want change that is actually more of the same thing… IMPERIALISM.

Think if these same lazy thinking Americans had gone out in the same force to antiwar demonstrations where we would be today? They are the same types of people that think that demonstrations accomplish nothing, so instead they only go out to vote for political hacks who they think of as being the lesser of two evils. Lazy thinking, know-nothing people are what bring nations into crisis. Ask the Germans about that. These people could just as easily have mobilized themselves for the cause of really changing America, but they didn’t.

Money As Debt video

Posted on October 17, 2008 by Tony Logan

There is a short 45 minute video called Money As Debt that gives a great explanation of the current Financial Crisis. It is thoughtful, easy to understand, and a well done video with illustrations and quotes from insiders used as references.

Thanks to David V. for sending it my way! He’s been doing a lot of thinking about the real estate bubble in the South Florida region over the last 2 years. It is a bad situation in that area of the country.

The Scamble for Africa- Darfur, Intervention, and the USA

Posted on October 15, 2008 by Tony Logan

Those interested in Darfur might want to check this book, ‘The Scramble for Africa’, out some when it comes out? Especially with the Biden, Obama gang headed towards the White House soon. Certainly this is a timely release for this book.

*** Book of the Month for** **October 2008*

*THE SCRAMBLE FOR AFRICA*

*Darfur — Intervention and the USA*

*Steven Fake and Kevin Funk*

*As massive human suffering continues to engulf the Darfur region of
Sudan, the crisis has garnered a rhetorical circus of saber-rattling and
hand wringing from Western politicians, media, and activists. Yet such
bluster has not halted the violence.*

*In a careful yet scathing indictment of this constellation of
holier-than-thou government leaders, corporate media outlets, and spoon-fed
NGOs, Steven Fake and Kevin Funk reveal the myriad ways in which the West
has failed Darfur.*

*Praise for Scramble for Africa:*

*”A devastating critique of the ‘humanitarian’ response of the United
States to the Darfur crisis. Well-researched, easy to read, and utterly
convincing, a crucial book for anyone concerned about achieving a morally
and politically acceptable U.S. foreign policy.”
–Richard Falk, Milbank Professor of Law Emeritus, Princeton University*

*”Sudan has been a nightmare for many. It still is. The outside world is
responsible as well. This book shows why. The authors avoid easy answers,
and provide a quality analysis with compelling arguments to revise Western
policies.”
–Jan Pronk, Special Representative of the Secretary-General and Head of
Mission for the United Nations Mission in Sudan, 2004-06 *

*”Explosive, masterful, and impeccably fair. Consider it the thinking
person’s guide to Darfur.”
-John Ghazvinian, author of **Untapped: The Scramble for Africa’s Oil*

*STEVEN FAKE and KEVIN FUNK are activists and political commentators whose
writings have been published in such media as **Foreign Policy in Focus,
Common Dreams, CounterPunch, ZNet**, and **Black Commentator**.*

*344 pages, bibliography, index
Paperback ISBN: 978-1-55164-322-9 $19.99
Hardcover ISBN: 978-1-55164-323-6 $39.99*

*For more information on **The Scramble For Africa**, our October Book of
the Month selection, including additional testimonials and Table of
Contents, see **http://www.blackrosebooks.net/darfur.htm*
* *

*The Scramble For Africa will be launched in the Boston area on October
28th. For more information see http://www.blackrosebooks.net/events.htm*

*To Order This Book, Call Toll Free 1-800-565-9523*

*Independent Publishing for Independent Minds*

*What others are saying about Scramble for Africa*

“Kevin Funk and Steven Fake have written a devastating critique of the
‘humanitarian’ response of the United States to the Darfur crisis, while
offering a genuine humane alternative that would lessen the ordeal, if not
bring it to an end. Well-researched, easy to read, and utterly convincing, a
crucial book for anyone concerned about achieving a morally and politically
acceptable U.S. foreign policy.”
*–Richard Falk, Milbank Professor of Law Emeritus, Princeton University, and
since 2002, Visiting Distinguished Professor, Global Studies, UCSB*

“Sudan has been a nightmare for many. It still is. The outside world is
responsible as well. This book shows why. The authors avoid easy answers,
and provide a quality analysis with compelling arguments to revise Western
policies.”
*–Jan Pronk, Special Representative of the Secretary-General and Head of
Mission for the United Nations Mission in Sudan, 2004-06*

“At a time when everyone from George Clooney to George Bush is an instant
expert on Darfur, Kevin Funk and Steven Fake have given us what we so
urgently need: a clear, sober assessment of the conflict and how it fits
into the foreign policy of the United States. With neither fear nor favour,
they take us back stage, show us our blind spots, and come up with some
troubling conclusions. Explosive, masterful, and impeccably fair. Consider
it the thinking person’s guide to Darfur.”
*–John Ghazvinian, author of Untapped: The Scramble for Africa’s Oil*

“A commanding exposé of the duplicitous and damaging role played by US
leaders and others in a dark drama. Well-written, well focused, deeply
informed—an excellent corrective for the many who cannot tell the difference
between humanitarian assistance and imperial aggrandizement.”
*–Michael Parenti, author of ‘Contrary Notions’ and ‘Against Empire’*

“Elegantly written, erudite without being academic, and with a forceful yet
sensible political argument, Scramble for Africa is a must read for anyone
concerned with making sense of one of the most haunting crises of our time.”
*–Stephen Eric Bronner, Rutgers University*

“Scramble for Africa: Darfur Intervention and the USA is the book we’ve all
been waiting for. Clearly written, and scholarly without losing its
skeptical edge, this new work takes on the U.S. Government and the Save
Darfur coalition alike, offering a fresh analysis of Darfur in its larger
geopolitical context. Scramble for Africa belongs on every Darfur activist’s
bookshelf.”
*–David Morse, Darfur activist and journalist*

“So much of what has been written on Darfur is either expression of
humanitarian concern without awareness of the imperial context, or
denunciation of Western perfidy without appreciation of the horrible human
tragedy that has been unfolding. In this extremely well-documented study,
Steve Fake and Kevin Funk combine deep compassion with a keen critical
analysis to show how we might best support the suffering people of Darfur.
This is a book for all those interested in working for a more just world.”
*–Stephen R. Shalom, Professor of Political Science at William Paterson
University in New Jersey and author of, among other works, Imperial Alibis:
Rationalizing US Intervention After the Cold War*

“This extremely well-researched analysis reveals the real goals of US
foreign policy in one of the greatest horrors of our generation. The authors
have produced an essential book for analysts and activists everywhere,
together with a call to action which no-one should ignore.”
*–Mark Curtis, author, Web of Deceit: Britain’s Real Role in the World*

“One of the few works to tackle honestly the vexing question of what is to
be done about Darfur. Cheerleaders for intervention and humanitarians who
persist in rosy fantasies about the U.S. role in the world have had no
trouble advocating “solutions,” but for others on the left the question has
been much more difficult. Not content, like so many, to simply wash their
hands of the question, the authors have constructed a deeply informed and
carefully reasoned argument that addresses seriously the possibilities for
constructive humanitarian interventions in an imperfect world vitiated by
great power interests and political posturing. For the cruise-missile left
and the hard-core anti-interventionist left alike, Darfur is not about
Darfur but about their own self-image; Fake and Funk rightly bring the focus
back to what is best for the people on the ground.”
*–Rahul Mahajan, activist and author of Full Spectrum Dominance: U.S. Power
in Iraq and Beyond*

“At last there is a book on Darfur that places the conflict in the context
of the new ‘scramble for Africa,’ the contest between the old imperialism of
England and its successors, the US and China. Fake and Funk’s analysis
unmasks the propagandistic deploying of powerful language alleging
‘genocide’ and the ‘world’s worst humanitarian crisis’ in Sudan for its
political advantages to the US and its neglect of the suffering of Darfur’s
victims. When analyzing the politics of the ‘Save Darfur Coalition’ the
journalists-authors work with a scalpel in a refreshing and penetrating
analysis of why the Darfur conflict became the ’cause célèbre,’ when it
should have been the war in Iraq. Activists and astute observers of the
contemporary global political scene will find this scrupulously researched
volume a must read, virtually unique among available works on the subject.”
*–Carolyn Fluehr-Lobban, Professor of Anthropology, Rhode Island College,
veteran Sudan researcher*

