The Great American Financial Expropriation of 2008
Friday, September 19, 2008
The title sounds great doesn't it? I mean, imagine the citizens of a country seizing control of their financial institutions and putting them to work for them and not against them. Wow! What a Leftist dream. With the government takeover's as of late the chance of this has increased.
There are various critiques of the government bailouts and take-over's of the numerous financial institutions.
Some have noticed how it is a blatant violation of neo-liberalism and that Milton Friedman is rolling over in his grave.
Some have noticed how profits are privatized and losses are socialized.
But I don't think I have seen anyone state the obvious: American taxpayers now own some of the biggest financial institutions in the world. So what are we going to do about it?
Let's rewind back to early 2005 and contemplate the words of a certain re-elected president:
"I earned capital in the campaign, political capital, and now, I intend to spend it. It is my style." - President George Walker Bush
We too just earned some hefty political capital and we should intend to spend it. That should be our style.
I just wonder if Bush bothered to think of the possible outcome or: is he secure in thinking we are no threat? We should test him on this.
These institutions are government controlled and we still have a modicum of democracy that gives us control over who makes up our government.
True, we are so fractured that a quick grasp and utilization of this "political capital" seems to be unimaginable, but it only takes a spark to start a prairie fire...