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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:31 AM
Original message
Asia Times: The fleecing of America
The fleecing of America
By Hossein Askari and Noureddine Krichene


After elevating America's supreme community organizer, Barack Obama, to the presidency, the US is hungry for another community organizer to put on a million-person march on Washington to express the collective national outrage at the fleecing of America - aka the continuing Wall Street bailout.

Americans need to vent their unprecedented frustration on the economic injustice that is bordering on highway robbery, congressional and federal incompetence, and the absence of a vision to unify Americans in a collective quest to create a better future. The US is in danger of losing collective momentum as a nation because individual lives are spiraling out of control. The people need to air their frustration, address issues with transparency, and move ahead collectively, unified as never before.

Yes, Americans are mad and they have a right to be mad. The financial crisis has been years in the making. Federal regulators and a number of administrations made mistakes that are being swept under the rug. These mistakes must be openly acknowledged and addressed in order to reduce the likelihood of another such calamity.

If people should give back their ill-gotten gains and maybe even go to jail, let's address it openly. The US financial system needed to be bailed out. But how? Where is the sense of fairness? While we had little choice but to rescue the large financial institutions, we should have extracted the maximum for the American taxpayer. ........(more)

The complete piece is at: http://www.atimes.com/atimes/Global_Economy/KA22Dj02.ht...



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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:58 AM
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1. A humbling article, thank you for posting it.
K&R, let's hope for many more K&Rs. This deserves front page presence.
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HillbillyBob Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:06 AM
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2. No it does not border on highway robbery its worse.
Steal from everyone that actually pays taxes and give it to thieves who wanted no regulations so they could out right steal our hard earned.
The Rpigs feel they 'deserve' the right to work the serfs into slavery.
I almost remember when republican meant to represent the people..but most of my life it has been represent the rich give to the rich and spout family values.
I have not priced pitchforks lately, but the old rusty one out in the shed that was here when we bought this old piece of farm can be sharpened,
I think we should descend on Washington to demand that all of wall street goes to jail and to release those caught up in the 'war on pot' in bush crony owned Wackenhut private prisons be released and lock up the real crooks.
Freeze up all of their assets including those in tax havens.
All of Wall Street, plus bush, cheney, rheummy, ashat, rove, paulson, greenspan, rice, up to and including Thain and all of those leheman brother directors (except maybe Teddy Roosevelt IV he was warning us about this coming. Saw him on Democracy now with Bobby Kennedy Jr months ago)
I have to make do on disability payment of less than 900$ a month, my partner was outsourced in 02 and has had to work for 1/2 what he made before. We have made much accommodation, but there is never quite enough to pay basic bills, let alone get ahead of them.
Okay I'm through ranting....for now.
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rurallib Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:33 AM
Response to Reply #2
8. The most incredible theft in human history. With a 3 page hold-up note
That is how I described it then and I stick to it. And congress still seems reluctant to go after the thieves. Which would almost make on think they are involved.
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Belial Donating Member (503 posts) Send PM | Profile | Ignore Sat Jan-24-09 07:08 AM
Response to Original message
3. Very good article..
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OneBlueSky Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:02 AM
Response to Original message
4. "mistakes that are being swept under the rug: . . .
I hate it when people discussing the financial disaster talk about those in power "making mistakes" when, for the most part, the fraud, the disregarding of regulations, and the ineffective "investigations" were completely deliberate . . .

there's a difference between making a mistake and committing a crime, and in most cases, BushCo's transgressions are of the latter variety . . .
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conscious evolution Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:08 AM
Response to Reply #4
5. I agree
Mistakes weren't made.A calculated plot to rob the US treasury and taxpayers is the cause of our financial problems.
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Frustratedlady Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:10 AM
Response to Original message
6. Are we going to get answers and possibly see some justice served?
There are a lot of angry people out there who have had their portfolios crushed and retirement programs wiped out when our economy tanked, not to mention the families that are struggling to keep their heads above water. I can't imagine all of this could have happened and they continue to ignore us... Why isn't someone made to stand up and explain? I don't get it.


Are they afraid that if we knew the truth, we would stampede? Well, maybe it's time for a good old-fashioned stampede on Wall Street and the financial sector to make those people stand face to face with us, look us in the eye and tell us what they did to contribute to this mess. Then, they can give back what they stole.

I'm totally disgusted.

Great article. K&R
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wroberts189 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 08:20 AM
Response to Original message
7. The bailout needs an investigation by a special prosecutor. nt
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MsLeopard Donating Member (717 posts) Send PM | Profile | Ignore Sat Jan-24-09 09:20 AM
Response to Original message
9. How could....
"How could the federal government propose and Congress consider a plan that was so obviously flawed from the start? How could the Treasury slip in a clause that changed the tax laws to save bank mergers billions of tax dollars without Congress knowing that this tax giveaway was there?"

How indeed, when they even admit that 85% of the calls Congress received during the few days of "discussion" (more like extortion)on this farce of gailout bill we against doing it? Our elected representatives, who could not give less of a sh*t about us an do not represent us at all, simply said FU. They bowed before their corporate masters and upheld the corrupt system for another day.

I'm all for sharpening the pitchforks. Let's go. A big K&R for this article, which once again is in a foreign newspaper probably never to see the light of day here. :eyes:
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snot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 10:28 AM
Response to Original message
10. k&r'd
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bvar22 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 10:51 AM
Response to Original message
11. Good on the Asia Times
This was NOT an Economic Rescue.
It was a last minute Smash & Grab committed by some of the wealthiest people in the World.
It was aided and abetted by their puppets in Congress.

It you want a quick touchstone to determine if a particular member of Congress actually gives a shit about Working Americans, just check how they voted of the No Strings Attached Bailout for The RICH & Connected.
There WERE people in Congress who STOOD UP and told America before the vote that this was theft, pure and simple.



The federal government and Congress have shown little vision or attention to detail. We need some answers. How could Congress even have considered the request by Fed chairman Ben Bernanke and now former Treasury secretary Henry Paulson for $700 billion, based on a handful of pages, that the authors abandoned in a matter of days?

How could the federal government propose and Congress consider a plan that was so obviously flawed from the start? How could the Treasury slip in a clause that changed the tax laws to save bank mergers billions of tax dollars without Congress knowing that this tax
giveaway was there? Did Richard King Steel, a former vice chairman of Goldman Sachs where he was a partner of Paulson, have anything to do with this just before becoming head of Wachovia and with Wachovia possibly benefiting from the change in the tax law?



NOW we have Your Childrens Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is Post-Partisanship !
Better get used to it!!
Hahahahahahahahaha!

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CrispyQ Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 11:31 AM
Response to Reply #11
12. Drain the Swamp Pelosi looks pretty damned happy.
Harry's re-calculating his personal wealth.

The biggest heist in history.

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