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Indybay Feature

Evasions, half-truths and lies Bush demands passage of Wall Street bailout

by wsws (reposted)
Thursday, September 25, 2008 :The Socialist Equality Party emphatically rejects President George Bushs call, in his televised speech Wednesday night, for a massive bailout of Wall Street.
Bushs 13-minute speech was a compendium of evasions, half-truths and outright lies. While declaring that the United States is in the midst of a serious financial crisis and demanding the immediate passage of legislation that will hand over at least $700 billion to Wall Street banksby buying up their unsalable assets at inflated prices and placing the burden for their losses on millions of working class familiesBush offered no credible explanation of the cause of the crisis. Nor did he explain how the proposed bailout of the bank will be implemented, let alone how it will stave off economic disaster for the working class.

His claim that the rescue effort will help American consumers and businesses get credit to meet their daily needs and create jobs is patently untrue. There is a consensus in the financial press, especially outside the United States, that the bailout will accelerate the descent of the American and world economy into the deepest recession, if not depression, since the end of World War II.

I know many Americans have questions tonight, Bush stated. How did we reach this point in our economy? How will the solution I propose work? And what does this mean for your financial future?

These are good questions, he continued, and they deserve clear answers.

But no such answers were provided by Bush. Instead, he offered a bizarre narrative which presented the unfolding disaster as if it were the result of inexplicable cosmic forces.

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by $700 billion like heroin to an addict
These paragraphs from the same wsws article above tell alot about the effectiveness of bailing out bungling billionaires, they'll just do it again;


"As for how this desperate situation had developed, Bush made some perfunctory remarks about the housing crisis, followed by vague references to bad decisions, irresponsible actions by a few unnamed individuals, and excesses on Wall Street.

But he could not explain how the handover of more than $700 billion in taxpayer money to the banks and investment firms will resolve the crisis.

In fact, his bailout plan is a naked attempt by the most powerful sections of the American ruling class to exploit a crisis of their own making to further enrich themselves, while imposing the burden on the working class of the United States and the entire world."


Here's a question for GW Bush regime and the bail out bunch in DC;

If your friend or relative were addicted to heroin, would you supply them with 700 fully loaded bags of smack (slang for heroin) to bail them out of their addiction?

Then why, pray tell, would you grant 700 billion dollars to billionaire banker CEOs whom you yourself have said were "irresponsible" and engaging in "excesses on Wall Street". Think they won't do it again? Think that an addiction to money, greed and power is any different than addiction to drugs like heroin??

Whatever happened to the conservative's concept of "personal responsibility"? Or do banking CEOs and others in the billionaire club get to opt out of the "personal responsibility" clause and qualify for taxpayer bailouts anytime they make choices based upon their greed without considering anyone else besides themselves??

What about fellow Republican John McCain ducking out of the upcoming debate with Obama? How about taking some responsibility for the domestic policy failures of the Republican Party??






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