“For those, like myself, who have long felt both revulsion and confusion by
the humanitarian crisis in Darfur and wished to know more, this is the
perfect handbook. …an objective, dispassionate, meticulously researched
account of the conflict… The authors of Scramble for Africa… startle us with
their documentation of the little known but equally sordid role our own
government has played in Sudan for the past thirty years – suggesting that
our present official “humanitarian concerns” are merely crocodile tears
masking another agenda.”
*–Timothy Kendall, Ph. D., Senior Research Scholar, Dept. of
African-American Studies, Northeastern University and Director of
Archaeological Mission, Jebel Barkal (Karima), Sudan, Sudan Dept. of
Antiquities and Museums (NCAM), Khartoum, Sudan*

“The Scramble for Africa stands against the muck of neo-liberal ideology,
taking us through the Darfur conflict, putting it into history and allowing
us to think of a non-imperialist way to bring peace to a tormented region.
Save Darfur, surely; but as much from Washington as Khartoum, as much from
fantasies of humanitarian intervention as the brutalities of
IMFundamentalism and Islamism.”
*–Vijay Prashad, author, The Darker Nations: A People’s History of the Third
World*

“The Darfur conflict has proven to be intractable, at terrible cost to the
people of that region. There is a crying need for on-going international
activism based on a thorough analysis of Sudan and the role of the US, China
and other states. The Scramble for Africa by Kevin Funk and Steven Fake is a
well-researched, important and progressive contribution in this regard. It
should be widely read, from the White House to the grassroots.”
*–Laurie Nathan, research fellow at the London School of Economics and
member of the African Union mediation team for Darfur in 2005/6*

“This excellent book presents the basic information on the political and
military aspects of the conflict, examines the options from a clear and
transparent ethical position, and presents ways forward with a concern for
broad international implications and concern for the hundreds of thousands
of victims. It is is exactly what is needed and I hope it is very widely
read. I will recommend it to everyone.”
*–Justin Podur, writer and activist*

A Sustainable No Growth Society needed immediately

Posted on October 12, 2008 by Tony Logan

We are told that the only way out of economic collapse is to restart ‘the economy’, and without that we face a grave crisis. But isn’t that just plain wrong? To restart ‘the economy’ is to restart the destructiveness to Nature, or rather to just renew it. Actually, what is needed to prevent economic collapse and the Death of Life on Planet Earth is to begin a Sustainable No Growth Society immediately.

I think that all of us instinctively know that this is absolutely true, but we have no leading societal institution advocating such so we think that it is nothing more than a Utopian dream of sorts to want the Return of Nature. We then pinch ourselves and fall back asleep once again.

How sad to have such little self confidence, is it not? Our capitalists hate Nature and only want to use it to make personal profits., and they simply do not care about the costs to all of us. They consider themselves the great pragmatists, and so seemingly do the great mass of the followers of The Rich.

Capitalism needs constant growth of Nature’s destruction to survive. People need Nature to survive. Nature needs people against Capitalistic growth to have a chance. What’s your response to Nature’s needs?

The Law of the Jungle

Posted on October 12, 2008 by Tony Logan

THE LAW OF THE JUNGLE

Trade, within a society and between countries, is the exchange of goods and services produced by human beings. The owners of the means of production appropriate the profits. As a class, they are the leaders of the capitalist state and they boast of fostering development and social wellbeing through market. This they worship as an infallible God.

In every country there is competition between the strongest and the weakest; the ones with more physical energy and better fed, those who learned how to read and write, who attended school and have more experience accumulated; the ones with more extensive social relations and more resources, and those within society who fail to have these advantages.

Now, as far as the countries is concerned, there are differences between those with a better climate and more arable land, more water and more natural resources in the area where they are located, when there are no more territories to conquer; the ones mastering technology, having greater development and handling unlimited media resources and those who, on the contrary, do not enjoy any of these prerogatives. These are the sometimes enormous differences between the rich and the poor nations.

It’s the law of the jungle.

There are no differences between ethnic groups, however, when it comes to the mental faculties of the human being. This has been thoroughly proven by science. The present society is not the natural way in which human life evolved, but rather a creation of the mentally developed man without which his life would be inconceivable. Therefore, what is at stake is whether the human being will be able to survive the privilege of having a creative mind.

The developed capitalist system, epitomized by the country with a privileged nature where the European white man brought his ideas, dreams and ambitions, is today in a crisis. But, it is not the usual crisis happening once in a number of years; not even the traumatic crisis of the 1930s but the worst of all crises since the world started to pursue this growth and development model.

The current crisis of the developed capitalist system is taking place when the empire is about to change leadership in the elections to be held in twenty-five days; it was all that was left to see.

The candidate of the two main parties that will say the last word in these elections are trying to persuade the bewildered voters –many of whom have never cared to cast a vote— that as candidates to the presidency they can secure the wellbeing and consumerism of what they describe as a people of middle class only, even though they are not planning to introduce any real changes to what they consider the most perfect economic system the world has ever known. The same world that, in their respective minds, is less important than the happiness of over three hundred million people who account for less than five percent of the world population. The fate of the remaining ninety-five percent of human beings, peace and war, the fit or unfit-for-breathing air, will highly depend on the decisions of the administrative leader of the empire, whether or not that constitutional position has any power at a time of nuclear weapons and space shields moved by computers in circumstances where every second counts and when ethical principles keep loosing their value. Still, the more or less nefarious role of the President of that country cannot be overlooked.

Racism is deeply-rooted in the United States where the mind of millions of people can hardly reconcile with the notion that a black man, with his wife and children could live in the White House, which is precisely called White.

It’s a miracle that the Democratic candidate has not met the same destiny as Martin Luther King, Malcolm X and others who only a few decades ago dreamed of justice and equality. He is in the habit of looking at his adversary with serenity and of smiling at the dialectic predicament of an opponent gazing into space.

The Republican candidate, on the other hand, who likes to enhance his reputation as a belligerent man, was one of the worst students in his class at West Point. He has confessed that he did not know any Mathematics; it can thus be assumed that he knew less of the complicated economic science.

The truth is his adversary surpasses him in cleverness and composure.

Something McCain has aplenty is age, and his health condition is not safe.

I am bringing up these data to indicate that eventually –if anything went wrong with the candidate’s health, in case he is elected— the lady of the riffle, the inexperienced former governor of Alaska could become President of the United States. It can be noticed that she does not know a thing.

Meditating on the current US public debt –$10,266 trillions— that President Bush is laying on the shoulders of the new generations in that country, I took to calculating how long it would take a man to count the debt that he has doubled in eight years.

A man working eight hours a day, without missing a second, and counting one hundred one-dollar bills per minute, during 300 days in the year, would need 710 billion years to count that amount of money.

I could not find a more graphic way to describe the volume of money that is practically mentioned every day now.

In order to avoid a general state of panic, the US administration has declared that it will secure deposits that do not exceed 250 thousand dollars. It will be managing banks and such funds as Lenin would never have thought of counting with an abacus.

We might be wondering about the contribution of Bush’s administration to Socialism. But, let’s not entertain any illusions. Once the banking operations go back to normal, the imperialists will return the banks to the private business as some other countries in this hemisphere have already done. The peoples always foot the bill.

Capitalism tends to reproduce itself under any social system because it is based on selfishness and on man’s instincts.

The only choice left to human society is to overcome this contradiction; otherwise it would not be able to survive.

At this time, the ocean of money being poured into the world finances by the central banks of the developed capitalist countries is dealing a hard blow to the Stock Exchanges of the countries which resort to these institutions in an effort to beat their economic underdevelopment. Cuba has no Stock Exchange. We shall certainly find more rational and more socialist ways of financing our development.

