the bailout is not embraced by everyone. it appears that the leaderships of the Democrats and Republicans are trying to push through the bailout proposal. Dissent is emerging among the rank and file representatives. Below are two video's of Dem and Republican reps.
Rep. Marcy Kaptur (D-OH)
“My message to the American people don’t let Congress seal this deal. High financial crimes have been committed.”
“The normal legislative process has been shelved. Only a few insiders are doing the dealing, sounds like insider trading to me. These criminals have so much political power than can shut down the normal legislative process of the highest law making body of this land.”
“We are Constitutionally sworn to protect and defend this Republic against all enemies foreign and domestic. And my friends there are enemies.”
Rep. Michael Burgess (R-TX) comments that debate of the bill has been more about talking points than substance of proposal.
Rep. Michael Burgess (R-TX) reports from the floor of the House that the Republicans have been cut out of the process and called unpatriotic for not supporting the fraudulent bailout. He says the only debate has been about what talking points to use on the American people.
“I have been thrown out of more meetings in this capital in the last 24 hours than I ever thought possible, as a duly elected representative of 825,000 citizens of north Texas.” Said Congressman Burgess.
Burgess asks the Speaker of the House to post the bailout bill on the internet for at least 24 hours instead of passing the largest piece of legislation in US financial history in the “dark of night.”
Showing newest posts with label bailout. Show older posts
Showing newest posts with label bailout. Show older posts
Monday, September 29, 2008
Sunday, September 28, 2008
quick overview of the massive bailout bill
from the Wall Street Journal. following is a summary of the 110 pages being submitted for the potential Monday morning vote by Congress.
Shape of Massive Bailout Bill Starts to Develop Definition
Shape of Massive Bailout Bill Starts to Develop Definition
Thursday, September 25, 2008
Chickens with their heads cut-off: Pt. Deux
reposted from NYTimes.com
Day of Chaos Grips Washington; Talks Over Bailout Plan Implode
WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.
Day of Chaos Grips Washington; Talks Over Bailout Plan Implode
WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.
a System in flux: trying to get our brains wrapped around the crisis in capitalism
central ideas growing from this "threewayfight" discussion board is that the System - capitalism and the administrative States - represent dynamic sets of entities in a constant flux of shaping and reshaping themselves. beyond the Systems own internal dialectic this motion and how the System manifests itself weighs heavily on the trajectory - the politics and focus - of the opposition movements. anti-capitalism, anti-fascism, fascism, popular reactionary movements, radical expressions of liberation, all are impacted by the System and vice versa. simple, right?
at times we can have a developed and fairly sophisticated praxis, at other moments our understanding is still waiting outside the door fumbling for the keys.
for several of us that contribute to threewayfight - or those who use the sites information to help draw out and develop ideas - the economic aspect of the System is paid little attention. seemingly strange considering that a total critique of these societies demands us having a grasp on how the capitalist society we are looking to uproot and overturn actually functions. but i said seemingly because we acknowledge a lack of full knowledge. its from here that we are trying to talk about and understand what is happening.
the housing crisis, the bailouts or liquidation of financial institutions, and now the $700B bailout of the market, is forcing a new discussion that many of us have only just thought over in rudimentary terms. the Democrats want us to see their party as the saviors of the common people. some Republicans are "outraged" by the Bush/Paulson bailout plan because it has government tinkering with the economy. by and large the boss class - both parties - would like for us to keep sleepwalking as they construct our futures; a future that every economist is saying is completely uncertain.
we are going to try to point "our side" in the direction of news, analysis, and overviews that deal with this future.
we cant afford to sleepwalk through the nightmares the masters create.
**************************************************************
**************************************************************
1) Capitalism in Crisis? by D. Hamerquist
"There is no evidence of capitalist complacency in the current situation – but there is a good possibility that many left radicals will relax and snooze their way through it. I recommend that those who see the current situation as just “capitalists just being capitalist” make sure they understand the concept and the function of “leverage” and then google - ‘collateralized debt obligation’ and ‘credit default swap’. This should provide some recovery therapy for business as usual disorders on the left."
