Mortgage banking meltdown: There’s no valid purpose Reason That corporate America’s Politicians are subservient to Wall Street and the super rich. The Bush administration on Friday Announced plans for a massive federal bailout and Unprecedented of the US banking system. In separate appearances Friday morning, Treasury Secretary Henry Paulson and President Bush Announced a Series of Measures to shore up collapsing and Financial Markets Called on Congress to pass legislation next week to use, in Paulson? S words,? Hundreds of billions? of Taxpayer dollars to buy Virtually worthless mortgage-backed assets That Can not Be sold on the market from banks and Other Financial Institutions. Said Paulson ET Would Meet over the weekend with congressional leaders to lay out the details of the government plan. With this plan, the full cost of the immense Debts piled up by the banks Will Be Imposed on the American people. Will it shift the banks? Liabilities onto the federal government, budget deficits sharply Increasing government and the US debt, a process further Top That Can Only erode the creditworthiness of the United States and place a bigger question mark on the value of the USD. The immediate line-up of Both Parties and the media behind the bailout plan for Wall Street stands in starkest contrast to the indifference and inaction in Their eyes to the plight of millions of American working people, Who face a Rising Tide of home foreclosures, Layoffs and sinking living standards. When It Comes To The Social Needs of the people, the universal cry from corporate America and the two-party IS? There Is No Money? When The purpose of the Financial elite fortunes are Threatened, the full power of the government and unlimited resources are marshaled Virtually at a time? s notice. There Was no suggestion in the statements of Bush and Paulson Any of relief for the working class? Nothing to stop home foreclosures or help Those Who Have Already Lost Their homes. Rather, Hundreds of billions? And more Likely trillion? Of dollars in public funds Will Be Used To prop up the banks. The bankrupting of the government Resulting Will Be Used To justify a brutal assault on What Remains of Social Programs, Including Medicaid, Medicare and Social Security, and Greater Financial Enquiry Events? Sacrifices? Workers from, whether the next administration headed by IS Obama or McCain. Nothing Could more Clearly Demonstrate That behind the fa? Ade of American democracy There stands a Dictatorship of big business. In His statement, Paulson said? Comprehensive? WAS action needed? to address the root cause of our Financial System stresses. The Underlying Weakness in our Financial System Today is Illiquid mortgage assets lost value as That Have the housing correction HAS proceeded. ? This is a lie. The root cause of the crisis Is The unbridled Parasitism of American capitalism, Which over a Period of Decades HAS Dismantled huge sections of industry in order to reap super profits for the rich by Means of financial speculation and fraud, based on a massive buildup of debt . Now the bill IS Being Passed to the American people. Bush, flanked by Paulson, Bernanke and Cox, Called for a government bailout of Wall Street in the name of? Our system of free enterprise. ? There Will Be ample Opportunity to Debate the origins of this problem,? He Said. ? Now is the time to solve it. ? There Will, In Fact, be no Debate or discussion. Nobody Will Be Held Accountable for the Greatest Financial Scandal in world history. There Will Be no penalties. No one Who made tens and Hundreds of millions from the plundering of America Will Be Forced to give back a dime. All of the Financial Resources of the United States are Being Placed at the Disposal of Wall Street and Every American citizen, Without Being Asked, IS Being Given The Responsibility for Covering the Debt of the Richest people in the country.
