November 29, 2010
Socialism is a caring, sharing society.
WRISEUP.COM
For the past couple of centuries, the leading politicians and church leaders and the corporate mass media across North America have been telling us all that “socialism” is something “Satanic,” something that should be shunned at all costs.
But when the greed, incompetence, corruption and criminality of corporate capitalism brought the world’s economy to its knees over the past couple of years, all those captains of industry and bankster barons were lined up at the public trough like the dying victims of a Third-World famine.
One would have been forgiven for assuming the econocorporate socioeconomic elite had actually had to miss a meal for a change. Nothing of the sort had actually happened, of course.
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November 29, 2010
Americans will pay for the bank bailouts for decades.
WRISEUP.COM
United States President Barack Obama will probably go down in history simply as the African-American who rescued corporate capitalism.
It could – and should – have been much different.
The $25 trillion that the U.S. government and the Federal Reserve spent bailing out the banks, and the billionaires and mega-millionaires who control those banks, could have been used to benefit the masses – the poor, the working class and the middle class – instead.
The banks could – and should – have been allowed to fail and then nationalized and operated as state-owned entities. The only losers in such an equation would have been the billionaire and mega-millionaire banksters whose greed, incompetence, corruption and criminality caused the enitre global economic meltdown in the first place.
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November 29, 2010
The banks should have been allowed to fail.
WRISEUP.COM
Over the past couple of years, a slew of western countries have spent tens of trillions of dollars bailing out private-sector banks and there appears to be no end in sight to the bailouts.
Just this past weekend, the EU (European Union) and the IMF (International Monetary Fund) approved a $113-billion bailout of Ireland’s banks.
And as a direct consequence of those costly public-sector bailouts of private-sector banks, hundreds of millions of poor, working-class and middle-class North Americans and Europeans will be facing decades of government “austerity.”
The supposed rationale for the bailouts was that they were necessary to keep credit flowing to businesses and consumers and to keep the national and global economies functioning.
But was there an alternative? The answer, in a word, is: Yes!
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