For a long time, we've been pointing out the real nature of the phony crony capitalism that's been promoted by so-called conservatives at the behest of Americas wealthiest families... private profits but socialized risk. And now we have the ultimate result, the Bank bailouts. Banks that were de-regulated so they could become 'too big to fail' and Banksters who gambled and lost, then demanded to be bail out on their terms or they'd crash the whole economy (and they really do have the power to do that).
With huge deficits generated by bailing out the Banksters, the excuse to cut, cut, cut social and infrastructure programs is in place and the minions of Americas greediest are beginning to nibble away at what's left of the middle-class. ( Steny Hoyer and other New Democrats are just as bad as Republican Congress-critters.)
Naomi Klein defines the problem clearly when she says; "A private sector crisis is being turned into a public sector crisis.".
Rachel Maddow Show, May 6, 2009: Naomi Klein on the Bank Bailouts
Klein said:
"the poorest and most vulnerable people in the country are being asked to bail out the most wealthy."
"It really does fit the thesis of The Shock Doctrine"
"Here we have just this transfer, this massive transfer of public wealth into private hands, and that’s continuing and it’s much, much larger, just on a much larger scale than any of the investments we’re seeing through the stimulus or the budget."
"Almost $12 trillion is being spent to bail out the financial sector compared to only about $1 trillion being spent on economic stimulus."
"My real concern is — has been my concern from day one — is that the crisis on Wall Street, created by deregulated capitalism, is not actually being solved, it’s being moved. A private sector crisis is being turned into a public sector crisis.”
- Everyone should read The Shock Doctrine:The Rise of Disaster Capitalism -
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