No Nation Can Long Endure Half Bankrupt

Published on OpEdNews, by David Glenn Cox, March 3, 2009.

I take no joy in saying the things I say; I wish I could write about happy puppies loping through the warm grass in the summer sunshine. Oh, wouldn’t it be loverly? …

… It’s the financial system that we are trying to prop up, when it is the financial system that brought us here. We are trying to save the cancer while we ignore the body. America’s largest banks quickly lined up for TARP money, and a host of other financial service companies quickly changed their charters to become eligible and then stuck their hands out. The banks then used the money to refinance their own debts and to make purchases of other banks. Do you know why they did that?

“The two billion dollar fund which President Hoover and the Congress have put at the disposal of the big banks, the railroads and the corporations of the Nation, is not for him.” It’s not for you, it’s more trickle down; if we fix the banks then the banks will fix you.

Well, that they did. They lowered mortgage interest rates and raised fees; they raised credit card interest rates but you still can’t get a car loan, or a mortgage loan, without 20% down. Ah, it’s back to the good old days of banking! It is the system which fails us over and over again, yet it’s the system we seek to save because they scare us with, “Government will ruin everything. Do you want your banking system run like Amtrak?” Well, Amtrak gets to its destination without going off the rails, which is more than I can say for our banking system. I’ve never heard of an Amtrak engineer who stole fifty billion dollars and then asked a judge to let him keep his seven million dollar house and sixty-two million dollars. You couldn’t fit in the locomotive with balls that big.

“The basic things expected by our people of their political and economic systems are simple. They are:

  • Equality of opportunity for youth and for others.
  • Jobs for those who can work.
  • Security for those who need it.
  • The ending of special privilege for the few.
  • The preservation of civil liberties for all.
  • The enjoyment – The enjoyment of the fruits of scientific progress in a wider and constantly rising standard of living.”

… (full long text).

Link: His blog.

Comments are closed.