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Enough of Everything but Dollars - The Money Party at Work

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Enough of Everything but Dollars

The Money Party at Work

Michael Collins

The government bailout of failed financial institutions locks you into years of debt payments in behalf of the large private banks, debts that you did not create. 

By all appearances, it also locks the country into years of a weak economy.  That means unemployment, underemployment, and more suffering for those willing to work, but left out of the job market.  It means lowered opportunities for those who do work and troubles for dependants and indigents.  Vital national priorities including affordable health care and the massive effort required to save everyone form calamitous environmental catastrophes are now on hold or under funded.

We don't have enough dollars.  It was the banks versus the people and we just lost.

The theory is that without these payments, the banks will fail and we'll all be in a world of trouble without them.

All of this depends on the questionable assumption that by saving the banks, we're saving our economy.

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To date, the government has given banks a total of $4.4 trillion dollars.  That's half of the accumulated debt for the federal government.

Citizens get the following from the recently passed $787 stimulus package:  a voluntary program that allows banks to lower mortgage payments to help those with troubled loans; an extension of unemployment insurance beyond that provided by states; some innovative environmental programs; and, a much needed start on infrastructure repair.  For those working and meeting their obligations, there little but a promise of rescue from calamity.

Here's how the federal government and Federal Reserve Board have spent your money and obligated your debt.

Graph:  The banks received $3.2 trillion through the Federal Reserve, a $700 billion bailout in October, 2008 and 2009 budget item for another $750 billion bailout.  An unspecified number of citizens will benefit from the recently passed $787 billion stimulus bill.

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All the failed banks had to do was wag their tails in unison and dollars flowed their way.

There has been debate on how to describe the current economic state - recession or depression.  Reluctant to admit that we're even in a recession, private banks, most U.S. economic gurus, and the federal government consistently uses the term recession.

If you're living this experience right now in an area hard hit, you'll be interested to know what the International Monetary Fund (IMF) had to say.  On Apr. 9, 2008, the IMF warned of a danger that the U.S. recession could become a depression.  Nine months later, this February, it noted that the "Advanced economies are already in a depression."

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Columbus sailed, & the Pilgrims landed so now ... by shadow dancer on Sunday, Mar 1, 2009 at 11:56:46 AM
... than that, a lot of money, someone screws-up t... by Mr M on Sunday, Mar 1, 2009 at 5:04:24 PM
Restoration of Total Control by a Ruling Aristocra... by Mark Adams on Monday, Mar 2, 2009 at 11:38:49 AM
Yes Mark you are absolutely correct. This has all ... by William Whitten on Monday, Mar 2, 2009 at 1:37:41 PM
preservation society by incompetent rulers of both... by Michael Collins on Monday, Mar 2, 2009 at 10:46:24 PM
Your praise of this piece, after your slam on the ... by Rady Ananda on Sunday, Mar 1, 2009 at 7:11:17 PM
Excellent piece to headline...kudos :)  ... by jersey girl on Sunday, Mar 1, 2009 at 7:29:37 PM
check out Roberts' Change for the Worse i... by Rady Ananda on Sunday, Mar 1, 2009 at 10:15:41 PM
..."posting diverse opinions that tend left?&... by waldopaper on Sunday, Mar 1, 2009 at 7:33:12 PM
but that's what web editors do - for free - so... by Rady Ananda on Sunday, Mar 1, 2009 at 10:10:44 PM
...because I meant no disrespect toward anyone who... by waldopaper on Monday, Mar 2, 2009 at 7:02:38 AM
Thank you Rady!Thank you Michael!If interested the... by William Whitten on Monday, Mar 2, 2009 at 1:34:33 PM
google search revealed nada... by Rady Ananda on Tuesday, Mar 3, 2009 at 3:16:50 PM by William Whitten on Wednesday, Mar 4, 2009 at 11:56:13 AM
with my obvious self-interest, you do your job qui... by Michael Collins on Monday, Mar 2, 2009 at 10:55:03 PM
great stuff.... I'm a major fan; you MUST be w... by Rady Ananda on Tuesday, Mar 3, 2009 at 9:58:02 PM
waldopaper, You speak the truth.  This is exc... by Michael Collins on Monday, Mar 2, 2009 at 10:54:02 PM
Yes. I suggested a Alternate Liberty Congress in a... by William Whitten on Tuesday, Mar 3, 2009 at 12:12:01 AM
  "According to Bloomberg News (Mon... by richard on Sunday, Mar 1, 2009 at 7:21:05 PM
It's only money All happening by design, whethe... by Munich on Monday, Mar 2, 2009 at 12:45:36 AM
The US public wants to see buttercups and daisies.... by Jason Paz on Monday, Mar 2, 2009 at 2:44:30 AM by Mark Adams on Monday, Mar 2, 2009 at 11:46:16 AM
pretty funny... that got sent around as a viral em... by Rady Ananda on Tuesday, Mar 3, 2009 at 3:20:06 PM
  "The powers of financial capitalism ha... by William Whitten on Monday, Mar 2, 2009 at 1:28:53 PM