In a vote that was heard around the world, reactionary Republicans along with some progressive Democrats in the House torpedoed a bill to stabilize financial markets. The compromise deal was better than what was initially proposed by Bush and Paulson, but did little to stimulate the economy or attend to the crisis of everyday living experienced by millions of ordinary Americans — who, it should be said, played by the rules.
The Bush administration has proposed a massive bailout plan of at least $700 billion (maybe as much as $1.7 trillion) to stabilize the financial system amid the biggest economic crisis since the Great Depression. Treasury Secretary Henry Paulson, a Bush appointee, and the president are pushing for Congress to rapidly pass the plan this week with little debate and no amendments. The right wing and the banks want a plan that gives a blank check to Wall Street with no oversight.
Wrong? Capitalism in crisis The truth about oil 9/11 Land for the landless
Bush, Paulson make Dillinger look like a Boy Scout As the Bush administration attempts to ram a bailout package of nearly one trillion dollars through Congress, it begins to feel like Colonel Sanders asking the public to trust him to take care of the chickens.
The ugly days of the 1950s witchhunts returned to the headlines this month, hitting me in a very personal way.
It's easy to become apocalyptic contemplating the vast sums of wealth being destroyed in the unfolding financial crisis gripping Wall Street. The economic tsunami unleashed there will soon reach every corner of the nation. Indeed globalization will insure that few in the world will escape suffering.
The world has watched with enormous admiration as storm-battered Cuba pulls itself together after the unprecedented devastation of Hurricanes Gustav, Hanna and Ike.
The largest crisis in U.S. financial history shook the foundations of Wall Street this week. The aftershocks of the earthquake that toppled the 158-year-old Lehman Brothers investment bank, Merrill Lynch and the AIG insurance giant — all within a 24-hour span — shook capitalist markets around the globe.
The numbers are finally in! John McCain’s Double Talk Express has been hitting Barack Obama hard at every opportunity spreading all kinds of misinformation about his tax plan. According to McCain, Obama’s tax plan will mean more taxes for you. By “you,” either McCain is mistaking his audience for wealthy businessmen, or he is outright lying. Either way, the numbers are in, and the right-wing “maverick” has gone down hard over the facts.
Recently, at political events I attended, I came in contact with supporters of Ralph Nader and Green candidates. They held forth on how those candidates were “much better than Obama” because they took “much better positions.” What folks tried to explain to them was that it isn’t what you say but what you do that counts, that the huge people’s movement behind Obama could actually defeat the ultra-right and create conditions for real, progressive changes! Nader, Greens and others are just not in that position.