The current crisis and the brutal measures of the US administration to save itself will bring more inflation, more devaluation of the national currencies, more painful losses in the markets, lower prices for basic export commodities and more unequal exchange. But, they will also bring to the peoples a better understanding of the truth, a greater conscience, more rebelliousness and more revolutions.

We shall see how the crisis develops and what happens in the United States in twenty-five days.

Fidel Castro Ruz
October 11, 2008 6:15 p.m.

The crash continues as American people go into shock

Posted on October 6, 2008 by Tony Logan

dangerous Last week we saw most of America go into shock as the stark reality of the US not having a real opposition party became evident. The Democratic Party actually led the rush to pass Bush’s $700 billion giveaway to the rich Bill into law, and it was actually the Republican party that posed the minor stumbling block to getting it done. The American people were almost completely left on the sidelines as a result of simply never having constructed a major opposition party to the Two Party Big Business dictatorship that US is run under.

This week, the show has already begun again, as stocks begin the week by crumbling throughout Asia, Europe, and North America. Nobody is fooled internationally by the $700 billion dollar American give away legislation. Germany had to even copy the US government with their own give away bill, too, to the banks. Germany moves to shore up bank confidence And the Euro appears to be in as bad a shape as the dollar is in world currency marts, sliding in relation to the dollar!

Everywhere they talk of a stampede as stock values and currencies crumble. They talk of panic and they talk of crisis. The US stock market continued down this AM and everywhere there is a sense of impending doom. Hard times are now being made by the financial sectors for all of us, as unemployment rolls rise, production drops. The crash continues as the American people go into shock.

How a ‘credit crunch’ can help kick an economic depression into place

Posted on October 3, 2008 by Tony Logan

In a system…where the entire continuity of the…process rests upon credit, a crisis must obviously occur — a tremendous rush for means of payment — when credit suddenly ceases and only cash payments have validity. At first glance, therefore, the whole crisis seems to be merely a credit and money crisis. And in fact it is only a question of the convertibility of bills of exchange into money.

But the majority of these bills represent actual sales and purchases, whose extension far beyond the needs of society is, after all, the basis of the whole crisis. At the same time, an enormous quantity of these bills of exchange represents plain swindle, which now reaches the light of day and collapses; furthermore, unsuccessful speculation with the capital of other people; finally, commodity-capital which has depreciated or is completely unsaleable, or returns that can never more be realized again.

The entire artificial system of forced expansion of the [ecomony] cannot, of course, be remedied by having some bank, like the [Federal Reserve], give to all the swindlers the deficient capital by means of its paper and having it buy up all the depreciated commodities at their old nominal values.

Incidentally, everything here appears distorted, since in this paper world, the real price and its real basis appear nowhere, but only bullion, metal coin, notes, bills of exchange, securities. Particularly in centers where the entire money business of the country is concentrated, like London [or New York]…the entire process becomes incomprehensible.

Senators give Paulson keys to treasury

Posted on October 1, 2008 by Eric Verlo

The Senate has signed Paulson’s blank check for the Wall Street ransom payment. Band of Thieves, Murder of Crows, Goddamn Jerk of Senators!

Overheard on the radio about Obama/McCain: “It’s amazing such similar solutions for the economic crisis can be coming from such vastly different candidates.” Not so amazing if you consider you’ve only assumed the red and blue are opposites. Both candidates colluding with the Banking oligarchs could be a tipoff that both parties represent the same interests. Time to wonder how the American people’s interest might have been represented by an alternative third [sic] party?

How well are you reconciling Barack Obama’s theme of “change” as he stumped for the Wall Street money grab. Obama likened the crisis to your neighbor’s house being on fire. Besides the implication that no one would want to be uncharitable, you might also deign to pitch in for the selfish motive of keeping your neighbor’s fire from spreading to your house. That was Obama’s clever pitch, but is that what the failing investments represent? The bankers’ homes? Hardly. I can’t even think of an analogy to represent what the jeopardized assets represent to the hierarchy of needs of the super wealthy.

Assuming they are your neighbors. Would it be their twelfth snow-machine that’s on fire? Their son’s floozy’s uncle’s twelfth snowmobile on fire and threatening your house. You need to what, pay him to buy another so that the burning one can be safely drenched without pissing him off, since the thrill he gets from that snowmobile is to keep it ablaze for the thrill of endangering you and your family.

Try that one on us Obama.

UPDATE FROM MICHAEL MOORE:

Tonight, the Senate passed an even worse “bailout” bill than the one the House defeated on Monday night. Only 25 Senators (and most of them for the wrong reasons) voted “No.” It now moves to the House for a vote, possibly on Friday. Why did Obama and Biden vote for it? I think we all know the answer. Let’s keep our eye on the ball of removing the Republicans from the White House, but let tonight be our first reminder that our work is not finished on November 4th when Obama wins. The struggle between what is best for the people and what is best in order to line the pockets of Wall Street will continue. 150 million Americans combined can’t even match the wealth of the richest 400 Americans. All we have is our vote. And there will always be more of us than them. We will all need to become more politically active if we are going to get our democracy back.

Credit crunch is a symptom of US economic malaise, not the cause of it

Posted on October 1, 2008 by Tony Logan

Taxpayers gifting the rich with $7,000,000,000 will not stop the coming capitalist depression at all, because it simply does not address the root causes of anything. We have been told that this crisis is merely the fault of toxic debts piling up from an American ‘housing bubble’, which happened due the crookedness of a few bad apples. Yes, its true, they add a few more details to this sob story but that is essentially all there is to the story line, with none of the American corporate ‘leadership’ class taking any personal or political responsibility at all. That is not too surprising about these moralizing immoralists at all. It is par for their course.

But the root cause of the capitalist downturn is about much more than a credit crunch cause or a real estate mortgages beginning the collapse. It is actually about the deficit military spending that corporate America has led us into with their stupid and asinine wars against shadows of their own making. Despite the destruction caused on that fateful day termed ‘9/11’, it could have been nothing more than a temporary and unfortunate side show for our country, but instead it was seized on by the military, policing, and corporate communities to justify skyrocketing their budgets, incomes, and profits. They went on a borrowing spree using foreign credit!

They did not buy anything of real value or substance though, and they progressively bankrupted the bulk of Americans by doing their borrowing, all the time while waving Old Glory and talking of American pride and national security, which they were busy undermining. ‘USA, USA, USA’ became the cry of the dunces they had marching behind them. They tortured not only Pentagon held POWs, but the American soul itself. The big guys total control over political life is what got us down into the pit.

Now, the only economic ‘security’ left for Americans is in the seeming ability to drag others down economically with us. Since we were such fat consumers here in the land of milk and honey, many depended on supplying us. However that market is about to collapse. Add to that that the whole world is left holding much of the valueless paper that our ruling class force fed to them at guns length. And, of course, we still have the biggest arsenal around. That almost makes our Federal Government just like any insane neighbor with an insanely huge gun collection, but barely living while dependent on food stamps to eat some fast food Chinese once and a while. Sarah and Dick to go hunting with perhaps?

Look around? The American auto industry just asked and got close to $30 billion in ‘bailout’ loot, too. It’s about to sink. And the biggest economic sink of them all is about to sink in the days ahead, also. Quite simply, our military is not sustainable. That is the cause of our economic malaise, not the housing market getting squeezed. All industry and finance got dragged down together in mass, and not just car sales and real estate.

The idiots of our country continue to want to wave the flag. They continue wanting to pump borrowed money into fighting unnecessary foreign wars like it is all some sort of crazed football game being played on the pro level! They like that corporate logo of Old Glory just as they do not mind all the corporate advertising hanging all over the place at the stadiums they hang out at weekends. They like the political and corporate cheerleaders, same as they like the young coed types with bonbons. at their games. This is their None Entiendo game done ever so Grande. Beep, beep, beep beep… Fireworks display!

