I can see why John McCain is too chicken to debate tomorrow night.
With everyone angry about the “bailout,” what's he going to say? He's not about to tell the truth. How would that sound? How about...
“I've supported deregulation for all of my political career. I even got into quite a bit of trouble over some “special” treatment I got back during my support of deregulation of the Savings and Loan industry. That led to a “bailout” too. Back then I was branded the member of the Keating Five who could lie the best – by packaging myself as a “maverick.” We could have fixed things back then, but instead we chose to make them worse back in 1999. We deregulated laws enacted during the Great Depression (which up until then had prevented another depression). But enough about that. I'd rather talk about being a war hero... Oh yeah; Wall Street has had a field day for the past nine years. Never mind Enron. The fundamentals of our economy are strong. I really don't know what fundamentals, but that sure sounds good on camera... Except for when I say the fundamentals of our economy are at risk a few hours later. So, now that we can't hide the real costs for deregulation, I'm going to act like an outsider... We'll get those Washington fat cats! We'll drown 'em in money!”
But seriously, we all know that John McCain wouldn't say that. But what could he say?
What could McCain say when Obama asks him about his history as a member of the Keating five?
What could McCain say when Obama reminds us all of McCain's close ties to the people who masterminded this catastrophe?
What could McCain say when Obama points out that McCain voted for the deregulation that led to this “bailout.”
What could McCain say when Obama asks him about his flip-flop on socialism – but only for the rich.
Face it; if John McCain would have gone ahead with this debate, he would have lost the election. (If that's possible.) He would have been exposed as a Washington insider who has done the fat cats' bidding for years. Since the late 1990s, Wall Street has been given cuts in the capital-gains tax, dividend tax and estate tax, cuts in marginal income tax rates, free-trade agreements, low interest rates, and very light regulation. With all that, things still went to hell. It makes you kind of wonder if this was all inevitable do to bad legislation. It makes you kind of wonder if John McCain has sold his soul for a chance at being president.
There just isn't a lie big enough to cover McCain's ass on this one. He simply wouldn't have been able to keep up his public persona. We'd all see for ourselves that he doesn't give a damn about the American people.
Let's face it. John McCain was far better off staying home in one of his seven (or is it eight) houses. (By the way; I'll bet none of his houses was financed with a predatory loan.)
Speaking of predatory loans; we're all about to take out a $700,000,000,000.00 loan from the Federal Reserve - to save us from a recession that will happen anyway.
We're borrowing money from one bank to give to other banks – because they made bad investments. We're borrowing our own nation's money from the Federal Reserve to give to Goldman Sachs, the same company the Secretary of the Treasury used to be an executive for. Oh, and the Secretary wants to have complete control over how the money is spent.
Warren Buffet knows what's going on. He knows where the next big welfare handout for the rich is going. He just invested five billion dollars in Goldman Sachs.
They've been planning this “bailout” for months now. [White House Deputy Press Secretary Tony] Fratto said the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials.
This is amazing! We can't afford health care for children. We can't afford to help out clean, safe, and economy saving alternative energy. But we can afford to hurt responsible banks by subsidizing their irresponsible competition? This makes about as much sense as taking money from the kids' education fund to give to compulsive gamblers!
I can also see why Ralph Nader wasn't invited to the debates. Ralph Nader calls this “bailout” the Goliath of domestic panic legislation. He suggests that the bill include:
Provisions for homeowners to stay in their homes in default, or rent them at market value
A cap on executive compensation and disgorgement of ill-gotten gains
A stimulus package for infrastructure repair and upgrade to generate new community jobs
Comprehensive regulation of and disclosures by the financial industry and Wall Street to prevent this from occurring again.
Prudent margin requirements on derivatives trading and a tax on securities derivatives transactions
Shareholders control over the corporations they own
Tougher criminal enforcement against culpable firms and executives
But, of course, nobody listens to Ralph Nader anymore... But have you ever stopped to ask yourself why? Maybe because you never see him on TV? Even though Ralph Nader has been running for president three times now, how many times have you actually seen him speak on TV?
Ralph Nader has been trying to warn us about those who lie, cheat, and steal. Bush Jr. has lied to get elected, his party has cheated to win him elections, and now Bush's buddies are about to steal $700,000,000,000.00!
We all know that the money could be spent far better on sensible stimulus packages to our economy. But no! These politicians would rather give away our money to multinational corporations – and leave us with the bill... plus interest.
Please Congress, if you can't do it right, don't waste our money.
Update: make that $1,200,000,000,000.00