Political Whispers: A Look Into Today's World of Dark Politics

BAIL OUT OR NO BAIL OUT: THAT IS THE QUESTION

By Schuyler Thorpe
Author and Political Activist

Despite all the reshuffling of our belongings to storage–as we are going to become homeless by next Tuesday–I’ve been keeping up on the developments surrounding the firestorm with bailing out Wall Street to the tune of $1 trillion dollars or more. (Because $700B is too low a number.)

What I find disturbing is how John McCain thinks that this can be his “shining moment” where he comes in to save the day–in classic John Wayne style.

First he makes contradictory statements that the bailout plan will be approved and that Congress is making progress, but apparently things have gotten so bogged down with resistance from conservative Republicans and some Democrats; that the realistic chances of this passing any time soon–even by next Monday (at the White House’s insistence) is almost next to nothing.

But then McCain does a curious flip-flop by first suspending his campaign–and then claims he needs to hurry to Washington to get things going. (Even though he has already stated that he knows next to nothing about the economy.)

However–he has time to do some media interviews and then pisses off David Letterman all at the same instant; by claiming he “can’t make it”?

(I don’t blame Dave for being upset. I would be too!)

When McCain finally gets to Washington, his role in the bailout becomes even more clear: He’s just a minor functionary at best. His place in the crisis is nothing more than a small footnote and an unimportant one at that.

Not a real player at all.

Because what it boils down to is whether or not Congress has the stomach to swallow this massive bailout plan–which is mostly the GOP’s cause in the first place. (With their love affair for a deregulated market.)

Democrats on the other hand face little backlash from this appropriation measure–because in classic Democrat style–they are always the ones to come in and clean up the Republicans’ mess–long after they leave office.

But it still leaves the American people with two choices: Do something now and delay an even more painful recession down the road.

Or do nothing at all, watch everything collapse, then pick up the pieces afterwards.

If I were a betting man, I would go for the latter.

Because we may need that $700B later to rebuilding our shattered financial system–not use it to bail out the fat cats of Wall Street.

Schuyler Thorpe is an author, a political activist, and a frequent letter writer to The Everett Herald of Snohomish County. He can be reached at: starchildalpha1 at yahoo.com

Labels: bailout, Congress, Democrats, financial crisis, John McCain, Republicans, Wall Street

posted by Schuyler Thorpe @ 1:16 PM 0 comments

TAXPAYERS ON THE HOOK FOR TRILLIONS IN BANK BAILOUTS

By Schuyler Thorpe
Author and Political Activist

When Bush said that the Iraq war would only cost taxpayers $50B back in 2003; he should’ve grabbed Cheney’s crystal ball and fast-forwarded the real amount of the conflict by a factor of 3000; by presenting the American public in 2008 with a staggering bill that will reach anywhere between $1.3 trillion dollars and $3.2 trillion. (The latter used as a safety-net in the event that a future President Sara Palin decides to stick it out in Iraq on the likelihood that John McCain kicks the bucket prematurely during his first and only term in office.)

So when the media and the government tells the people that we are only going to be on the “hook” for as little as $25 billion to $50 billion, I wouldn’t be cashing in your chips just yet.

The true staggering amount that the government will have to bail out one major institution after is far retching than just a small paltry amount revolving comfortably around the $25B or $50B number in retrospect.

Many of the banking institutions and mortgage lenders hold trillions of dollars in holdings, liens, and treasury notes–which are being sucked down the hole of debt created by the foreclosure market meltdown.

Do you honestly think that both the mortgage industry and the banking institution–which has been deregulated by the Republican Party these last 8 years or more–will only be slapping each one of us lightly with pitiful amounts of accrued debt by the time all this mess is sorted out and taken care of?

Dream on.

The American taxpayer is going to be screwed up the ass over the next couple of years or so–depending on how long this foreclosure crisis lasts–and be stiffed for hundreds of billions in higher taxes; just to cover the huge losses incurred by the mortgage industry and possible trillions tacked on by the failing banking system–as each major bank falls prey to sour and bad loans.

Then we have the credit crisis which has yet to be addressed. And when that costly endeavor is over too…?

There may not be much of an America left to by cheap beer with anymore.

Schuyler Thorpe is an author, a political activist, and a frequent letter writer to The Everett Herald of Snohomish County. He can be reached at: starchildalpha1 at yahoo.com

Labels: bailout, Federal Reserve Bank, foreclosure crisis, Iraq, media, President Bush, tax payers

posted by Schuyler Thorpe @ 2:50 PM 0 comments