Saturday, September 20, 2008

Save Wall Street, Screw Main Street

Empty Streets,Republican Vision The Republican Administration of George "Hoover" Bush and the Republican Party is quick to react when their millionaire friends are in financial difficulty, but not when average citizens face the same Financial Turmoil in their lives.

Let's take a step back from the current situation. The Administration and the Republican Nominee are trying to cast the blame on the greed and lack of morality of the Wall Street Traders. Yet, the mantra of the Republican Party since the Administration of Ronald Regan has been "deregulation". They have and continue to campaign on such slogans "Get the Government out of Your Life". Senator McCain has even been quoted as saying he is a "deregulator" (MCCAIN: I am a deregulator. I believe in deregulation.). He Chaired the Commerce Committee in the Senate when the Republicans had Senate control, did he take any action to regulate the banking industry, no all his actions were to loosen the regulations that have been in place since the Great Depression. Now he is campaigning on the platform of we need "better" regulations. If the Regulations that were in place before this neo-con Republican Movement that began under Ronald Regan. They have systematically dismantled all the safe guards that were in place to guard against Bank failures. The Regulations that were left were not enforced.

John McCain said yesterday that if he was the President, "he would fire the head of the S.E.C.", does he not know that the President can not fire the head of the S.E.C.? Maybe, maybe not, but it seemed like a good line to further his blind ambition to be the President.

Under the tutelage of the Republicans, the banking industry has been let loose. The banks are able to borrow the People's Money from the Federal Reserve at 2% interest and loan it back to the people and charge interest rates as high as 40% on credit card debt. The hierarchy of the banks pay themselves millions of dollars a year in Salary, more in bonuses, they have expense accounts and paid transportation and entertainment accounts. So now they they have soaked every dime out of their Corporations and they can't meet their obligations the Government runs to their aid with a 2 Trillion Dollar rescue.

For the last 6 years Main Street small businesses have been hurting, since 9/11/01 insurance costs have quadrupled because of the Republican deregulation of the Insurance Industry. Then, Bush and his fellow Republicans pushed through a way for Insurance Companies to add more premiums to small business in the form of "Terrorist Insurance".

What do small business owners have to do when they face a cash crunch? They have to do without salary, borrow money against their homes, sell their assets, work harder, work longer, decide what they have to forgo and most often close their doors and walk away from a lifetime of investing their heart and soul into their business.

What do large Corporations that give large contributions to politicians have to do when they face a cash crunch, they run to the Republicans and get tax payer money. It seems every time there is a Republican Administration the same thing happens, remember the Savings and Loan Debacle, which included the Keating 5, one of whom was John McCain. Republicans have no qualms about bailing out the current crisis with Federal Funds.

The CEO's and Senior Management of these Corporations will suffer no consequences from their actions, they will not loose their homes, they will not sell their assets, they will not work harder, in fact they will receive severance pay in the millions of dollars.
So from this crisis we can clearly see what the Government is saying to us, we will bail out millionaires, and screw the People, because the millionaires give us contributions that give us power and the People are just there to work harder and pay the bills caused by the lifestyle of the millionaires.

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