
Isn't this all just too special. The Bush administration doesn't want to create a welfare state for homeowners boxed in on mortgages, but is willing to pony up $30 Billion to bailout big banks, brokers and mortgage finaglers. Of course that amount is a pittance compared to what has already been squandered in Iraq.
Republican "responsibility" starts and ends with "Borrow and Squander". Incidentally, the $30 Billion Bush, Inc. is willing to dump into failing big business is about $100 per man, woman, and child in the US. Would the US economy be better off with dumping $100 per person into the economy instead of into bailing out overpaid executives and stockholders riding on a wave of speculative optimism? [A Paul Krugman article indicates the bailout may be as large as $400 Billion and even that may not be sufficient without other changes]
A few posts ago, the money dumped into Bear Stearns was previously noted by Greg Palast as he suggested that the Eliot Spitzer "affair" was more a diversion from the real economic problems than anything else. That huge money dump has now been followed up with JP Morgan bank buying up Bear Stearns for $2 per share..shares which were selling for $150 just a few months ago. Even associating a high-priced whore with Eliot Spitzer was not however enough to divert the opinion of every American.
This forced merger generates an even more huge concentration of wealth and economic power in the hands of even fewer people. It may be time to start thinking about the logic of collective wisdom and knowledge. Even the logic of crowds may be better than ever more concentration of power and wealth in the hands of an ever smaller "crowd".
I have wondered how any humans can be so incredibly intelligent and wise that they can handle the full demands of huge operations like the US Government and businesses that have control of huge markets. I think we will be seeing more evidence that mere mortals are mere mortals no matter how many million they may be paid by other mere mortals deciding they too are minor gods and godesses of the government and economy.
Wall Street, we have a problem. How many more businesses have stock prices inflated beyond any reason or logic and which will come tumbling down from $150 to $2 in a matter of months?
Let's remember that all the cheap easy to exploit resources of the US have pretty much been converted into scarce or expensive resources. There are no longer resources that can be pissed away on mindless wars without huge consequences for the "General Welfare" of the United States.
The conspiracy between Bush,Inc and big business shares much in common with the failed fascism and corporatism of wartime Italy.
Perhaps what is really needed is a cascading collapse of the huge corporations with the debris ending up in a crowd of wisdom.
[On edit later, a link predicting a mess: NWLINK to Truthout on Walker
**Stay tuned even if your retirement disappeared with Bear Stearns transfer to JP Morgan--- Doug Wiken
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