The root cause of the economic downturn is deficit spending and deficit thinking by our neighbors, especially so in our White Conservative Christian neighborhoods, church on every other block. To sum it up, throwing $700,000,000,000 of tax money at the failed businesses solves nothing. It’s like throwing more weight on that old football bonfire.

Remember that collapse of the Texas A&M bonfire pileup several years ago? That’s the type of thinking America has on board at present. The economic bonfire stack is merely being set for collapse with this stupid bailout that they will eventually put through, because our nation is too dumb to have stopped it when we could. That picture of the Aggie bonfire before it collapsed is just like the Federal deficit debt pileup that is due to come crashing down on all of us. They constructed it out of vainglory.

Stop the Senate of would-be thieves!

Posted on October 1, 2008 by Eric Verlo

Call your Band of Thieving Senators now to tell them you don’t want to give $700 Billion –more honestly likely to be $5 Trillion– to the robber bankers of Wall Street! Telephone Colorado Senators Ken Salazar at 202.224.5852 and Wayne Allard at 202.224.5941 NOW. Why not call OBAMA too! (phone: 202-224-2854) Tell them you want them to consult with at least ONE economist of repute! At least one analyst not on the corporate payroll. As he promised yesterday, Michael Moore suggests a 10 PART PLAN, only IF pressure can be brought to bear right now to stop the Senate bill.

Friends,

The richest 400 Americans — that’s right, just four hundred people — own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion — the same amount that they are now demanding we give to them for the “bailout.” Why don’t they just spend the money they made under Bush to bail themselves out? They’d still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that — at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do — spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money?

I would like to propose my own bailout plan. My suggestions, listed below, are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one too many times: There… is… no… free… lunch. And thank you for encouraging us to hate people on welfare! So, there will be no handouts from us to you. The Senate, tonight, is going to try to rush their version of a “bailout” bill to a vote. They must be stopped. We did it on Monday with the House, and we can do it again today with the Senate.

It is clear, though, that we cannot simply keep protesting without proposing exactly what it is we think Congress should do. So, after consulting with a number of people smarter than Phil Gramm, here is my proposal, now known as “Mike’s Rescue Plan.” It has 10 simple, straightforward points. They are:

1. APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Before any new money is expended, Congress must commit, by resolution, to criminally prosecute anyone who had anything to do with the attempted sacking of our economy. This means that anyone who committed insider trading, securities fraud or any action that helped bring about this collapse must go to jail. This Congress must call for a Special Prosecutor who will vigorously go after everyone who created the mess, and anyone else who attempts to scam the public in the future.

2. THE RICH MUST PAY FOR THEIR OWN BAILOUT. They may have to live in 5 houses instead of 7. They may have to drive 9 cars instead of 13. The chef for their mini-terriers may have to be reassigned. But there is no way in hell, after forcing family incomes to go down more than $2,000 dollars during the Bush years, that working people and the middle class are going to fork over one dime to underwrite the next yacht purchase.

If they truly need the $700 billion they say they need, well, here is an easy way they can raise it:

a) Every couple who makes over a million dollars a year and every single taxpayer who makes over $500,000 a year will pay a 10% surcharge tax for five years. (It’s the Senator Sanders plan. He’s like Colonel Sanders, only he’s out to fry the right chickens.) That means the rich will still be paying less income tax than when Carter was president. This will raise a total of $300 billion.

b) Like nearly every other democracy, charge a 0.25% tax on every stock transaction. This will raise more than $200 billion in a year.

c) Because every stockholder is a patriotic American, stockholders will forgo receiving a dividend check for one quarter and instead this money will go the treasury to help pay for the bailout.

d) 25% of major U.S. corporations currently pay NO federal income tax. Federal corporate tax revenues currently amount to 1.7% of the GDP compared to 5% in the 1950s. If we raise the corporate income tax back to the level of the 1950s, that gives us an extra $500 billion.

All of this combined should be enough to end the calamity. The rich will get to keep their mansions and their servants, and our United States government (“COUNTRY FIRST!”) will have a little leftover to repair some roads, bridges and schools.

3. BAIL OUT THE PEOPLE LOSING THEIR HOMES, NOT THE PEOPLE WHO WILL BUILD AN EIGHTH HOME. There are 1.3 million homes in foreclosure right now. That is what is at the heart of this problem. So instead of giving the money to the banks as a gift, pay down each of these mortgages by $100,000. Force the banks to renegotiate the mortgage so the homeowner can pay on its current value. To insure that this help does no go to speculators and those who have tried to make money by flipping houses, this bailout is only for people’s primary residence. And in return for the $100K paydown on the existing mortgage, the government gets to share in the holding of the mortgage so that it can get some of its money back. Thus, the total initial cost of fixing the mortgage crisis at its roots (instead of with the greedy lenders) is $150 billion, not $700 billion.

And let’s set the record straight. People who have defaulted on their mortgages are not “bad risks.” They are our fellow Americans, and all they wanted was what we all want and most of us still get: a home to call their own. But during the Bush years, millions of them lost the decent paying jobs they had. Six million fell into poverty. Seven million lost their health insurance. And every one of them saw their real wages go down by $2,000. Those who dare to look down on these Americans who got hit with one bad break after another should be ashamed. We are a better, stronger, safer and happier society when all of our citizens can afford to live in a home that they own.

4. IF YOUR BANK OR COMPANY GETS ANY OF OUR MONEY IN A “BAILOUT,” THEN WE OWN YOU. Sorry, that’s how it’s done. If the bank gives me money so I can buy a house, the bank “owns” that house until I pay it all back — with interest. Same deal for Wall Street. Whatever money you need to stay afloat, if our government considers you a safe risk — and necessary for the good of the country — then you can get a loan, but we will own you. If you default, we will sell you. This is how the Swedish government did it and it worked.

5. ALL REGULATIONS MUST BE RESTORED. THE REAGAN REVOLUTION IS DEAD. This catastrophe happened because we let the fox have the keys to the henhouse. In 1999, Phil Gramm authored a bill to remove all the regulations that governed Wall Street and our banking system. The bill passed and Clinton signed it. Here’s what Sen. Phil Gramm, McCain’s chief economic advisor, said at the bill signing:

“In the 1930s … it was believed that government was the answer. It was believed that stability and growth came from government overriding the functioning of free markets.

“We are here today to repeal [that] because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.

“I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future, and I am awfully proud to have been a part of making it a reality.”

This bill must be repealed. Bill Clinton can help by leading the effort for the repeal of the Gramm bill and the reinstating of even tougher regulations regarding our financial institutions. And when they’re done with that, they can restore the regulations for the airlines, the inspection of our food, the oil industry, OSHA, and every other entity that affects our daily lives. All oversight provisions for any “bailout” must have enforcement monies attached to them and criminal penalties for all offenders.

6. IF IT’S TOO BIG TO FAIL, THEN THAT MEANS IT’S TOO BIG TO EXIST. Allowing the creation of these mega-mergers and not enforcing the monopoly and anti-trust laws has allowed a number of financial institutions and corporations to become so large, the very thought of their collapse means an even bigger collapse across the entire economy. No one or two companies should have this kind of power. The so-called “economic Pearl Harbor” can’t happen when you have hundreds — thousands — of institutions where people have their money. When you have a dozen auto companies, if one goes belly-up, we don’t face a national disaster. If you have three separately-owned daily newspapers in your town, then one media company can’t call all the shots (I know… What am I thinking?! Who reads a paper anymore? Sure glad all those mergers and buyouts left us with a strong and free press!). Laws must be enacted to prevent companies from being so large and dominant that with one slingshot to the eye, the giant falls and dies. And no institution should be allowed to set up money schemes that no one can understand. If you can’t explain it in two sentences, you shouldn’t be taking anyone’s money.

