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by Doug Cupertino
Monday, Oct. 13, 2008 at 8:38 PM
The working people must fight the new capitalist Wall Street scheme to rip off even more of their tax money and bail out Wall Street further with U.S. government purchase of preferred stocks without voting rights of failed Wall Street banks.
Wall Street, through U.S. Treasury Secretary Paulsen, has hatched the latest scheme to bail out itself with the people’s tax money: buying stocks of the failed banks.
This supposedly takes the cue from Britain. Wall Street supposedly has taken this last desperate step grudgingly because it has been trumpeting the line of “free market” and deregulation.
But Paulsen himself has announced that at most the U.S. government will buy preferred stocks, that is, those without voting rights. In other words, this taxpayer money will merely shore up bank capital but will do nothing to help control and regulate failed or failing banks. That means that Wall Street will have more money and still remain free to indulge in its speculative, usurious and profit-manic partying, worse at the growing expense of the working people’s tax money.
What is worse that all this new bailout of Wall Street capitalism and grand theft of people’s tax money is done in the guise of government takeover and tight government regulation. And all this is being done with the U.S. national debt is spiraling over 11 trillion dollars. It is more of the greedy wolf in sheep’s clothing. That makes it even more deceptive and criminal than the old bailouts of Wall Street, when the situation cries out for the bailout of Main Street and the working people and a moratorium to foreclosures.
It’s time to put an end to the unholy capitalist alliance of Wall Street and Washington. It’s time for genuine working-people’s socialist government that prioritizes public health care, affordable education, quality jobs, raising real income of the working people. Time to put wealth and the financial system in the hands of the working people, not in Wall Street and in Wall Street politicians. Time for a working people’s socialist movement in the streets and communities against the scourge of Wall Street and Washington.
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||Tuesday, Oct. 14, 2008 at 10:08 PM
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