Bailout Concerns

I Found this online and thought it was worth repeating:

To Nancy Pelosi and Congress: Banking Bailout is Bad Policy
Category: News and Politics

I am upset about the bailout because:

1) I’m sick of hearing about free markets and sick of dealing with the consequences of a manipulated, ill-informed public. The continued privatization of profit coupled with the socialization of losses promotes a two-tiered socioeconomic system, wherein corporatations benefit from socialist economic protection while private citizens are subjected to authoritarian coercion. In effect, private citizens become second-class citizens. Evidence of this can be found whenever officials refer to citizens as consumers. Consumers are constructs invented by corporations, and when officials talk about consumers, they reveal who they really work for.

2) I’m concerned that this bailout will be used as an instrument of global economic imperialism.

3) This proposed bill is designed to further economic growth and I’m not at all convinced that economic growth is a priori wise, sustainable or desirable: we live on a planet with finite resources.

4) I’m concerned about legislation of this magnitude originating in the Executive branch’s Department of the Treasury, rather than in the legislature. Furthermore, if the government plans to profit from the bailout, the Treasury’s proposed legislation might therefore be unconstitutional as per Article I Section 7 of the US Constitution.

5) I’m concerned about fairness issues: CEO-to-employee wage disparities have increased dramatically in the last 50 years: why don’t the people who caused this mess pay for it out of their own pockets? Among large corporations, average CEO salaries are over 300 times what a typical worker receives, a disparity whose increase has only accelerated in the last 15 years. In 1960, typical CEO salaries were only 40 times typical worker pay.

6) I’m concerned that the Treasury’s acquisitions of toxic debt will have no oversight from any court or government agency whatsoever.

7) I’m concerned that debt can be treated by banks as assets.

 I’m concerned that the bailout might precipitate further bank failures by making it more difficult for insolvent banks to mask the fact that THE MONEY DOESN’T EXIST

9) This sets bad precedent: representatives shouldn’t do things their consituents don’t want; YOU’RE NOT A LEADER, YOU’RE A REPRESENTATIVE. GET IT STRAIGHT.

Posted by email from law7355’s posterous


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