7. NO EXECUTIVE SHOULD BE PAID MORE THAN 40 TIMES THEIR AVERAGE EMPLOYEE, AND NO EXECUTIVE SHOULD RECEIVE ANY KIND OF “PARACHUTE” OTHER THAN THE VERY GENEROUS SALARY HE OR SHE MADE WHILE WORKING FOR THE COMPANY. In 1980, the average American CEO made 45 times what their employees made. By 2003, they were making 254 times what their workers made. After 8 years of Bush, they now make over 400 times what their average employee makes. How this can happen at publicly held companies is beyond reason. In Britain, the average CEO makes 28 times what their average employee makes. In Japan, it’s only 17 times! The last I heard, the CEO of Toyota was living the high life in Tokyo. How does he do it on so little money? Seriously, this is an outrage. We have created the mess we’re in by letting the people at the top become bloated beyond belief with millions of dollars. This has to stop. Not only should no executive who receives help out of this mess profit from it, but any executive who was in charge of running his company into the ground should be fired before the company receives any help.

8. STRENGTHEN THE FDIC AND MAKE IT A MODEL FOR PROTECTING NOT ONLY PEOPLE’S SAVINGS, BUT ALSO THEIR PENSIONS AND THEIR HOMES. Obama was correct yesterday to propose expanding FDIC protection of people’s savings in their banks to $250,000. But this same sort of government insurance must be given to our nation’s pension funds. People should never have to worry about whether or not the money they’ve put away for their old age will be there. This will mean strict government oversight of companies who manage their employees’ funds — or perhaps it means that the companies will have to turn over those funds and their management to the government. People’s private retirement funds must also be protected, but perhaps it’s time to consider not having one’s retirement invested in the casino known as the stock market. Our government should have a solemn duty to guarantee that no one who grows old in this country has to worry about ending up destitute.

9. EVERYBODY NEEDS TO TAKE A DEEP BREATH, CALM DOWN, AND NOT LET FEAR RULE THE DAY. Turn off the TV! We are not in the Second Great Depression. The sky is not falling. Pundits and politicians are lying to us so fast and furious it’s hard not to be affected by all the fear mongering. Even I, yesterday, wrote to you and repeated what I heard on the news, that the Dow had the biggest one day drop in its history. Well, that’s true in terms of points, but its 7% drop came nowhere close to Black Monday in 1987 when the stock market in one day lost 23% of its value. In the ’80s, 3,000 banks closed, but America didn’t go out of business. These institutions have always had their ups and downs and eventually it works out. It has to, because the rich do not like their wealth being disrupted! They have a vested interest in calming things down and getting back into the Jacuzzi.

As crazy as things are right now, tens of thousands of people got a car loan this week. Thousands went to the bank and got a mortgage to buy a home. Students just back to college found banks more than happy to put them into hock for the next 15 years with a student loan. Life has gone on. Not a single person has lost any of their money if it’s in a bank or a treasury note or a CD. And the most amazing thing is that the American public hasn’t bought the scare campaign. The citizens didn’t blink, and instead told Congress to take that bailout and shove it. THAT was impressive. Why didn’t the population succumb to the fright-filled warnings from their president and his cronies? Well, you can only say ‘Saddam has da bomb’ so many times before the people realize you’re a lying sack of shite. After eight long years, the nation is worn out and simply can’t take it any longer.

10. CREATE A NATIONAL BANK, A “PEOPLE’S BANK.” If we really are itching to print up a trillion dollars, instead of giving it to a few rich people, why don’t we give it to ourselves? Now that we own Freddie and Fannie, why not set up a people’s bank? One that can provide low-interest loans for all sorts of people who want to own a home, start a small business, go to school, come up with the cure for cancer or create the next great invention. And now that we own AIG, the country’s largest insurance company, let’s take the next step and provide health insurance for everyone. Medicare for all. It will save us so much money in the long run. And we won’t be 12th on the life expectancy list. We’ll be able to have a longer life, enjoying our government-protected pension, and living to see the day when the corporate criminals who caused so much misery are let out of prison so that we can help reaclimate them to civilian life — a life with one nice home and a gas-free car that was invented with help from the People’s Bank.

Yours,
Michael Moore

P.S. Call your Senators now. Here’s a backup link in case we crash that site again. They are going to attempt their own version of the Looting of America tonight. And let your reps know if you agree with my 10-point plan.

Not Sons of Bitches, Dems are bitches

Posted on September 30, 2008 by Eric Verlo

When the Democrats were the minority they seemed so weak. Now in the Majority they’re positively wimps. Pundits tell us it’s a lack of leadership. Why would the corporate media overlook who’s at the whip? It would seem clear that the corporations writing the legislation, funding the campaigns, and paying for the free lunch, are driving the agenda. The GOP is paid to play the white hats, and when a bill is unpopular, the Dems are pushed forward to play the creeps.

On the proposed bailout ripoff, the Dems were not the sons of bitches, they’re just the bitches. I heard a Dem scare-mongeree explain that in spite of loathing the idea of a solution which benefited the wrong people, the bailout was our only option. “All economists agree we have to do this” he said, ignoring quite a few who have urged the opposite. The interviewer interrupted to announce, this just in, the vote had failed and as a result the DOW had plunged by 700 points. She wanted his response: “Oh. My. God.”

As Bush and his GOP team stand in the shadows, the Democrats are thrust forward to “lead” the support for this criminal legislation. Whether the bill won or lost, either way the Democrats would come out looking like shits.

I’m reminded about how an invading army flushes out defenders still hiding. Send your captives into the buildings to spring the booby-traps. Make them open the doors to draw the fire. Among thugs in prison the dirty work is done by the bitches.

Except for Democracy Now, the media won’t report the authentic Democratic efforts to lead. Here’s Dennis Kucinich on the floor of Congress speaking against the bailout and asking: why, why why:

“The $700 billion bailout for Wall Street, is driven by fear not fact. This is too much money in too a short a time going to too few people while too many questions remain unanswered.

Why aren’t we having hearings on the plan we have just received? Why aren’t we questioning the underlying premise of the need for a bailout with taxpayers’ money?

Why have we not considered any alternatives other than to give $700 billion to Wall Street? Why aren’t we asking Wall Street to clean up its own mess?

Why aren’t we passing new laws to stop the speculation, which triggered this? Why aren’t we putting up new regulatory structures to protect investors? How do we even value the $700 billion in toxic assets?

“Why aren’t we helping homeowners directly with their debt burden? Why aren’t we helping American families faced with bankruptcy. Why aren’t we reducing debt for Main Street instead of Wall Street?

Isn’t it time for fundamental change in our debt based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks?

Is this the United States Congress or the board of directors of Goldman Sachs? Wall Street is a place of bears and bulls. It is not smart to force taxpayers to dance with bears or to follow closely behind the bulls.”

Michael Moore is more charitable about the Democrats’ actions yesterday. Here’s his update:

Friends,

Everyone said the bill would pass. The masters of the universe were already making celebratory dinner reservations at Manhattan’s finest restaurants. Personal shoppers in Dallas and Atlanta were dispatched to do the early Christmas gifting. Mad Men of Chicago and Miami were popping corks and toasting each other long before the morning latte run.

But what they didn’t know was that hundreds of thousands of Americans woke up yesterday morning and decided it was time for revolt. The politicians never saw it coming. Millions of phone calls and emails hit Congress so hard it was as if Marshall Dillon, Elliot Ness and Dog the Bounty Hunter had descended on D.C. to stop the looting and arrest the thieves.

The Corporate Crime of the Century was halted by a vote of 228 to 205. It was rare and historic; no one could remember a time when a bill supported by the president and the leadership of both parties went down in defeat. That just never happens.

A lot of people are wondering why the right wing of the Republican Party joined with the left wing of the Democratic Party in voting down the thievery. Forty percent of Democrats and two-thirds of Republicans voted against the bill.

Here’s what happened:

The presidential race may still be close in the polls, but the Congressional races are pointing toward a landslide for the Democrats. Few dispute the prediction that the Republicans are in for a whoopin’ on November 4th. Up to 30 Republican House seats could be lost in what would be a stunning repudiation of their agenda.

The Republican reps are so scared of losing their seats, when this “financial crisis” reared its head two weeks ago, they realized they had just been handed their one and only chance to separate themselves from Bush before the election, while doing something that would make them look like they were on the side of “the people.”

