Thursday, October 02, 2008

Bail out People, Sink the Banks

Bail out Main Street not Wall Street

In the US, they're calling for:

  • Putting real regulations back on runaway financial corporations, and taking an ownership stake in exchange for any taxpayer support
  • Providing mortgage relief so ordinary Americans stop losing their homes
  • Putting millions to work by investing in new green jobs and infrastructure
  • Investing in a health care plan to cover everyone

It all seems pretty relevant to Australia. Just add " invest in affordable housing" to that list.

How to fix the Wall Street mess

Can't go past this item by Michael Moore! Here's an excerpt:

The richest 400 Americans -- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion.

During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion -- the same amount that they are now demanding we give to them for the "bailout." Why don't they just spend the money they made under Bush to bail themselves out? They'd still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that -- at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do -- spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money?
I would like to propose my own bailout plan. My suggestion are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps.

Sorry, fellows, but you drilled it into our heads one too many times:

There... is... no... free... lunch.

And thank you for encouraging us to hate people on welfare!

So, there will be no handouts from us to you. (more...)

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