Friday, September 19, 2008

Incalculable Fraud, Incalculable Wealth Transfer

Isn’t Bush's proposed radical new economic plan simply a massive wealth transfer from you and yours truly to the super-wealthy?

Isn’t this exactly the kind of thing Naomi Wolfe warned us about in The Shock Doctrine—minus the fighter jets and tanks (at least so far)?

Shouldn’t every American be in the streets demanding that the CEOs, boards, and senior officers of these failed companies forfeit ANY profit?

Shouldn’t we demand that the taxpayer be repaid with vigorous interest and levy a penalty fee?

Shouldn’t there be immediate prohibitions against these guys just dumping the bad loans on Fannie and Freddy (us) and skimming the goods ones at bargain-basement rates?

This is an incalculable fraud on all who invested in these outfits, and an incalculable wealth transfer, and it’s all being pulled off with perfect insouciance. I’m speechless.