Paulson and Bernanke go around crying "Fire! Fire!" and then act surprised as everyone goes rushing for the doors. Wall St. is down. OK. Well maybe it should be down given the inflated assets that have been revealed. How about focusing on the good news. Oil is down.
Of course the great news is that the House rejected the Wall St. Bailout Bill. You know I have a better idea, let China and Japan bailout Wall St. They are sitting on Trillions of dollars of assets. And as a prize, they get to keep their own economies from collapsing. You see as much as Paulson would have us believe that China has the US over the barrel, if the US economy collapses they will be the first to suffer. So it's in China's best interest to prop up the US economy. Unless of course the US taxpayer lets China off the hook by bailing out Wall St., then China is the big winner.
Today, you would expect that the House and Senate would be back at work and voting on a revised bill. Oh but wait, today is the Jewish holiday of Rosh Hashanah. And because there are so many Jewish members of the House and Senate taking the day off, no bills can be brought to a vote. But Wall St. isn't closed. Stock markets around the world aren't closed but, "Congress is taking a two-day break so that its Jewish members can observe Rosh Hashanah, the Jewish New Year." You got that right - not one but two days off!
So Paulson and Bernanke want you to believe that this Stock Market decline on Monday is a signal that the end of the financial world is near if the taxpayers don't bailout Wall St., but Congress is taking 2 days off. Nice.
Well my friends this is not the time for us to take time off. We must continue calling Congress and speaking out against any form of bailout by the US taxpayers. Why should we pay for the sins of Wall St.? Don't let them scare you with their talk about a Great Depression if the bailout is not passed. This is war! And in war you need courage to face the cannons of the enemy. If we all go running and hiding for cover now, they will have won.
Talk to your neighbors and friends at work. Mobilize any organizations you belong to. Take to the streets in protest. Keep calling Congress. The battle for America has just begun.
Tuesday, September 30, 2008
Posted by Frank Hope at 8:28 AM