This week came the news that the Bush administration intends to hand Wall Street a $700 billion Get-Out-of-Jail-Free card, in a move to help alleviate what is being called the greatest economic crisis since the Great Depression.
Federal Reserve Chairman Ben Bernanke has urged Congress to act quickly on the economic recovery proposal, warning that delays threaten the stability of financial systems both here and abroad.
We advise caution and sober consideration of this proposal and alternatives before Congress acts. The bail out is being pushed down our throats as a necessary measure to keep the wheels of the U.S. economy moving at any sort of pace. It seems to us a knee-jerk reaction, a last grasp after the extraordinary gestures in the past few weeks—taking control of mortgage giants Fannie Mae and Freddie Mac, giving an $85 billion emergency “loan” to the insurance company American International Group Inc. and temporarily banning short selling of hundreds of financial stocks—have failed to slow this train from running off the tracks.
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We still have yet to hear answers from Bernanke and Treasury Secretary Henry Paulson about how taxpayers will find shelter under this proposal. How will Asian Americans, who have worked so hard for their money, be protected?
We Asian Americans have disproportionately high rates of home ownership; we pay our mortgages on time. We strive to find a good job and a nice home, so we can build our family. This bailout plan does nothing to help the average Asian American. This plan will only increase the tax burden of working families. Why must we Asian American taxpayers have to give our hard-earned and well-saved money to corporations completely removed from our community?
President George W. Bush says it has taken a long time for America to have reached this financial crisis. He doesn’t seem prepared. But many Asian Americans have been preparing for the economic security of their families and their futures. Don’t put this problem on them now.
You don’t have to be an Asian American to appreciate these sentiments. The bailout will injure the financial futures of all hardworking Americans who have striven to be responsible with their money.
I think what most people fail to see is that the damage is already done. The robber has run away with our money and the bank is empty. Either we filled that bank back up with money or watch our economy collapse, both will be painful for the whole country. This is what happens when we lean too much towards capitalism and now we need more socialist tools to balance our economy.
C/D/ os pm tje mark. In this dog-eat-dog and no-holds-barred, to date that is, “game,” there are only two species: exploiter/oppreessor and exploited/oppressed.
What’s “race” or creed or culture got to do with it?
NADA.
And this blog’s resident sage, Huang Fong also has it right, as in accurate. The “glovalized” “free enterprise” “capitalist” (as in “Marxism”) “model” has imploded, self-immolated, sepuiku’d, finally strangled the golden goose it failed to toss sufficient crumbs to survive, much less subsist.
While the Parties” candidates spar within the perimeters of their “box” of both perceptions and premises, the “real” world beyond these shores have azlready taken their own counsel AND measures.
I read Ahmadinejad’s entire UN address, and, while bemused by HIS “p.c.” obeisances to tge nyskun theology, found NOTHING “threatening” and much “humanitarian.” Even in the cause of Palestine, all he asked for was what amounts to a plebiscite. And his general theme of an American hegemony already past jibes perfectly with this very specific “issue” of an economic
“meltdown.”
Apropos of which, Paulson is still a top exec with one of thee remaining Wall Street Ziggurats? And Elaine Chao, what “nationality” does SHE xlaim?,, as public servant and cabinet secretary, pushes for a “bailout” that appears to be infuriating the poblic, not excluding a raft of “economists” who are counselling WHOA, let’s consider options, if any.
The facts have been out there for years, the warnings as well. And the prognosis from this snake-oil salesman is, take a couple antacids and wait for your viscera to calm down enough to “think,” of that is possible.
And, no, awarthur, the pilot of a bomber is NOT the solution.
Folks:
Fkrgive the typos.
“on the mark”
“muslim”
etc. etc.
faltering fingers
The last sentence should read:
Lao=tze. anyone?
Sorry, but these fingers lost an entire screed on why I believe it is time for EVERY “adult” in this world to stand up to those miscrean juveniles, of every age group and every aggressive stripe.
The theme was simple:
We have too long endured the global reign of “rugged-individualst” capitalist exploitation of all and sundry, and bowed and scra[ed before that model of hubris and greed and juvenilia.
The human race does NOT need the primitive, atavistic prejudices, beliefs, AND mutually destructiive ACTIONS of the warmongers and profiteers and fearers and haters of their brother and sister humankind.
What we DO need is a NEW, well, likely ancient, “model,” one which subscribes to another ideal, another “morality,” and, most importantly, another set of VALUES, as in what we believe in, cherish, and strive for.
Buffett’s billions are a testament to the old. God, anyone’s, help us if we fail to find the beginnings of the “new” that can lead us out of this darkness of our own strivings and longings and benighted beliefs.
whate
OH, and lost in that nattering screed was the reference to the fact that in Ahmadinejad’s UN azddress, near the end, he invoked not only the muslim “Prophet,” but Noah, Abraham, Moses, and Jesus Christ himself, something “our” fundamentalist “Christians” appear unable tto match.
And tjhat’s where I lost the thread, bemused, and rueing the fact that the man failed to mention the Gautama. OR an agnostic like Lao=tze.
Secular humanists, anyone?