Watching C-Span yesterday morning was one of the best comedy shows I’d seen in ages. There they were, one Republican after another who had backed the war and sunk the country into record debt, who had voted to kill every regulation that would have kept Wall Street in check — there they were, now crying foul and standing up for the little guy! One after another, they stood at the microphone on the House floor and threw Bush under the bus, under the train (even though they had voted to kill off our nation’s trains, too), heck, they would’ve thrown him under the rising waters of the Lower Ninth Ward if they could’ve conjured up another hurricane. You know how your dog acts when sprayed by a skunk? He howls and runs around trying to shake it off, rubbing and rolling himself on every piece of your carpet, trying to get rid of the stench. That’s what it looked like on the Republican side of the aisle yesterday, and it was a sight to behold.

The 95 brave Dems who broke with Barney Frank and Chris Dodd were the real heroes, just like those few who stood up and voted against the war in October of 2002. Watch the remarks from yesterday of Reps. Marcy Kaptur, Sheila Jackson Lee, and Dennis Kucinich. They spoke the truth.

The Dems who voted for the giveaway did so mostly because they were scared by the threats of Wall Street, that if the rich didn’t get their handout, the market would go nuts and then it’s bye-bye stock-based pension and retirement funds.

And guess what? That’s exactly what Wall Street did! The largest, single-day drop in the Dow in the history of the New York Stock exchange. The news anchors last night screamed it out: Americans just lost 1.2 trillion dollars in the stock market!! It’s a financial Pearl Harbor! The sky is falling! Bird flu! Killer Bees!

Of course, sane people know that nobody “lost” anything yesterday, that stocks go up and down and this too shall pass because the rich will now buy low, hold, then sell off, then buy low again.

But for now, Wall Street and its propaganda arm (the networks and media it owns) will continue to try and scare the bejesus out of you. It will be harder to get a loan. Some people will lose their jobs. A weak nation of wimps won’t last long under this torture. Or will we? Is this our line in the sand?

Here’s my guess: The Democratic leadership in the House secretly hoped all along that this lousy bill would go down. With Bush’s proposals shredded, the Dems knew they could then write their own bill that favors the average American, not the upper 10% who were hoping for another kegger of gold.

So the ball is in the Democrats’ hands. The gun from Wall Street remains at their head. Before they make their next move, let me tell you what the media kept silent about while this bill was being debated:

1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street’s spending of the $700 billion;

2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people’s money;

3. It did NOTHING to force banks and lenders to rewrite people’s mortgages to avoid foreclosures — this bill would not have stopped ONE foreclosure!;

4. It had NO teeth anywhere in the entire piece of legislation, using words like “suggested” when referring to the government being paid back for the bailout;

5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the “financial crisis” and cause even MORE of a meltdown.

Put a fork in this slab of pork. It’s over. Now it is time for our side to state very clearly the laws WE want passed. I will send you my proposals later today. We’ve bought ourselves less than 72 hours.

Yours,
Michael Moore

The specter of world wide depression raises its head

Posted on September 29, 2008 by Tony Logan

We are so self centered in the US! As our government’s military deficit spending collapses the American capitalist economy we seem to forget that the crisis is a global one now. The Democratic/ Republican team have dragged down the global economy and not just our national one.

Stock markets all across the globe have been crashing due to what is termed in the Big Business press as being a ‘credit crunch’. Look everywhere, whether it be China, Russia, Japan, Iceland, Germany, France, or wherever, and the Almighty Dollar is dragging them all down. Something much more than a ‘credit crunch’ is involved in this international meltdown of the global economy.

Actually, what we are seeing and experiencing is the normal global capitalist economic cycle in motion. The downsides are just not very much fun for most of us, and, in fact, neither are the ‘upturns’ either. There is no such thing as ‘regulated capitalism’ since the regulators always ultimately turn out to be the capitalists regulating themselves, and that is no real regulation at all. There has got to be a better way!

Seven hundred times N,OOO,OOO,OOO!

Posted on September 29, 2008 by Eric Verlo

Is the strategy to pay this ransom, then have the robbers intercepted as they make their escape? What other excuse will Democrats Pelosi and Reid offer for coming home with a bag full of 140,000,000,000 wooden nickels? That money’s gone if we don’t STOP THEM! STOP THEM NOW!

We hear pundits say the bailout sum is beyond comprehension. Nonsense. It’s our prosperity, our health, the pursuit of happiness we offer our children and take for granted. Gone. Unless there is still time to shout down the miscreants in Washington. As we see the politicians of every stripe complicit in this heist, and insufficient outcry in the streets, isn’t it hard not to conclude Americans are getting what they deserve? If you have any gut feeling that you DO NOT WANT TO STAND IDLY BY, listen to Michael Moore: (although the DC email/phone connection appears to have been pulled.)

Friends,

Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies — who must soon vacate the White House — are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.

No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday’s New York Times and you can see what the real deal is:

“Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.

“Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.

“At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.

“Nobody wants to be left out of Treasury’s proposal to buy up bad assets of financial institutions.”

Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to “consult” in the bailout.

The problem is, nobody truly knows what this “collapse” is all about. Even Treasury Secretary Paulson admitted he doesn’t know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can’t figure it out nor can he explain it to anyone.

And yet, they are screeching about how the end is near! Panic! Recession! The Great Depression! Y2K! Bird flu! Killer bees! We must pass the bailout bill today!! The sky is falling! The sky is falling!

Falling for whom? NOTHING in this “bailout” package will lower the price of the gas you have to put in your car to get to work. NOTHING in this bill will protect you from losing your home. NOTHING in this bill will give you health insurance.

Health insurance? Mike, why are you bringing this up? What’s this got to do with the Wall Street collapse?

It has everything to do with it. This so-called “collapse” was triggered by the massive defaulting and foreclosures going on with people’s home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it’s because too many working class idiots were given mortgages that they really couldn’t afford. Here’s the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage “crisis” may never have happened.

This bailout’s mission is to protect the obscene amount of wealth that has been accumulated in the last eight years. It’s to protect the top shareholders who own and control corporate America. It’s to make sure their yachts and mansions and “way of life” go uninterrupted while the rest of America suffers and struggles to pay the bills. Let the rich suffer for once. Let them pay for the bailout. We are spending 400 million dollars a day on the war in Iraq. Let them end the war immediately and save us all another half-trillion dollars!

I have to stop writing this and you have to stop reading it. They are staging a financial coup this morning in our country. They are hoping Congress will act fast before they stop to think, before we have a chance to stop them ourselves. So stop reading this and do something — NOW! Here’s what you can do immediately:

1. Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they’ve made. Tell him we know he has the smarts to slow this thing down and figure out what’s the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.

2. Take to the streets. Participate in one of the hundreds of quickly-called demonstrations that are taking place all over the country (especially those near Wall Street and DC).

3. Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.

When you screw up in life, there is hell to pay. Each and every one of you reading this knows that basic lesson and has paid the consequences of your actions at some point. In this great democracy, we cannot let there be one set of rules for the vast majority of hard-working citizens, and another set of rules for the elite, who, when they screw up, are handed one more gift on a silver platter. No more! Not again!

Yours,
Michael Moore
MMFlint@aol.com
MichaelMoore.com

P.S. Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parachutes. It says NOTHING about what these executives and fat cats will make in SALARY. According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar-a-month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion-dollar handouts. A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.

P.P.S. From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we’ll start blowing up are the pension funds and 401(k)s of your middle class constituents. The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years. The Dems handed a stolen election over to Bush. The Dems gave Bush the votes he needed to invade a sovereign country. Once they took over Congress in 2007, they refused to pull the plug on the war. And now they have been cowered into being accomplices in the crime of the century. You have to call them now and say “NO!” If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.

Liberty! Equality! Fraternity!

Posted on September 25, 2008 by Eric Verlo

Rick Davis & Freddie Mac: it’s Keating 5 all over again,
except this time there aren’t five to blame, just John McCain.

