Thursday, September 25, 2008
Capitalism and Bush
Bush backs bailout plan
US President George Bush has made a live telecast to the American public to back a proposed US$700 billion bailout of the country's beleaguered financial system. The plan is currently before the US Congress, where it has become a political football reaching as far as the presidential campaign. Mr Bush warned Americans that their entire economy was in danger.
"The market is not functioning properly. There is a widespread loss of confidence ... America could slip into a widespread financial panic," he said. The president called on Congress to act quickly to approve the bailout.
A bailout that allows the corrupt rich pricks who creamed it off their inane attempts to eliminate the risk of debt by something as flakey as Credit Default Swaps, (which effectively means banks bet against other banks that their weak loans would get repaid or not, nothing better than a gamble, and there are $62 Trillion still outstanding on this financial house of cards), a bailout that buys the shares at top dollar rather than the depleted trash shares they have become, all the while the people on the bottom who are being threatened with losing their homes get nothing. The unregulated greed of cheap money has it’s origins with the Bush Administration, they have used the war on terror as an excuse to decimate the economy and rack up half trillion dollar deficits to squander the economic strength of a superpower into a war that should never have been waged. Bush cracked open the cheap money from Asia to fund his abortion and the rest of the financial world followed. While Bush kept his eye fixed on his ridiculous war the economy turned and in such a super deregulated financial world greed won out to responsible business. How can Bush have any role in the solution when he is so clearly the problem, Jesus wept I can’t wait for this prick to leave office, January can’t come fast enough!