Awesome speech on the meltdown (OH Rep)

[JenTay]

This is a must see.

Key phrases:

"privatise gains and socialise losses"

"all the money should be returned down to the tires of their Mercedes"


http://www.youtube.com/watch?v=S27yitK32ds

[Honus]

Great speech. Everybody should watch it at least twice.

Rep. Kaptur has summed up my feelings about the bailout, much better than I ever could.

She starts her speech by describing the recent goings-on as a new reality game called "Wall Street Bailout". Then she runs through the rules followed by those who want to take our money and give it to the people who caused the current financial debacle. I particularly like Rules 4 and 5:

...Rule 4 - Divert Attention and Keep People Confused

Manage the news cycle so Congress and the American public have no time to examine who destroyed the prudent banking system that served America so well for 60 years after the financial meltdown of the 1920s.

Rule 5 - Always Keep in Mind The Goal is the Privatize Gains to a Few and to Socialize Losses to the Many

For 30 years in one financial scandal after another, Wall Street game masters have kept billions of dollars of their gains and shifted their losses to taxpayers. Once this bailout is in place the greed game will begin again...

Then Rep. Kaptur proposes a new game called "Wall Street Reckoning" in which we search for the guilty:

... Those who profited from this game of games must be brought to justice and the assets they stole must be returned to the American taxpayers right down to the tires on their Mercedes...

Rep. Kaptur is probably downplaying the societal benefits of capitalism, but at least she is asking the right questions. Her speech puts into words my nagging suspicion that we are being played for the biggest bunch of suckers in history.

[raymr]

The say it is unconstitutional to go after excessive compensation, ill-gotten or not. But I'm sure if it were put to some kind of public referendum.....

[Hatterasguy]

She hit the nail pretty good!

[Jim B.]

Leave our Mercedes ' ALOOOOOOOONE !!!!!!!!!

[DieselAddict]

Good speech, but I like one of the viewer comments even more:

Your government send troops to die abroad for no good reason paid for with your taxes. Then the American Government want you the tax payer to bailout their rich friends in Wall Street. How much can you guys take up the ass??

[cmac2012]

Although some sort of relief may be needed, the bailout as presented would be the capper of all the Bush moves to enrich 'his base,' allowing them to continue on a similar tack, riches intact.

The man is w/o shame.

[link]

Ø The man is w/o shame.

You can’t be just coming to realize that.

It is interesting to see that in both the recent massive rise in the cost of oil and in the events leading to the financing meltdown, the systems in place have worked to actively serve the betrayal of the sustainability of the systems. High oil prices as a result of investment strategy as the driving force. The financing meltdown serves to cause the banking industry to wither, again, due to ultimately bad investment strategy.
Both are cases of the entities effectively consuming themselves.

It seems the very nature of capitalism has turned a corner (a dangerous one at that) and actively works to destroy itself. It doesn’t portend well for the future of the western life style. I don’t think anyone can figure out the broader implications at this point – are both these recent changes resulting from groups of investors who conspire to do this? Is the greed component in capitalism at a scale where it leads to feed on itself, leading to failure?

Our government can only afford to put band aids on so many of these assults. At some point the foreign investments (about 45 trillion iirc) which are propping up our financial core, will start to pull out. The way it’s going, we’ll find out in the next few years, at most.

The president, no matter who he is, ultimately has to serve the goals of capitalism. If he turns against it, what is left?

BTW, i too thought the speech was great. Too bad few are listening to it.

[Hatterasguy]

Capitalism hasn't changed, companies grow, get comfortable, weak and are then killed by new better companies.

The destruction part is needed in capitalism to keep the markets strong and vibrant. By bailing these companies out we are doing more harm than good. Let them fall apart, let new companies that are better able to meet consumer demand replace them.


IMHO there isn't enough destruction, thats the problem.