John McCain’s taking a nap. Let’s hope he never wakes up. Now that McCain and Palin have chickened out of the debates, they should just concede the election. The voters have seen what liars and frauds they are, the only way they could win now would be to buy off Diebold, and I don’t think America is going to put up with that again.

Bush’s speech last night was one of the most pathetic things I’ve ever witnessed. Him recounting the sequence of failures, like a schoolkid trying to prove he had been paying attention in class, but showing not a bit more insight as to why they failed, than if he had just been scanning the newspaper headlines for the last few weeks. All that kept going through my mind was how many times he has insisted there was nothing to worry about, “the fundamentals of our economy are strong.” This country is going to need a Truth and Reconcilliation commission, so we can round up and prosecute all these crooks, along with everyone who helped them get away with it.

Treasury Secretary Paulson blames future administrations for current financial crisis.

Democrats and Republicans reach deal, they will sell your children and grandchildren into slavery, in order to keep Wall St. in the luxury to which it has become accustomed.

John Edwards may have spent $400 on a haircut, but John McCain spent $5,500 on makeup!

McCain wanted Condi Rice, not Sarah Palin, as his VP running mate, but thought her being a lesbian would kill the ticket.

Sarah Palin’s lover revealed. And it ain’t Todd, it’s his best friend! Way to go, Ms. “Family Values!”

Excerpts from Thomas McCullock’s Sept 25 notes, thomasmc.com.

The Wall Street crisis was an inside job

Posted on September 25, 2008 by Eric Verlo

WHO’S LIKENING THE WALL STREET CRISIS TO 9/11?! One was perpetrated by insiders, with the collusion of the US government, to exploit citizen’s fears, and restructure our representational Democracy into an authoritarian oligarchy. Which act of state terror against the American people does this describe?

And OH MY GOODNESS, would it be anti-Zionist to notice the same cast of characters? Religion has nothing to do with it, at least I’m not about to suggest greed and avarice are inherent to one spiritual belief. We’re expected to ignore that high finance shares a common, unfairly maligned thus protected preemptively against defamation, tribal membership.

There’s an alternative solution to the emergency on Wall Street which I’ve heard floating around. Considering we’re being advised to put out the fire by enlisting the employment of a high priced bucket brigade consisting entirely of the arsonists themselves.

I favor rounding up the guilty parties, those whose pockets are bulging with the profits made from the missing leverage, and have them bail out their precious system. Their collected wealth should amount to a pretty penny.

(Not even close? Who has any idea what a billion or a trillion dollars looks like? Except maybe those who absconded with the $13B missing in Iraq. In any case, late night talk show hosts should quit joking that Barack Obama could raise the needed trillions in a month’s worth of fundraisers.)

Where was I, line them up, empty their pockets and shoot them? Naw. ASK the bankers to ante up. If they don’t want to keep their game afloat, why should we?

No really. Was this an attack on our economic system, on par with the 9/11 strike against US secular trade exploitation of the Third World? Then by their own definition it’s terrorism. These ruthless bankers are terrorists. Lock them away with their lawyers and accountants and lobbyists. Anyone who gives material support to terrorists is guilty, by their own rules.

No blank-check bailout for Wall Street

Posted on September 25, 2008 by NMT

COLORADO SPRINGS, CO – Organizations in Southern Colorado will participate in a National Day of Action in opposition to the no-strings attached, $700 billion corporate bailout plan advanced by President Bush and Treasury Secretary Paulson. A press conference will take place 2PM on Thursday, Sept. 25 in front of the Department of Human Services Sand Creek Office at 1635 South Murray Blvd., Colorado Springs.

From the LOCAL PRESS RELEASE:

“We believe the bailout is wrong headed – it’s low-wage working families struggling to make ends meet, who will most suffer the consequences of this kind of bad economic policy,” said Dennis Apuan, community leader and Democratic candidate for Statehouse, District 17. “We must press on our elected officials to ensure that families do not have to make impossible choices between feeding their children, heating their homes and filling their prescriptions. We need leaders who know how to respond to the growing need in our communities – lost jobs, threatened homes, and surging food and energy prices,” Apuan added.

The National Day of Action will feature more than 75 press conferences, demonstrations and other public events throughout the United States. Some of the events are being held by local and national organizations; others will be citizen-organized, involving taxpayers angered by the proposed corporate bailout, as introduced in Congress. The local event will include a voter registration drive and sign-up opportunities to volunteer in community civic engagement.

“With so many of the citizens and residents of House District 17 suffering from the downturn in the economy, it is important that they have a voice in these ill-advised corporate bailouts,” said Rosemary Harris, President of the Colorado Springs Branch NAACP. “This is a diverse community, with people from all racial, social and economic backgrounds. Our lives matter. Our voices matter. And our vote is our true voice. Registering voters who will determine the future policies and future leaders of this House District, this state, and this country is perhaps the best way to respond to the actions of those in Washington,” Harris added.

Among the leaders of the national organizing effort are TrueMajority.org, US Action Education Fund, ACORN, Campaign For America’s Future, Coalition on Human Needs, Military Spouses For Change, National Priorities Project and many others.

From the INDYPENDENT’s Arun Gupta, the ORIGINAL EMAIL CALL-OUT:

NO BAILOUT FOR WALL STREET
Protest on Wall Street this Thursday at 4pm!
Call to Self-Organize

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 northern tip.

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 event, etc.

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!

AGAIN:
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
Who: Everyone!

PETITION LETTER from 200 ECONOMISTS:

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.

Signed (updated at 9/25/2008 8:30AM CT)

Acemoglu Daron (Massachussets Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alexis Marcus (Northwestern University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Baliga Sandeep (Northwestern University)
Banerjee Abhijit V. (Massachussets Institute of Technology)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Bartkus James R. (Xavier University of Louisiana)
Becker Charles M. (Duke University)
Becker Robert A. (Indiana University)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J. (UCLA)
Camp Mary Elizabeth (Indiana University)
Carmel Jonathan (University of Michigan)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
Da Zhi (University of Notre Dame)
Davis Morris (University of Wisconsin)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fohlin Caroline (Johns Hopkins University)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Frenzen Jonathan (University of Chicago)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Glomm Gerhard (Indiana University)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Greenstone Michael (Massachusetts Institute of Technology)
Guadalupe Maria (Columbia University)
Guerrieri Veronica (University of Chicago)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago – Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Isakson Hans (University of Northern Iowa)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kahn Matthew (UCLA)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leeper Eric M. (Indiana University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Levy David M. (George Mason University)
Linnainmaa Juhani (University of Chicago)
Lott John R. Jr. (University of Maryland)
Lucas Robert (University of Chicago – Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro Andrea (Vanderbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
Muralidharan Karthik (UC San Diego)
Nanda Dhananjay (University of Miami)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
Papanikolaou Dimitris (Northwestern University)
Parker Jonathan (Northwestern University)
Paul Evans (Ohio State University)
Pejovich Svetozar (Steve) (Texas A&M University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Piskorski Tomasz (Columbia University)
Rampini Adriano (Duke University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Robinson David (Duke University)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Sandbu Martin E. (University of Pennsylvania)
Sapienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Seru Amit (University of Chicago)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(Chapman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spiegel Matthew (Yale University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk Andrew (University of Chicago)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Zingales Luigi (University of Chicago)
Zitzewitz Eric (Dartmouth College)

Hand over the treasure, or we’ll burn the ship down! Arrrrrr!

Posted on September 24, 2008 by Thomas Mc

First Wall St. demanded a $1T bailout, so taxpayers relaxed a bit when Paulson said it was only $700B (!) Now it looks like they’re upping the extortion to $5T. Since less than 100 million Americans actually pay Federal Income Tax, that makes your share $50,000. Just make your check out to Robber Barrons, Inc.

Hand over the treasure, or we’ll burn the ship down! Arrrrrr!

Break out the torches and pitchforks, even the Senate Republicans have turned on the Frankenstein Administration.

