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George Bush Is Preparing A Big Swindle. And Leave A ‘Toxic’ Legacy Behind

September 20, 2008

George Bush Is Preparing A Big Swindle. And Leave A ‘Toxic’ Legacy BehindSo, President George Bush would go down in history as not just the leader who dragged his country into an illegal war in Iraq but a fraudster who conned American taxpayers out of hundreds of billions of dollars to save the greedy banks from collapsing.   Because that is what his plan to bail out the banks by buying up so-called ‘toxis debts’ with public money amounts to. A huge swindle designed to burden the nation with bad debt just for sake of bailing out the money men so that they could continue to make more profits in the future by lending money to businesses and individuals. It is like a rapist who has raped a woman and then decided to press charges against her because she would not agree to meet him in a dark alley one more time.

Bizarre, absolutely bizarre. It is as if it’s all happening in some banana republic where the rulers know that they can get away with anything. Anything at all. Like in Zimbabwe, for example, where Robert Mugabe just decided that the war veterans – a bunch of drunkards and drug addicts – have the right to claim all the land in the country. And he knew that no one would dare say anything against it. And it worked.

The point here is this: why is it so important to spend a trillion dollars or even more on saving the banking system when with this sort of money you can actually create a brand new financial system, based not on the obsessive pursuit of huge profits but on common sense and reasonable returns. What is the point of propping up a banking system that is rotten to the core? A new crisis will develop very soon, because you would not have removed the main cause of the problem: the unregulated mechanism that allows irresponsible and dishonourable loan sharks to endlessly profit from the grief of ordinary people.

But, of course, the Bush administration is not thinking of ordinary people. It never was there to look after their interests. Because the war in Iraq, costing enormous amounts of money, was not started in the interests of the American people. It all had to do with the oil, and with the profits of big American companies, and with the desire of the American military to test new equipment and get more money on developing new weapons. But it had nothing, absolutely nothing to do with looking after America’s national interests.

Now, this new swindle with saving the banks is being sold to terrified Americans, who are losing their jobs and homes, as a panacea from all the economic ills. Look, the officials in Washington are saying, the moment we announced about our decision to create a giant ‘bad bank’ and buy up all the toxic debt the markets immediately reacted with share prices going up. So that proves that we were right.

It proves shit, as one of my less educated Russian friends – a former gangster turned multimillionaire businessman – would say. Because there was no other way that the stock markets could have responded to the absurd and, frankly speaking, criminal decision of the American government to bail out all the culprits who have created this whole mess in the first place. The stock markets have been created and are run by the very same people who should be by now barred from taking part in any financial activity. Barred forever. And some, probably, even prosecuted for deception, corruption and fraud. So there is no point in analysing how the markets have responded. They usually respond well to bad things.

And another thing that I find deeply revolting about this whole Bush’s plan: the idea is that for people to be in debt is a normal state of things. I heard one smug American official saying that we all need to borrow money to buy things. As if borrowing is some natural function, like breathing or eating or sleeping. It is not. It should be actually seen as abnormal. And then all those loan sharks, who charge people extortionate interest on their loans, would be suddenly seen for what they really are – disgusting people who make money out of misfortune of others.

This outrageous plan will, of course, be approved by the American congress because many of the legislators in Washington are closely linked to the money men. They will not dare go against them. They might lose their seats at the next election. And so once again the American people will be taken for a ride by their government which is behaving no better than a thug mugging people on the street. Gimme you money or else. Or, in this case, gimme your taxes or the whole economy goes down.

The Bush administration is leaving terrible mess behind it. Both in political and economic terms. The next president, be it McCain or Obama, would have to sort out this mess. But frankly speaking, I don’t think that eight years would be enough to overcome the toxic Bush legacy.

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Category: Living In America  · 2 Comments »
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2 Responses to “George Bush Is Preparing A Big Swindle. And Leave A ‘Toxic’ Legacy Behind”

  1. Robert Henry on September 21st, 2008 11:02 am

    Like father. Like son. HIs father deliberately started Waco, and left it for the Clinton administration. .

  2. fiji islands on September 25th, 2008 8:25 am

    It seems only the United States have the right to militarily intervene in the world’s hotspots. The God-blessed land of baseball, hot dogs, apple pie and Chevrolet is the only nation, it believes, that has the moral authority to convene military operations or “preempt” possible attacks – anywhere in the world. It even denies other countries the right to act in self-defense, as was clearly the case with Russia in South Ossetia. As for Kosovo, Iraq, and Afghanistan, well, do as we say, not as we do.

    The US National Security Strategy states: ‘The United States must defend liberty and justice… for all people everywhere.’ But who will guard us from the guardians? America – or at least the opportunists who are now in office – has fallen prey to the white powder of absolute power and this becomes glaringly evident in places like Abu Ghraib and Guantanamo. What America needs is a 12-step recovery program, maybe Superpowers Anonymous, to deal with its heady hubris.

    And here is the second reason for America’s pent-up rage: Washing­ton has not had a real, good old fashion enemy since Japan attacked Pearl Harbor on Decem­ber 7, 1941, thus dragging Uncle Sam into World War II. Yes, there were the attacks of 9/11, allegedly orchestrated by 19 hijackers brandishing nothing more than brass balls and box cutters. At the very same time (Warning: what follows is so deliciously rich in irony there should be a calorie count included), Osama bin Laden’s extended family was being whisked quietly out of Dodge on an airplane (yes, on an airplane!) in an otherwise locked-down American sky.

    But Al-Qaeda, the last time I consulted Wikipedia, is no nation. It doesn’t even own a basketball team. So now the U.S. military is left with the vacuous-sounding “War on Terror,” as it shoots at shadows across the Middle East, while slashing civil liberties and social spending back home.

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