The Bush administration is trying to push a legislation that aims at bailing out failed investment banks and financial institutions with a whopping seven hundred billion dollars (700,000,000,000 USD / 507,520,000,000 EUR / 397,366,000,000 GBP / 73,664,760,000,000 JPY / 33 lakh crore INR).
American citizens’ protests against the bailout in different cities . . .
The bailout is aimed at buying up financial instruments known as “toxic mortgage” related assets with taxpayer money to prevent the collapse of some banks and financial institutions that had invested heavily in these instruments that have lost their value. A few wealthy Wall Street bankers whose institutions are on the verge of collapsing due to deliberate mismanagement are going to be bailed out with taxpayer money.
How does it affect the American taxpayer? In simple terms, every American citizen (approximately 300 million people including infants, children, unemployed and pensioners) is going to pay an amount of 2,333 USD to these rich Wall Street bankers. In other words, every working American is going to spend nearly 5,000 USD on these failed corporations. To put it in another way, an average American family of four is going to be asked to pay 10,000 USD so that the government can buy “toxic mortgage” related assets to bail out a few institutions that failed due to shocking mismanagement by the top brass who earn millions in terms of salaries and bonuses.
Millions of Americans are losing their homes and savings due to the insatiable greed and corruption of a few people. Some are being forced to sleep in their cars and SUVs after losing their homes. Many ordinary Americans working in the real estate and financial sectors have lost their jobs or are the verge of losing them. They are going to be taxed. Their children and even grand-children are going to bear these taxes so that a few corrupt, greedy Wall Street bankers can profit.
I wonder what happened to the “free market”. Are the markets not supposed to be free? Should they not take care of themselves as the “free market capitalists” have been advocating? Should the markets not punish failed corporations and bad management? Why should the government intervene? Is government intervention in the markets not called as “socialism”? Afterall, as the advocates of “free market capitalism” would argue – the governments should keep their hands off everything, including healthcare, education, pensions, workers’ benefits, etc. Then why the hell are the very same people and their shameless stooges in the so-called “mainstream media” now begging, threatening, screaming and clamouring for government intervention in the markets? Why the hell should hardworking hourly, weekly and monthly wage-earning Americans pay up for the greed, corruption and unethical practices of a few extremely wealthy Wall Street bankers? If universal health care and improved educational funding, a good social security system and a safety net for the weakest and most disadvantaged sections of society are to be called products of “socialism”, then what does one call this bailout plan? What term can best describe the outrageous act of robbing everyone (including the poor, the disadvantaged and the homeless) to pay a handful of filthy rich people? “Anti-socialism”? “Free market capitalism”, Paulson style? “Free market capitalism”, Bush style? Profits for the rich but losses for the poor? Privatising the profits and socialising the losses? “Capitalism” for the poor but “socialism” for the rich?
Watch some videos of these massive protests below:
(If the videos don’t load, click on them individually to watch them on YouTube.)
So what do you think of the bailout plan which was defeated in the House of Representatives and the revised bailout plan?