A Plea To President Obama: Don't Bankrupt America

[Donnachaidh]

http://www.yesmagazine.org/article.asp?id=3400

by Sarah van Gelder

President Obama's massive giveaway to Wall Street threatens to bankrupt the federal government and undermine the agenda that got him elected. Here are some first steps needed to change course.

Dear President Obama,

I'm getting a sinking feeling. Watching your appointees' latest bank bailout makes me wonder if all your administration's good work on health care, education, and jobs will be swept away by the extraordinary giveaway of trillions in taxpayer money to a group of powerful Wall Street operatives, who appear willing to bankrupt our country to continue building their wealth and power.

Could this be happening on the watch of someone who, like yourself, came to Washington with the promise of personal integrity and a concern for the common good?

From outside the Beltway it looks pretty clear: Your financial team's identification with Wall Street corporations is compromising their ability to advise you on what can save our country. Please listen to some of today's most astute independent analysts:

Jeffrey Sachs, Columbia University economist:

"Two weeks ago, I posted an article showing how the Geithner-Summers banking plan could potentially and unnecessarily transfer hundreds of billions of dollars of wealth from taxpayers to banks. ... In fact, the situation is even potentially more disastrous than we wrote. Insiders can easily game the system created by Geithner and Summers to cost up to a trillion dollars or more to the taxpayers."


MORE at the link above --

[Barack_America]

1. *sigh*

I guess we'd better stock up on ammo and guns before Obama takes them away too.

[NJmaverick]

5. You notice how the author of this crap dishonestly calls loans and the purchasing of stock

"give aways"? Shameful that their are supposed liberals using the same dishonest tactics the freepers use.

[Rosa Luxemburg]

2. it depends whether the world decides to have banks

if they go under there will be none left and you will have to put your money under you mattress.
:)

[MadHound]

3. Umm, hate to tell you, but America is already bankrupt

Now it's just about two things, who gets the lion's share of the carcass pickings, and who gets the tab. C'mon, we're in debt for over $10 trillion dollars. We're continuing to hemmorage money, paying off Wall St., the Military Industrial Comoplex, and the rest of the rich and powerful elite. Meanwhile, the rest of the world is slowly, but surely cutting us loose. Two huge disasters are looming ahead, when the dollar is no longer the world currency, and when China no longer lends us money. Those two events are coming quicker than you think, and when they do, we, as a country are goners. Right now all that's being done is re-arranging the deck chairs on this sinking ship, while the rich bail out on us with their billions safely stashed away, and converted to gold and Euros.

[closeupready]

4. +1

n/t

[marketcrazy1]

6. the President said

"I will never lie to you" ( the American People ). a lie of omission is still a lie.. many of the largest banks in America are insolvent, the President knows it but he will not say it ( for "our own good" he is shielding us from the truth ). toxic debt needs to be defaulted and purged from the system, insolvent banks need to be closed, restructured and reopened with clean balance sheets. derivatives need to be fully regulated and moved to an open exchange with full margin and collateral supervision imposed immediately. Wall street bonuses need to be clawed back and balance sheet fraud prosecuted. ratings agency models are flawed by collusion, banks should not be allowed to "buy" triple A ratings for their toxic crap as has been the practice in recent years. this fraud needs to be stopped and punished. the President needs to keep his promise and tell America the truth.......... we can take it.