more on the economy sep 25/24

9/25
Well does it seem like de ja vu to anyone. Bush telling us something horrible is gonna happen if congress does not trust him and give him some sort of blank check?(patriot act, iraq war resolution, and they always come just before elections when the dems do not want to look bad) This time he only wants $700 billion. Just before he leaves office he wants his crony to have supreme power over this money with NO JUDICIAL OVERSIGHT! I already wrote a little about this below but things keep coming out that make me skeptical. And we don't even know who the money will bail out. Luckily the dems are fighting for some improvements to the plan. The best idea I heard was to give them only part of it, like $200 billion, and then wait and see how that goes. And there is a list of like a 100 leading economists who wrote a letter to Congress saying the bail out is a BAD idea. Many say it will not help at all or make things worse. And Bush and McCain are threatening depression if it is not passed and Palin is threatening depression if McCain is not elected.
Remember two months ago Bush said the economy was solid and a week ago McCain said the same.
Of course certainly one of their plans is to further break the bank of the federal government so it will be impossible for the next administration to pay for social programs which the neocons hate. If the dems get in to the white house they will have to raise taxes just to start paying off our debt. What these guys have done to our economy is criminal!!

9/24
Well the congress is reviewing the Bush administration's plan for the $700 billion bailout Wall street and people are letting their representatives know they do not like it. The bill gives Treasury Secretary Henry Paulson complete control over the money and section 8 in the bill says no decisions by Paulson can be reviewed by anyone, including any court. (This is the man who was called "Mr. Risk" when he took over Goldman Sachs. While head of that firm he increased their risky investments from $20 billion to $100 billion) This is the man who they want to have complete control over the bailout of his buddies with no oversight or judicial review. Also section 2 in the bill says the process should be privatized and that the contractors should not be subject to any laws that normally apply!
The nerve of these guys. I guess after getting whatever they want for so many years they were a little over confident. Naomi Klein has been all over the talk shows this week as her book "The Shock Doctrine" is so relevant. In her book she discusses how our government uses an event that shocks us as an opportunity to push through laws and actions that we would not normally accept. Going into Afghanistan and Iraq after 9/11 is a perfect example. Or the patriot act after 9/11. Or after our initial invasion of Iraq how Paul Bremmer pushed through privatization of everything in Iraq. So while we are in shock watch out for what they try to do.
Luckily their bill was only three pages long so people could actually read it. And people seem to be paying attention.

Of course more and more info keeps coming out about McCain, his lobbyist friends, and his record on economic issues. Very interesting stuff. Of course one classic twist was McCain's ad that took a distant relationship with Obama and Fanny Mae and twisted it into a "you can't trust Obama on the economy ad" and then it turns out that he has tons of Fanny Mae connection including his campaign manager Rick Davis's lobbying firm has been payed by reddie Mac $15,ooo a month up until last month. Classic stuff.
Also Palin told kaite curick that Obama sways in the political wind about economics (he has been pretty consistent on this actually) while her running mate is the one who went against 26 years of being a self described deregualtor to say he will bring about regulation. He also wnet in one week from saying the fundamentals of the economy are strong t saying he cannot hold the debate tomorrow because of the economic emergency. such a bozo.