Monday, 29 September 2008 23:25 PM
So. Wow. The House of Representatives have voted down Bush’s $700bn Wall St rescue plan. Paulson wants it still, on his same terms, asap, to protect the banking system (and the American people, he adds). Nancy Pelosi stands up to say that her side of the bargain (including protection for homeowners, no more golden parachutes, general oversight) had not been met.
Fair play to Nancy Pelosi. She will no doubt be vilified by the banksters, who will try to pin the blame for the imminent crash(shall we, for the sake of brevity, call it the “BushCrash” for now?) on her. I see they are launching a bitter attack on her for referring to the coming election in her speech.
My view is that the crash was coming anyway, and the Wall Street Rescue plan, if accepted, would have postponed it for maybe a couple of weeks. So Nanci Pelosi has just saved the American people a cool $700,000,000,000. You could do a lot of good for people and planet with that sort of money, beginning with the Green New Deal.
Paulson is going to come back again, maybe with a couple of hundred water-boards, but even if Congress did give him his money, it is probably too late already.
FWIW, If I were a senior and influential Congressman or woman, which of course I am not, but if I was, I would say these here words to Treasury Secretary Paulson:
"You can have your $700billion right now, if you will go back to your contacts on Wall Street and tell them the condition is that the monopoly that bankers on issuing new money is at an end. From now on, you have to share it 50/50 with the people through the agency of the Central Bank".
You can’t really say fairer than that can you? Fifty fifty is fair.
Funny that the date today is 9/29 in American language, and the first Great Depression began in 1929.