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‘Democracy Now!’: Sen. Sanders, Scheer on the Bailout Boondoggle

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Posted on Sep 22, 2008
Goodman
democracynow.org

On Monday morning, as the aftershocks from Wall Street’s worst week in decades continued to rock the national and global economy and the Bush administration scrambled to contain the fallout with a bailout plan that could cost American taxpayers over a trillion dollars, Sen. Bernie Sanders, Robert Scheer and Dean Baker joined “Democracy Now!” host Amy Goodman (right) to sort through the rubble and speculate about what might come next.

Follow this link to watch the clip.

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Anarcissie's avatar

By Anarcissie, September 24, 2008 at 5:54 pm Link to this comment

Tony Wicher: ’... Once the housing market is stabilized could we try to sell the houses for more than we paid for them and get our money back, or maybe even make some money?’

The housing market is not going to be stabilized.  The buyout is essentially more funny money, or funny credit, pumped into an already inflated market which has started to crash because people realize that it’s inflated.  That’s what caused the problem in the first place.  More of it will cause an even bigger problem.  It was a kind of Ponzi scheme, and eventually these things crash.

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By Tony Wicher, September 24, 2008 at 3:17 pm Link to this comment

Now that chickenshit McCain is saying he wants the debate delayed. Obama is going right on campaigning and says they can call him if they need him. What a cool customer he is! So it’s going to be Obama against an empty chair on Friday in front of 100 million voters?

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By Tony Wicher, September 24, 2008 at 2:07 pm Link to this comment

Anarcissie,

Sounds about right to me. I find it bewildering to think about. It seems to amount to the government (that’s us taxpayers) buying all the defaults, so now we own a whole bunch of houses. Let’s say we pay 50 cents on the dollar for them. That’s like getting them cheap in a foreclosure sale. Once the housing market is stabilized could we try to sell the houses for more than we paid for them and get our money back, or maybe even make some money?

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By Anarcissie, September 24, 2008 at 11:42 am Link to this comment

Tony Wicher: ’... I would like to see Obama show that when push comes to shove he is a progressive Democrat, not a corporate one.

Democrats are digging in their heels, I hope. Now we will get to see what they are made of. They better not cave on this!

I am sure Obama is going to be as cautious and conservative as ever, but he is beginning to be enveloped by events.  I gather from numerous objections from both Democrats and Republicans in Congress that the bailout is not playing at all well back home.  It is too late to turn the swindle into a game show or a soap opera, and consequently many of the folk have figured out that they are the suckers and they will actually have to pay for the bailout in either taxes or inflation.  All of the Representatives, and one-third of the Senators who are not quitting are up for election in about six weeks.  I don’t think they’re going to vote for the current plan, and if they do, I think there is going to be a lot of trouble.

My guess is that what the Administration and their compliant friends of both parties are going to do now is try to concoct something less blatant, some kind of baffling monstrosity with the same basic outcome.  But that may not fly either.

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By AT, September 24, 2008 at 6:15 am Link to this comment
(Unregistered commenter)

Wonder what happened to raving lunatic like the Troskyite David Horrowitz. Still waiting for a grant from Goldman-Sachs?

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By Outraged, September 23, 2008 at 8:41 pm Link to this comment

Re: Hammo

Does that offer include any ShamWows?  An added, added, added bonus of a potato peeler…or anything that could really clinch the deal, so I could make my mind up QUICK..!!!?

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By Hammo, September 23, 2008 at 9:09 am Link to this comment

Take advantage of this special offer. It is available for a limited time only! To find out more, see the article:


Wall Street’s special offer – but you must act now!

Sept. 23, 2008
AmericanChronicle.com

http://americanchronicle.com/articles/75216

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By mlb, September 23, 2008 at 7:30 am Link to this comment

Scheer was great on DemocracyNow!, as expected.  So were Baker and Sanders.

Obama sounds exactly like Bush!  We have no money for education, health care, infrastructure, but trillions for Wall St. and the military.  He’s not proposing a moratorium on mortgage foreclosures, as Scheer sanely advocates.  His plan is the GOP plan: reward the Wall St. crooks for their crimes while making the rest of us suffer. The more money he takes from us and gives to the crooks, the more the dollar will fall and inflation will rise. 

Obama may belong to the party, but he is not acting like a real Democrat.

I really think the Left had better get its act together and start being a hell of a lot harder on Obama.  If he doesn’t move from his rightwing positions he’ll lose the Progressive vote even as the troglodytes for Jesus come out in droves to vote for Sarah Palin.

I am a bit hopeful though, because I believe that few Americans will fail to see this theft for what it is. It’s an issue that crosses all party lines.  It’s us vs. the government, and it’s up to us to stop them.  We have to speak up!

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By troublesum, September 23, 2008 at 1:51 am Link to this comment

Ron Paul is the only one in Washington who says we don’t need a bailout but no one is talking to him except Wolf Blitzer.

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By Tony Wicher, September 23, 2008 at 12:58 am Link to this comment

Both Scheer and Baker make excellent statements. I agree with Scheer’s assessment of the Obama campaign. Robert Rubin does represent the “corporate wing” of the Democratic party which bears responsibility along with the Republicans for the financial meltdown. I agree with Scheer that Obama would get rid of him, which I presume he will since Rubin is a big political liablility at this time, allowing Republicans to say that Democrats screwed up as much as Republicans. This isn’t true; Republicans are far more responsible; they have led the fight for deregulation since the Reagan Administration, but the corporate Democrats went along with it during the Clinton administration, whereas Bernie Sanders and the more progressive Democrats opposed it. I would like to see Obama show that when push comes to shove he is a progressive Democrat, not a corporate one.

