Wall Street Coup Very Unpopular!

[Joanne98]

EQUINOX 2008

Elaine Meinel Supkis


Dear, wonderful readers...we now have enough money to go to DC and even stay in a hotel. We can and will lobby hard because everything is now up in the air and it is time to move forwards! The bank bail bill is VERY unpopular with the good people of America. So we have leverage. I am going to visit Ron Paul's people first. And will be hauling my laptop around and the camera. We must fight back and we will fight back! Courage, everyone! Passive acceptance of the actions of the ruling elites is going to be replaced with anger and action on the part of the PEOPLE of the United States!


Fury at $2.5bn bonus for Lehman's New York staff

Up to 10,000 staff at the New York office of the bankrupt investment bank Lehman Brothers will share a bonus pool set aside for them that is worth $2.5bn (£1.4bn), Barclays Bank, which is buying the business, confirmed last night.

The revelation sparked fury among the workers' former colleagues, Lehman's 5,000 staff based in London, who currently have no idea how long they will go on receiving even their basic salaries, let alone any bonus payments. It also prompted a renewed backlash over the compensation culture in global finance, with critics claiming that many bankers receive pay and rewards that bore no relation to the job they had done.



Moral hazard time! If there is no one punished for crimes and destructive actions, nothing will be fixed. The bankers and pirates will simply return to their palaces or islands and wait out the storm. Then they return to do even worse. Punishing only one or two doesn't fix anything, either. We saw that in the collapse of the Savings & Loan mess. The US public got stuck with the clean-up bills while most of the people who made a killing walked away with red ink on their hands.


This massive rescue under the Reagan/Bush team set the stage for today: attitudes didn't change and everyone thought, this would be the model for the future. So they unleashed the biggest banking collapse in history. The people who need to be arrested are not just investment banker this or hedge fund fraud that, we need to arrest the true architects of these messes: the heads of the Federal Reserve, the Treasury officials who lie to the public and the President who presided over all this.


Impeach Bush! When the left and far right libertarians united three years ago to demand this, the Democrats were handed control of both houses in Congress. Only to see the corrupt military/industrial complex head of the House, Pelosi, openly refuse to even TALK about impeachment. So 50% of Americans who seethe for impeachment were ignored or even openly mocked. The popularity of Congress has plummeted along with Bush's support.


We MUST arrest Greenspan for cutting interest rates along with Bush's reckless tax cuts. Congress MUST punish itself for ignoring budget restraints these tax cuts imposed. I would say, all of Congress should resign. Then we can have elections with NO ONE from the previous Congress except for those who voted against all the budgets from 2001 onwards.

http://elainemeinelsupkis.typepad.com/money_matters/2008/09/wall-street-cou.html

[stray cat]

1. How many company payrolls rely on the economic system to pay employees?