McCain Sucks, Palin Sucks = No Bush left behind

From Capitalism to Socialism in one week.

Posted on: September 18, 2008

To stave off total collapse of the American economy, last week we had a government takeover of the mortgage finance giants Fannie Mae and Freddie Mac.

Then a few days ago the government had to grab 80% of American International Group (AIG), the world’s largest insurance company.

At the same time we said bye-bye to Lehman Brothers and Merrill Lynch (two of the oldest and largest Wall Street investment banks).

Today (Sept. 18, 2008) , in an effort to turn around a GLOBAL CREDIT CRISIS and PANIC on Wall Street, the United States Federal Reserve is now pumping billions of dollars into other financial markets in the U.S. and abroad.

What’s next to tank? Washington Mutual ? Goldman Sachs ? Morgan Stanley?

WTF happened here? Greedy, irresponsible corporations went on a speculative borrowing binge to buy assets with as little money down as possible.

The housing bubble didn’t just burst, it exploded like a nuclear bomb and fall-out is raining worldwide.

“For three decades, the “free market” has been elevated to the status of a secular religion in the US, with the capitalist market as its god and socialism as its devil. This period, under both Republican and Democratic administrations, has seen the wholesale dismantling of the productive base of the US economy, at the cost of millions of jobs and the living standards of the American working class.

In the name of the supposed infallibility of the market, the operations of big business have been deregulated, removing all legal restraints on corporate profit-making and fueling the accumulation of ever more obscene levels of wealth in the hands of a financial oligarchy. A vast process of social plunder has occurred, in which the wealth of the country has been redistributed from the bottom to the very top. ” Source

Free market capitalism MUST HAVE OVERSIGHT and proper regulations to protect and balance markets.
This means having an administration and a free market that has guts AND ethics. As we now see, shareholders, CEO’s, government, all play together and when unbridled greed rules, everyone in the game gets hurt (big time).

Today’s disastrous economic headlines have been brought to you by Bush-McCain-style economic policies. They prove – beyond doubt – that an economy built on unregulated, greedy, unethical behavior without legitimate government oversight brings catastrophe.

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1 Response to "From Capitalism to Socialism in one week."

The total amount for the bail-out for Wall Street failures is almost exactly the same amount as we’ve
spent so far for the war in Iraq. That is, just under one TRILLION dollars.

Maybe we should be asking:
“What would you rather have – a war half-way across the world, or
a sound economy at home?”

Do we want to continue spending for war, or perhaps bring it home for our own
economy?
Which of the presidential candidates will make better choices with our money?

Here’s the URLs, if you want to check it out yourself:

http://business.timesonline.co.uk/tol/business/economics/article4776342.ece

http://www.forbes.com/reuters/feeds/reuters/2008/09/09/2008-09-09T161711Z_01_N09257030_RTRIDST_0_USA-BUDGET-CBO-UPDATE-2.html

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