David Sirota: The Michael Jordan of Bailouts

[marmar]

from truthdig:



The Michael Jordan of Bailouts

Posted on May 27, 2010
By David Sirota


Based on John Kerry’s 2004 declaration that “I actually did vote for the $87 billion before I voted against it,” you could credibly argue that the Massachusetts Democrat is the founder of modern political flip-flopping—the James Naismith of the political world’s most dazzling sport. By that metric, though, you would also have to acknowledge that Kentucky Republican Sen. Mitch McConnell is the game’s Michael Jordan.

As the upper chamber’s GOP leader, McConnell backed the Wall Street bailout in 2008, calling it “one of the finest moments in the history of the Senate.” A year and a half later, he was telling reporters that he vehemently opposes bailouts of big business.

Now, just weeks after that textbook “for-it-before-against-it” feat, McConnell and his Republican cohorts are leaping past the Kerry-inspired fundamentals. Determined to pull off an all-star caliber act of “for-it-against-it-for-it” acrobatics, the GOP is pushing a bailout for yet another big business: the oil industry.

True, we haven’t heard that word—bailout—during the Gulf of Mexico disaster, which the government calls the worst petroleum spill in U.S. history. But we have heard a lot about the oil industry’s “liability cap”—a term that is just another synonym for bailout.

See, someone is going to bear the massive cost of damage to the Gulf Coast economy. The lost wages, sales and revenues will be borne by either (A) fishermen, motel owners and other small businesses whose livelihoods are being choked in oil plumes, (B) taxpayers whose cash would finance disaster aid and victims’ benefits or (C) oil firms whose rig caused the catastrophe in the first place. In this particular calamity, a bailout would permit C to pass off major portions of the economic cost to A and B.

Which, of course, is precisely what existing liability caps are designed to do. ............(more)

The complete piece is at: http://www.truthdig.com/report/item/the_michael_jordan_of_bailouts_20100527/

[CrispyQ]

1. "But anything we do for big business is good for us!"

If I hear one person say that in regards to this spill I'm afraid I might do them physical harm. And I'm sorry to say that I know plenty of dems who have the same attitude -- we must do what we can to pave the way for big business.

When are the 'regular Joe types' going to wake up & realize that the corporations have shipped our jobs overseas, they are cutting our wages & benefits, they avoid paying taxes with their fancy accounting schemes, they are strangling workers rights to organize & they are defiling our ecosystem?

If we don't rein these behemoths in they will be the demise of us all.

[OhioChick]

2. K&R n/t