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Economic Hot Potato!

John McCain claimed he’d rally Republican leaders to vote for the $700 billion bank bailout. Now that it’s failed, MSNBC’s Chris Matthews lays blame on McCain, as does The Atlantic‘s Marc Ambinder. Hoping to shed some of the shit, McCain’s now pinning it on House Speaker Nancy Pelosi, Barack Obama and other Democratic detractors.

By:           Andrew Belonksy
On:           Sep 29, 2008
Tagged: , , , ,
  • 6 Comments
    • Brian Miller
      Brian Miller

      I’m glad the bill failed, and shame on the Pubbies and Cratties alike for their full support for this shameless transfer of wealth from working Americans to their well-connected billionaire campaign contributors.

      Sep 29, 2008 at 6:29 pm · @ReplyReply to this comment ·
    • Jim
      Jim

      FUCK PAYING FOR THeSe BLACKS AND THEIR HOUSES THEY CANNOT AFFORD !

      Sep 29, 2008 at 11:04 pm · @ReplyReply to this comment ·
    • Jim
      Jim

      FUCK PAYING FOR THeSe BLACKS AND THEIR HOUSES THEY CANNOT AFFORD !

      Sep 29, 2008 at 11:04 pm · @ReplyReply to this comment ·
    • Jim
      Jim

      FUCK PAYING FOR THIS BLACKS AND THEIR HOUSES THEY CANNOT AFFORD !

      Sep 29, 2008 at 11:04 pm · @ReplyReply to this comment ·
    • Jim
      Jim

      FUCK PAYING FOR THeSe BLACKS AND THEIR HOUSES THEY CANNOT AFFORD !

      Sep 29, 2008 at 11:04 pm · @ReplyReply to this comment ·
    • Bill Perdue
      Bill Perdue

      THis was the Republicans, because they’re going to be damned if they do and damned if they don’t.

      The Democrats are stupid for voting for it. It’s “A crap sandwich.” according to one of it’s supporters, Republican House Minority Leader John Boehner. He’s pissed because he knows his party is going down in flames but he hasn’t yet figured out that that’s exactly what’s in store for the winners too. Parties have died before in US history and both of the current parties are like wounded dinosaurs; they’re just too dumb to know they’re extinct.

      It doesn’t matter when or even if the bailout passes. The damage has already been done and the economy is in a deep failure mode. It may take months or a year of two but we’re facing the worst.

      According to the US Treasury the national debt is exactly $9,889,199,531,449.08 (as of yesterday). That’s almost $10 trillion dollars and it increased by about $700 billion dollars this year because of the US war to steal oil. By the end of the year it’ll be in the vicinity of $2.5 trillion dollars higher. The math is as simple as the consequences will be catastrophic.
      www dot treasurydirect dot gov and look it up.

      Each year the Clinton/Bush genocide goes on costs about $500 billion dollars. This weekend the Congress loaned $25 billion dollars to Ford, GM and Chrysler, but the amount was almost too piddling to be noticed. Add an absolute minimum of $1 trillion dollars for the big bailout, another $1 trillion for Fannie Mae and Freddie Mac (with out of pocket losses adding about $200 billion dollars), and $85 billion dollars for AIG. Add substantial amounts for losses and for inflation and pretty soon you’re talking real money. (That’s a joke from a description of Germans carrying baskets of million Mark notes to buy a loaf of bread. Before the Deluge, A portrait of Berlin in the 1920’s Otto Freidreich, Harper Perrenial, 1995.)

      For a year of two the left has used the term ‘looming economic crisis” but now we’ll have to stop; it’s here. The economy will be crushed under the weight of that debt.

      The left will be organizing to compel the government to renounce the debt, immediately end the genocide, nationalize failed business without compensation under democratic control and use the money for social programs, to improve the infrastructure and begin a crash program to deal with the effects of the looming environmental crisis created by the unchecked degradation of programs like NAFTA and Bush’s withdrawal from the Kyoto Treaty.

      BTW “Jim” should be in a reeducation camp at hard labor forced to take large doses of anti-psychotic drugs and No.10 Aricept boluses in suppository form.

      Sep 30, 2008 at 11:53 am · @ReplyReply to this comment ·

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