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January 17, 2008

 

Bush and Bernanke push corporate socialism

The financial types made, packaged and sold huge numbers of poor mortgages. As they traded these shoddy assets back and forth amongst themselves they, (Wall Street) paid themselves $25 billion in bonuses for 2006 and $32 billion for 2007.
Now Bernacke and Bush recommend a stimulus to replace the missing equity capital in the financial system. How can this not be called socialism? Or is socialistic tinkering with the system to protect the rich called a stimulus package while providing health care is oh so unAmerican.
The nation's debt has skyrocketed from six to nine trillion dollars under Bushco and as a legacy for his last year he will oversee spending a couple hundred billion dollars we don't have to bail out his cronies.
Meanwhile a useful scorecard to watch is that the Pound and the Euro continue to soar against the dollar even while Europe provides a social net for the health and retirement of their workers.
We get to inject billions into the economy in an act of corporate socialism; Wall Street takes out $57billion and yet helping the poor with medical bills and heating costs remains a danger to the American psyche.
As they say: "Go figure."

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Comments:
What an interesting take you have on this... I think you are onto something.

We are really screwed.

And it never event felt good at all. Ever.
 
Ah the hypocrisy of it all....!
 
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