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Submitted by Thomas Czermak on September 29, 2008 - 6:11pm.
The House voted down the taxpayer bailout of America's richest thugs. And the TSX dropped a record 840 points. Jack Layton just called all federal candidates to meet and discuss the impact the US financial crisis is having on our economy, but Harper just declined. Protest against the financial bailout of the companies who put the US into this crisis is growing rapidly (check this video as well). As a realnews correspondent has mentioned more than once, "this is weapons of mass destruction all over again." Essentially, the political elite are using the economic crisis as an opportunity to coerce the Senate and Congress to bailout the rich bastards that are responsible for this mess. Michael Moore's article at Alternet describes the bailout as the biggest robbery in US history. Fortunately, many US citizens are now wise to this totally unnecessary move to appease investors and the corporate elite.
Does this spell the end for free-market Capitalism? Check out this fab ANP video on various economists' interpretation of the disaster. Also, be sure to check out Garland McLaurin's piece on the effect the sub-prime lending, behind this crisis, has had on middle-class US citizens.
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David Kuccinich explans his
David Kuccinich explans his rejection of the bailout. He notes how the recent bill put forward doesn't address speculation or any of the other underpinnings of this fiasco. The US economy needs to be regulated. Speculators ought to be ejected out of most economic sectors. Speculators are the ones responsible for butchering the agricultural sector while riding the inflated value of corn/wheat on the back of the food scarcity created via ethanol production. Speculators are the men and women responsible for artificially pitting the value of public eduction and health care against the sale of automatic weapons and golf balls. If we want a fair economy, one that does not endanger the common good, we need to regulate, or find a replacement for, speculation.
Saul gave an incredible lecture on this in 1999 that I recommend you read for more of an understanding of speculation and it's role in corporate capitalism. He argues that speculation isn't even really a characteristic of (prophesed) capitalism but of corporatism and technocracy. The section on Technocracy and Capitalism illucidates so much in so few words.