2) Paul Bowman writes for the Workers Solidarity Movement, Fiancial Weapons of Mass Destruction
"as a system of social relations, capitalism is also a system with internal mechanics. Those mechanics evolve in response to the historical development of struggles over exploitation, but what new directions the new mechanics make possible in terms of capitalist strategies, in turn, shape the new struggles of today and tomorrow."
3) Kevin Phillips interviewed on the Bill Moyers Journal
"KEVIN PHILLIPS: Well, just to give you an example of how many there are… I sometimes use the description 'seven sharks.' There are seven sharks in the tank with the economy… Now, whenever you get this sort of package in one decade, you got a big one. And when Greenspan says it's a once a century, I think it's another variation but on a par with the Thirties.”
4) Michael Hudson writes for Counterpunch, The Paulson-Bernake bank Bailout Plan: Will the Cure be worse than the Crisis?
"The question to be asked is just how much will the economy’s debt overhead grow, and what will it cost debtors (a.k.a. “taxpayers”)? And how will the economy look when the dust settles?"
5) from the Maoist Kasama site, Overview of the Financial Crisis.
at times we can have a developed and fairly sophisticated praxis, at other moments our understanding is still waiting outside the door fumbling for the keys.
for several of us that contribute to threewayfight - or those who use the sites information to help draw out and develop ideas - the economic aspect of the System is paid little attention. seemingly strange considering that a total critique of these societies demands us having a grasp on how the capitalist society we are looking to uproot and overturn actually functions. but i said seemingly because we acknowledge a lack of full knowledge. its from here that we are trying to talk about and understand what is happening.
the housing crisis, the bailouts or liquidation of financial institutions, and now the $700B bailout of the market, is forcing a new discussion that many of us have only just thought over in rudimentary terms. the Democrats want us to see their party as the saviors of the common people. some Republicans are "outraged" by the Bush/Paulson bailout plan because it has government tinkering with the economy. by and large the boss class - both parties - would like for us to keep sleepwalking as they construct our futures; a future that every economist is saying is completely uncertain.
we are going to try to point "our side" in the direction of news, analysis, and overviews that deal with this future.
we cant afford to sleepwalk through the nightmares the masters create.
**************************************************************
**************************************************************
1) Capitalism in Crisis? by D. Hamerquist
"There is no evidence of capitalist complacency in the current situation – but there is a good possibility that many left radicals will relax and snooze their way through it. I recommend that those who see the current situation as just “capitalists just being capitalist” make sure they understand the concept and the function of “leverage” and then google - ‘collateralized debt obligation’ and ‘credit default swap’. This should provide some recovery therapy for business as usual disorders on the left."
2) Paul Bowman writes for the Workers Solidarity Movement, Fiancial Weapons of Mass Destruction
"as a system of social relations, capitalism is also a system with internal mechanics. Those mechanics evolve in response to the historical development of struggles over exploitation, but what new directions the new mechanics make possible in terms of capitalist strategies, in turn, shape the new struggles of today and tomorrow."
3) Kevin Phillips interviewed on the Bill Moyers Journal
"KEVIN PHILLIPS: Well, just to give you an example of how many there are… I sometimes use the description 'seven sharks.' There are seven sharks in the tank with the economy… Now, whenever you get this sort of package in one decade, you got a big one. And when Greenspan says it's a once a century, I think it's another variation but on a par with the Thirties.”
4) Michael Hudson writes for Counterpunch, The Paulson-Bernake bank Bailout Plan: Will the Cure be worse than the Crisis?
"The question to be asked is just how much will the economy’s debt overhead grow, and what will it cost debtors (a.k.a. “taxpayers”)? And how will the economy look when the dust settles?"
5) from the Maoist Kasama site, Overview of the Financial Crisis.
Subscribe to:
Posts (Atom)
Posts