Democrats are digging in their heels, I hope. Now we will get to see what they are made of. They better not cave on this!

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By Outraged, September 22, 2008 at 8:20 pm Link to this comment

Scheer’s comment: “when Bush and McCain and Paulson, who was head of Goldman Sachs before he was head of the Treasury,

>> My, my, my….it’s a small world after all,..la..la..,la…la,...after all…  Phil Gramm = Goldman-Sachs, Robert Rubin = Goldman Sachs, Henry Paulson = Goldman-Sachs.  Check out this story (July 2008):

“If there’s something weird in the financial world, who you gonna call? Goldman Sachs.

The US government, involved in a firefight against the conflagration in the credit markets, is calling in another crisis-buster from the illustrious investment bank, this time Goldman’s most senior banker to finance industry clients, Ken Wilson.

And so with this appointment, the Goldman Sachs diaspora grows a little bit more influential. It is an old-boy network that has created a revolving door between the firm and public office, greased by the mountains of money the company is generating even today, as its peers buckle and fall.

Almost whatever the country, you can find Goldman Sachs veterans in positions of pivotal power.”  (Almost sounds like “The Family” doesn’t it, or is this strictly another faction altogether)

http://www.independent.co.uk/news/business/analysis-and-features/how-goldman-sachs-took-over-the-world-873869.html (be sure to “entertain” yourself with the list of names towards the end, and if you’re adventurous, click, the “Interesting, Click here to explore further”, link.)

Great points Robert Scheer, Thank you.:

“JUAN GONZALEZ: Bob Scheer, the issue also of this rush to pass this legislation—I’m reminded somewhat of the PATRIOT Act after 9/11: an immense tragedy occurs, and immediately they try to rush through legislation without many of the members of Congress even having a handle as to what it really contains.

ROBERT SCHEER: Oh, it’s absolutely outrageous, and we can’t let them get away with it. I mean, consider that Paulson was the head of Goldman Sachs, OK? He knew about credit swaps. He knew about hybrid instruments. He knew all of this stuff. And now he’s the guy that says Congress has to give him a blank check, it has to be a pure bill? Nonsense!

This is our money. Why isn’t this money used to help people who are going to lose their houses? You miss two, three payments, and they’re going to foreclose on you; then they say, “Well, we hope the banks will work out new agreements.” Nonsense! Do a freeze on foreclosures. Stop the bleeding. Have a year to let it settle, and force the banks to come to agreements.

You know, but, I mean, the idea that they didn’t know what was going on, well, this is a Ponzi scheme of their creation, and they thought they would bail before it hit the fan. That’s what they thought. They’d be gone, and someone else would be blamed.”

>>  And let’s not forget this “blank check” puts all the power in Paulsen’s hands, and didn’t they want to consolidate two federal agencies and give this undesirable even MORE power and authority…. I thought I just read that somewhere…

Now…. could you drop some leaflets….

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By Outraged, September 22, 2008 at 7:25 pm Link to this comment

Dean Baker makes some rather “moving” points.

“And let me just make one point that everyone should be very, very clear on. This was not an accident, in the sense that this is like a hurricane. This was a totally predictable event. So when President Bush or Henry Paulson say, you know, we have to come to the rescue, it is because of their incompetence, because people who understood the economy—and putting myself among those, but there are others—we were warning about this a long, long time ago. This was a totally predictable event that brought us here.”

>>  When addressing this whole predicament this focus should never be lost or taken lightly.  Yet even now Bush and his cohorts (Paulsen..et.al) are attempting to refabricate the entire issue as a sudden crisis which we as a country need to “rally ‘round the flag for”.  It’s enough to gag a maggot.

Baker’s quote: “The bailout should not be fun, if it’s constructed right. The way this should be constructed is, if you’re on the edge of bankruptcy, you come to the Treasury, and you get the money. But guess what? You’re selling your company, and you also have serious limits on CEO pay. You know, you only get $2 million a year; how’s that? Or maybe less. You know, some people have proposed less than that. But the bailout has to be punitive, if it’s serious. It shouldn’t be a field day. We shouldn’t have people lining up to get in. That’s telling us that this is not a serious bailout. So the idea that the administration is proposing is that the people who were engaged in incredibly reckless behavior, who made out like bandits, getting tens of millions of dollars in salary and compensation over the last few years are now going to get this $700 billion blank check from the American taxpayer. It’s just unbelievable.”

>> Thank you, Dean Baker.  Now, do you think you could you drop a couple of thousand leaflets with this information on top of our congress, WH, and all major banks.  While you’re at it, it wouldn’t be a bad idea to drop a couple of sacks down on rural america, where this show isn’t available.  I have great faith that you’ll hear them beating the drums from village to village, country folk become mighty inflamed when they hear of things like this.  Almost wild, I’d say.  If I were McCain, I’d definitely choose my words carefully campaigning out in the sticks.  I wouldn’t bring Gramm, he might just end up in someone’s smokehouse…yep.

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