Wall Street Fights Back

The corporate elite on Wall Street are trying to fight back against the populist backlash to corporate greed and excessive corporate bonuses.

Wall Street Journal: On Wall Street, Talk of Trust and Civil War

Obama has been carefully trying to respond to the public's anti-corporate outrage while not offending the corporate elites. In fact, the Obama administration seems to be more afraid of a backlash from Wall Street and corporate America than they are of the populist uprising. Even in his second prime-time press conference tonight, Obama tried to express some anger at the AIG bonus scandals, while defending business and the "good" corporate rich. Treasury Sec. Timothy Geithner has been meeting and talking with his friends on Wall Street trying to win their support for his bank bailout plan. In order to win their support, Obama is softening his tone toward them.

Wall Street: Obama Dials Down Wall Street Criticism

Maybe the corporate rich on Wall Street, and the Obama administration, should read Matt Taibbi's excellent article in the Rolling Stone explaning why Americans SHOULD be angry at Wall Street: The Big Takeover

Here's a peek:
"It's over — we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far..."

Class War Report

Today's Class War update comes from several articles on Alternet:

U! S! A! We're Number.. 15!
A new report shows that in terms of aggregate health, education, purchasing power, security and general well-being (HDI: Human Development Index), The U.S. is in decline. The main problem--growing inequality!

More than Race, the South is About Exploiting Workers
The Heart of Southern conservatism is a preservation of a status quo that benefits economic elites.

Jim Hightower: Americans are Raring for a Fight Against Corporate Power

Bailed-Out Executives Got $1.6 Billion!

Bailed-Out Executives Got $1.6 Billion in 2007 !
Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year. The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far..

Merill Lynch executive got $83 million
Goldman Sachs Exec. got $54 million

The corporate rich HATE paying taxes, but they love to get tax payers money!

Are YOU angry yet?

There Are Better Alternatives!

Vote No Bailout!

There are better, more progressive, alternatives to the Bush/Paulson (Pelosi/Reid) $700 billion bailout of Wall Street, that force the corporate rich to pay for the bailout rather that the working class taxpayers of the U.S.:

Thom Hartmann, How Wall Street Can Bail Itself Out

Joseph Stiglitz, A Better Bailout

Sen. Bernie Sanders: Billions for Bailout: Who Pays?

Sign Sen. Bernie Sander’s Letter to Sec. Henry Paulson:
http://www.sanders.senate.gov/issues/crisis.cfm

CLICK to Vote No Bailout!

Wall Street Bailout Death Match

In one corner, the "free-market" conservatives oppose government regulation and oppose the $700 billion Bailout of WallStreet, and want less regulation and more corporate tax cuts, on the Left progressives oppose the Bush bailout as well, but want more regulation and increased taxes on the corporate rich and government assistance to homeowners and the middle class.

It almost looked like the Democratic "Leaders" in Congress were about to bailout Bush and Wallstreet by going along with a revised plan, but John McCain and House Democrats sabataged the plan with a new plan to CUT corporate taxes and CUT regulation more.

I'm afraid the Democrats were about to be out manouvered by the GOP once again. It is looking like McCain and House Democrats are going to try to take the "populist" banner by opposing the Bush plan and leaving Democrats to blame for supporting the "socialist" Bush/Paulson plan. It seemed like the conservative Republicans have been the most outspoken opponents of the Bush plan, while the Democratic Leaders (Pelosi/Reed) were left defending some version of the Bush plan.

Some progressive Democrats have been speaking out against the bailout plans, but they have not been as vocal as the conservative Republicans.

Obama should NOT allow McCain and the GOP to take the populist position and link him to the Bush bailout of Wall Street!

The Democrats need to follow the example of Sen. Bernie Sanders and offer a progressive alternative that will put the burden of any "bailout" on the corporate rich rather than the working class.

THIS DEBATE ON HOW TO DEAL WITH THE BUSH ECONOMIC CRISIS SHOULD BE A DEBATE BETWEEN THE BASIC PRINCIPLES OF CONSERVATIVES VS. PROGRESSIVES! WHO SHOULD PAY? WHO SHOULD BENEFIT? The Corporate Rich or the Working Class?
This is the basic issue that divides Liberal/Progressives and Conservatives! The Democratic Party MUST defend the liberal/progressive principles and not compromise to help bailout Bush and the Republicans! This is THEIR economic crises, the consequences of their policies (deregulation and corporate welfare) and as painful as it may be, the American people need to feel the pain of "free market" capitalism! Then maybe we can have a movement for democratic socialism and dump the corporate two-party system!

Watch Socialist Bernie Sanders take on right-wing capialist (corporate socialist!) Larry Kudlow on CNBC!



Sander: Wealthy Should Pay for Bush Bailout

UPDATE:
McCain Plays Bailout Spoiler

Bailout Plan Breaks Apart

FDIC Seizes Washigton Mutual: Largest Bank Failure in History!