Brent Budowsky: Poor Go Homeless, Wealthy Get Bailouts

[Caro]

From The Hill’s Pundits Blog:

Gilded Age Crime: Poor Go Homeless, Wealthy Get Bailouts

Brent Budowsky

Driving to the Naval Academy at Annapolis, the route goes through poor neighborhoods where house after house have signs: For Sale.

What this really means is: foreclosed.

Listening to Jimmy Cramer yell and scream on CNBC about how “there is so much pain out there,” he was not referring to underpaid American troops, or homeless American poor, but the banks, hedge funds and private equity deal-makers whose hundreds of millions of dollars have been reduced to hundreds of millions of dollars.

In fact, the great pain suffered on Wall Street is this: At the market close this past Thursday, the Dow Jones average was up 3 percent, down from an all-time record high only several weeks ago.

These are tough times for the wealthy…

It is good that today the Fed cut the prime by 50 points, but it is bad, and terribly wrong and unjust, that in the last week the Fed has essentially used Americans’ money to bail out the wealthy who made the profits, while doing zero for the foreclosed and homeless…

With American troops getting killed because of a lack of armor we can’t afford to give them, paying loan shark rates for desperation loans because of fair wages we don’t pay them, with middle America feeling the squeeze because of the greed, and poor Americans going hungry and homeless, Jimmy Cramer cries out against the pain at the top. Erin Burnett sneers at the dream of a home, and the Gilded Age stars tell The New York Times they have more money, because they are superior.

Why are so many of these superior specimens of humankind the first in line for the bailout, paid for by those they believe inferior?...

Budowsky serves on the Advisory Council of the Intelligence Summit and is a contributing editor to Fighting Dems News Service. He handled intelligence issues for Sen. Lloyd Bentsen when the Foreign Intelligence Surveillance Act was originally passed, and was legislative director to Bill Alexander, then the chief deputy whip of the House. He can be read on The Hill’s Pundits Blog and reached at [email protected].

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Carolyn Kay
MakeThemAccountable.com

The excerpt above is posted with the full knowledge and permission, even encouragement, of the author, who wants his essays to be read by as many people as possible.

[Deja Q]

1. Meanwhile, the media states stores are losing money because people willfully refuse to spend.

:wtf:

People have very little TO spend; they're going to try to save it for the proverbial rainy day, and splurge when the next cornucopia arrives.

The truth about credit card debt

* In reality, most Americans owe nothing to credit card companies.
* Most households that carry balances owe $2,000 or less.
* Only about 1 in 20 American households owes $8,000 or more on credit cards.

[liberal N proud]

2. willfully?

We willfully run out of money at the end of the month?

$3.00 gasoline has taken it's toll.
Rising interest rates and double credit card payments are taking it's toll.

Everything cost more.
I don't even know where I can cut back any more than I already have.

The media will talk this nation right into a depression at the rate we are going.

[BlooInBloo]

4. lol! It's true - if many hadn't borrowed more than they should have....

.... they'd have more money to spend on retail items.

[BlooInBloo]

3. AND they get to sell the house again - it's like a double payday.