Newt Gingrich warns McCain not to vote for Wall St. bailout. “I don’t know how he can vote for this and with a straight face go around and say that he’s for real change and he’s the reform candidate.” Probably with the same straight face he lies with in every campaign statement and ad, “my friends,” with that creepy smile that looks like his dentures are about to fall out.

McCain suspending campaign to deal with the New Great Depression he created. Of course, by “suspending,” he means that he will make the financial crisis his own private campaign issue, and will attack Obama for “putting his campaign ahead of issues” if he even so much as talks about the bailout.

George W. Bush’s unbelievably hypocritical speech at the UN. [video]

Bill Clinton on The Daily Show.

We Are the Enemy. US Gov’t to station troops inside the US to control dissent. Hey, it worked for Hitler.

John LaBruzzo (Eugenics Party-LA) wants to sterilize the poor, and pay the rich to procreate. And people thought we were crazy when we compared them to Hitler.

Excerpts from Thomas McCullock’s Sept 24 notes, thomasmc.com.

Wall Street fleecing goes into hyperdrive

Posted on September 23, 2008 by Thomas Mc

The Great American Swindle. $1T Bail out plan for Wall St. would give absolute power to Treasury Secretary Paulson, his decisions on how to spend the money would not be reviewable by Congress, or any court of law. This, after they included a provision in the $85B AIG bailout that lets financial firms use customer assets to insure solvency — which means they can borrow your stocks, bonds, CDs, money market acct., etc. — without your permission — and if they go under, you are just another creditor in bankruptcy court.

The GOP Disease. The “Party of Responsibility” morphed under Regan deregulation into Capitalist Anarchists, “failures are just the market regulating itself.” But now that that the financial institutions are failing (which the regulations were designed to prevent) they suddenly become Socialists — but only for the filthy rich. The other 95% of us are left on our own.

The bailouts of Wall St. brings to mind Republican president Ronald Reagan’s comments about “welfare queens driving Cadillacs,” but today’s welfare queens have private jets, enormous mansions, and multi-million dollar incomes. And that’s just fine with the GOP.

McCain declares war on the New York Times, for revealing his campaign manager was behind the deregulation that brought on Wall St. collapse.

Conservative George Will goes after McCain.

McCain lies. He said he supported Northern Ireland peace process, but he opposed it.

McCain opposes MidEast peace process.

Why is John McCain so afraid of Rachel Maddow?

Top Alaskan Republican, Senator Lyda Green says “Palin isn’t prepared to be governor. How can she be prepared to be vice president or president? Look at what she’s done to this state. What would she do to the nation?”

McCain’s chief of staff outed as gay. Suppose Sarah Palin will demand he be burned at the stake? Or will she just shoot him and mount him on the wall of her den?

Rush Limbaugh says Obama isn’t black, he’s Arab.

Fool us once … we won’t get fooled again. Polls: “by a two-to-one margin Americans blame Republicans for the current financial crisis.” 82% say the economy is getting worse (0% say it is getting better), and only 28% support the bailouts. Not that the politicians, bought and paid for by Wall St., give a damn what we think. Oh, and 54% say the US is losing the “war on terror.”

Excerpts from Thomas McCullock’s Sept 23 notes, thomasmc.com.

The Economic Meltdown Was Staged As an Act of Class War

Posted on September 22, 2008 by Thomas Mc

Free Levi!

The Kleptocrats are pulling the biggest heist in world history. They created money out of nothing, and are now dumping all that worthless paper on the taxpayers. The Robber Barrons took the money and ran, and are now planning their next, even bigger, heist.

Even arch conservative Bill Kristol is balking at the trillion dollar heist being pulled on the taxpayer. And he isn’t the only one.

Know them by their fruits. McCain’s campaign manager made $2 million blocking regulations for the mortgage “industry.”

McCain: “I’m glad I deregulated Wall Street.”

Fed Chairman and Treasury Secretary told Senate on Friday that complete meltdown of our entire financial system is just days away. Or, as John McCain would say, “the fundamentals of our economy are strong.” Just not in our favor. And their “rescue plan” is likely to finish off our economy all together. All because, 8 years ago, half the voters thought it would be cute to vote for the guy they’d like to have a beer with. Maybe America deserves to fail.

Bare market. Fed moves to rescue Goldman Sachs and Morgan Stanley.

USA is collapsing just like USSR. It’s now unavoidable, the only question is, what comes after?

John McCain (KKK Party) scapegoats blacks for financial crisis. Oh, and BTW, Obama is black, so he must be in cahoots!

Non-elitist John McCain owns THIRTEEN cars.

One swindle after another. McCain thinks a market-based reform of the health care crisis is called for, since that worked so well with Wall St.

Saturday Night Live skit reveals the truth about the McCain campaign better than all the news networks combined.

Judge orders Cheney to preserve records. As if he’s ever obeyed the law before.

NASA to hold press conference Tuesday about death of our solar system.

Excerpts from Thomas McCullock’s Sept 22 notes, thomasmc.com.

a nice email fundraiser to help out those poor Wall Street LOSERS!!

Posted on September 22, 2008 by Brother Jonah

Credit where it’s due, one of my Democratic friends posted this on alfrankenweb.com, username is JPZenger, after a Revolutionary War era Journalist from New York.

Enjoy and forward to all, friend and foe alike.

From: Minister of the Treasury Paulson

Subject: REQUEST FOR URGENT CONFIDENTIAL BUSINESS RELATIONSHIP

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need a blank check.

We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully
Minister of Treasury Paulson

Liberals cry out for ‘Regulation!’

Posted on September 19, 2008 by Tony Logan

Government regulations Democratic party-tied websites are spouting much the same analysis of the current economic crisis, which is simply that in their point of view, capitalism is great, it just needs ‘regulation.’ Give us a break, People!

The US Capitalist System is greatly regulated and you guys backed a political party that helped regulate it, in league with the other party. Liberal Democratic Party voters seemingly want us to forget that their party has regulated The System for a century PLUS now! And once again, their regulation has produced chaos and uncertainly.

It takes a lot of gall to demand something that your politics have been doing all along, which is that we ‘regulate’ the economy! What is really being demanded now by your Party leadership is more tinkering through the same old regulations, instead of proposing something different. It is your regulation that is every bit as much the cause of where the US economic system is today, as under the regulation of the Republicans. Alan Greenspan was your dog as well as theirs!

The regulatory system was basically to have the companies police themselves, and this was a policy of the Democrats every much as much as it was of the Republicans. A capitalist supporting government will simply turn over all regulation to its own corporate leaders. To propose that a capitalist government do something else is utterly meaningless.

So shout out ‘Regulation’ all you want, and it will not lead to anything than what was already being done, and is being done at this moment. The thieves will regulate themselves unless that power is taken away from them, something that the Democratic Party utterly opposes.

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Not My Tribe

The Myth of Middle Ground

Tag Archives: ISIS

The new age will be gilded with Bling

The gilded age and the police nightstick

Nader says that Barack Obama is the worst of Clinton

Put IMPEACHMENT back on the table

Lazy thinking Americans want safe ‘change’ and they will only get Obama

Money As Debt video

The Scamble for Africa- Darfur, Intervention, and the USA

A Sustainable No Growth Society needed immediately

The Law of the Jungle

The crash continues as American people go into shock

How a ‘credit crunch’ can help kick an economic depression into place

Senators give Paulson keys to treasury

Credit crunch is a symptom of US economic malaise, not the cause of it

Stop the Senate of would-be thieves!

Not Sons of Bitches, Dems are bitches

The specter of world wide depression raises its head

Seven hundred times N,OOO,OOO,OOO!

Liberty! Equality! Fraternity!

The Wall Street crisis was an inside job

No blank-check bailout for Wall Street

Hand over the treasure, or we’ll burn the ship down! Arrrrrr!

Wall Street fleecing goes into hyperdrive

The Economic Meltdown Was Staged As an Act of Class War

a nice email fundraiser to help out those poor Wall Street LOSERS!!

Liberals cry out for ‘Regulation!’