The Wall St Bailout financed the Destruction of the Working Class

[FreakinDJ]

While $Trillions of tax payer dollars has poured into Wall St Banks and their Crony interest (foreign and domestic) a little known effect has been sweeping across America - "The Destruction of the Working Class".

Main St still can not get a loan and many States have enacted legislation to strengthen the banks ability to foreclose on Middle Class American's homes.

Hedge Fund managers continue the further destroy America's Manufacturing capabilities by manipulating the price of every thing from Oil and Gas futures to the price of raw materials such as Aluminum and Steel

Wages have been suppressed, Unemployment remains high and Business leaders have used the windfall gains from "Business Incentive Tax Cuts" to automate the work place and further displace even more workers

Not a day has passed by since the Wall St. Ball Outs have taken place that the Working People's Rights have not been further diminished by Anti-union / Anti-Working Class legislation

Social Security and Medicaid - the 1 time Bastion of the Democratic Party is now on the chopping block. With the Koch Brothers taking up residence in the DLC the Democratic Party's indignation in merely a formality prior to the legislation's eventual passage

Lets face it people - any thing sort of rioting in the streets and were fucked

[TacticalPeek]

1. Too bad regular Americans need a revolution.

They've pissed away the one they had for a couple of centuries.

[enough]

2. Right.

and for further reading:

Friday, June 17, 2011
Michael Hudson: Free Money Creation to Bail Out Financial Speculators, but not Social Security or Medicare

http://www.nakedcapitalism.com/2011/06/michael-hudson-free-money-creation-to-bail-out-financial-speculators-but-not-social-security-or-medicare-or-you-know-its-bad-when-michelle.html

[girl gone mad]

3. Yes, absolutely.

But keep your eyes on Greece.

We will get our chance soon.

[leftstreet]

4. K&R

[bvar22]

5. Paulson with Co-Conspirators

Now THIS is "Bi-Partisanship"!
Better get used to it, SUCKERS!


"If we don't fight hard enough for the things we stand for,
at some point we have to recognize that we don't really stand for them."
--- Paul Wellstone

[FreakinDJ]

6. Paulson was a Bush appointee

and made sure the frame work was in place to exclude any form of "Buy Out" for the home owners.

Truth of the matter was we paid $100s of Billions to cover the CDOs and Credit Default Swaps when clearly the Fed should have outlawed trading of the toxic derivatives

[bvar22]

9. Maybe so,

but Obama, Pelosi, and Reid were "Democrats" who could have stopped it,
or at least provided some oversight and restrictions.

[amborin]

12. candidate Obama & then president-elect Obama were instrumental in getting TARP one and two approved

http://www.nakedcapitalism.com/2009/12/matt-taibbi-obamas-big-sellout.html

[FreakinDJ]

13. I remember the uproar here on DU

Can't say i fully understood it at the time other then Obama was surrounded by Wall St insiders and was enacting the measures they presented.

But the RATpubliCONs laid the ground work for denying any sort of Bailout for the home owners a full 7 months prior to the "Supposed Market Crash" in Sept 08 with chants of "I don't want to Bail Out the speculators"

Well WTF do you think they did by Bailing out Wall St

But not 1 person has ever utter the most obvious

If they started working to deny the Home owners a full 7 months before the Banking Crisis then they knew it was coming and did NOTHING to prevent it

[amborin]

14. surely they saw it coming & bet on the collapse, such as Paulson and the Abacus 2007:

http://topics.nytimes.com/top/reference/timestopics/people/p/john_paulson/index.html?scp=12&sq=goldman%20sachs%20investments%20short&st=cse

[OhioChick]

7. That it did n/t

[socialist_n_TN]

8. Definitely. We bailed them out, then spent more tax dollars

on "stimulus", a third of which were tax cuts that, once again, MOSTLY benefited the monied class, to TRY to fix THEIR fuck up, and NOW we've got to pay for it with "austerity". As another poster said, look at Greece. That's us in a year or two. At least the governmental response to it. What the worker's response will be is still uncertain.

[amborin]

10. the real size of the bailout:

http://motherjones.com/politics/2010/01/real-size-bailout-treasury-fed

[RandomThoughts]

11. And what does it say, when they spend trillions.

And choose not to send the beer and travel money that is due.