The corrupt character of the process by which this handout to Wall Street is being carried out was indicated in a report in Saturday’s New York Times. The article dealt with the lobbying campaign of the American Bankers Association, and noted: “As of Friday night, it appears the association got nearly everything it wanted.”
It gave a small glimpse of Wall Street’s bribery of congressmen, including those spearheading the bailout. “The association also hosts many fund-raising events,” it said, “like a $1,000-a-ticket fund-raising luncheon last March at Johnny’s Half Shell Blue Room on behalf of Representative Barney Frank, chairman of the House Financial Services Committee and a key player in the bailout package.”
What is taking place is a vastly undemocratic process. As even the US media has acknowledged, the bailout is opposed by the vast majority of the American people. They, however, have absolutely no say in the matter.
In secret discussions, behind the backs of the people and within a few weeks of a national election, an unprecedented bailout of the most powerful financial interests is being rammed through. Its content and far-reaching implications are being concealed by a barrage of banalities and lies.
The standard of living will continue to erode, and the concentration of wealth into the hands of a few will also continue. Catastrophe is inevitable.
Nobody seems to have learned the lessons from the Great Depression.
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