George W. Bush and Hank Paulson give their pals as much as $140 billion on top of the $700 billion bailout (big secret) by changing Section 382 of the tax code. Reckon they were spreading the wealth or were they stealing from the poor and giving to the rich? Is that reverse socialism?
the middle class has declined under President Bush's reckless economic
policies, the people on top have never had it so good. For the first
seven years of Bush's tenure, the wealthiest 400 individuals in our
country saw a $670 billion increase in their wealth, and at the end of
2007 owned over $1.5 trillion in wealth. We have the most unequal
distribution of income and wealth of any major country on earth, with
the top 1 percent earning more income than the bottom 50 percent.
There has been a massive transfer of wealth from the middle class to
the very wealthiest people in this country, when, among others, CEOs of
Wall Street firms received unbelievable amounts in bonuses, including
$39 billion in bonuses in the year 2007 alone for just the five major
“Most of my constituents did not earn a
$38 million bonus in 2005 or make over $100 million in total
compensation in three years, as did Henry Paulson, the current
secretary of the Treasury, and former CEO of Goldman Sachs,” Senator
Bernie Sanders said moments before the Senate voted Wednesday for a
$700 billion Wall Street bailout.
“Most of my constituents
did not make $354 million in total compensation over the past five
years as did Richard Fuld of Lehman Brothers,” Sanders added. “Most of
my constituents did not cash out $60 million in stock after a $29
billion bailout for Bear Stearns after that failing company was bought
out by J.P. Morgan Chase. Most of my constituents did not get a $161
million severance package as E. Stanley O'Neill, former CEO Merrill
Sanders argued that those who caused the problems
in our economy should pay for the solution. "If we are going to bail
out Wall Street, it should be those people who have caused the problem,
those people who have benefited from Bush's tax breaks for millionaires
and billionaires, those people who have taken advantage of
deregulation, those people are the people who should pick up the tab,
and not ordinary working people,” the senator had argued.
He offered an amendment that would have taxed the very wealthy to pay for the bailout. It lost on a voice vote.
So Sanders voted against the bailout bill, which nevertheless passed by
a lopsided majority in the Senate. The plan reportedly is gaining
ground in the House, which could take it up on Friday.
See my comments in the video below: I suggest the lending institutions have acted like a bunch of 3rd world
hooligans with their lending practices and got themselves in a bind and now
George W. Bush is going to
bail them out with our tax dollars.
Could it be that taxpayers being foreclosed on could be bailing out these
hooligans with their tax dollars? I believe the answer is yes. For the life of
me I just can't understand why the we put up with this. Where is the outrage??? The
Fed has dumped so much money into this problem that we'll be lucky if the
dollar is worth anything when these folks get through propping up their pals.