Monday, June 08, 2009

Who Would Vote To Bail Out Banksters? No One In Their Right Mind


Gordon Brown totally rejected by British voters but Obama doesn't want to... lose face?

As you probably know, I've been contacting members of Congress about the Frankenstein bill that ties war funding, war crime evidence-hiding and foreign bankster bailouts into one big package of crap. I've been warning supporters of the bill that the Republicans-- who originally supported it (when it was just about killing Muslims) and are now united in their opposition-- are going to pounce on any Democrat naive enough to vote for something -- bailouts for foreign banks-- that no Americans could possibly agree with. A few minutes ago I got this friendly e-mail from a friendly congressman, one who voted yes on May 14:

Thanks for the message. Interesting thought. The Democratic leadership made a big push in a whip meeting last week for IMF support. Said it would humiliate the president if it didn't go through, since he made a commitment at the G20. Your point is a good one, but as you may know, the IMF funds would be guarantees on loans to the poorest nations, not bailouts for banks. I suppose that might create a few ads, but on the other hand, it's hard to imagine the Repubs attacking one for a vote on a troop bill.

Hope you are well.

It isn't the G20 who votes for American congressmen (or presidents, for that matter). And some of those who represented the G20 in the meeting look likely to lose their positions, particularly the ones who are bailing out the banksters. European political parties that are advocating these massive bailouts, particularly in Britain, Spain and Holland, were soundly rejected by the voters this weekend. Although comes out looking like a big win for rightist parties, it was really a massive protest vote against anyone in the Establishment favoring bailouts for corporations.

In Germany the Social Democrats were crushed, as was Labor in the U.K., although neither Germany's Christian Democratic Union nor Britain's Conservative Party did particularly well either. In Greece the ruling conservative were trounced and in France Nicolas Sarkozy's ruling conservatives slaughtered the Socialists, who also came under heavy pressure from a Green Party. Neo-fascist parties gained ground in Britain, Hungary, Austria and Holland. What it was more than anything was a drubbing for the G20 leaders who favor the approach Obama bought into from the bad old Bush days. It was a mistake when Bush was doing it and it's still a mistake. Members of Congress should learn to just say no-- for the sake of the country and for the sake of their own careers. If Democratic congressmembers want to see what voters think of bailouts, they can follow the live blogging at the Guardian which is painting a very grim picture.

UPDATE: And About "No One In Their Right Mind

Wall Street Journal columnist Evan Newmark is so big a fan of corporate bailouts that he's pushing for the enshrinement of Hank Paulson. Please don't stop with Hank. Include Bush, and all the Republican senators without whose votes it would have never passed, especially, John McCain (R-AZ), Miss McConnell (R-KY), John Kyl (R-AZ), Richard Burr (R-NC), John Cornyn (R-TX), Johnny Isakson (R-GA), Lamar Alexander (R-TN), Bob Bennett (R-UT), Lisa Murkowski (R-AK), Saxby Chambliss (R-GA), Lindsey Graham (R-SC), John Ensign (R-NV), John Thune (R-SD), Orrin Hatch (R-UT), Tom Coburn (R-OK), Kay Bailey Hutchison (R-TX), Chuck Grassley (R-IA), Bob Corker (R-TN). Enshrine them all; indeed, put them all up for beatification. Matt Taibbi responded to Newmark. He's so funny!
Can you imagine what a craven, bumlicking ass-goblin you’d have to be to get a job working for the Wall Street Journal, not mention up front that you used to be a Goldman, Sachs managing director, and then write a lengthy article calling your former boss a “national hero” — in the middle of a sweeping financial crisis, one in which half the world is in a panic and the unemployment rate just hit a 25-year high? Behavior like this, you usually don’t see it outside prison trusties who spend their evenings shining the guards’ boots. I can’t even think of a political press secretary who would sink that low. Hank Paulson, a hero? Are you fucking kidding us?

Exactly what part of Paulson’s record is heroic, Evan? The part where he called up SEC director William Donaldson in 2004 and quietly arranged to get the state to drop capital requirements for the country’s top five investment banks?

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At 1:06 PM, Anonymous Democrat Abroad said...

You don`t follow European politics much, do you? So Brown bailed out Northern Rock, if you`d been following the news you`d know that his economic crisis management was actually a boon politically. If you want to know why Labour did so badly, see `global recession` and `MPs, expenses of.`

As regards the rest of Europe, a move towards the center- and far-right parties was to be expected in times of economic difficulty, and certainly not because of opposition to corporate bailouts. Merkel engineered the bailuout of Opel. In France Sarkozy has been running around the country promising state support to ailing industries. The social democratic parties in these countries are equally interventionist or more so, but suffer due to internal divisions.

You can`t naively project US domestic political dynamics onto foreign polities, they just aren`t the same.

And lastly, why the paranoia over IMF funding? This had nothing to do with the scary foreign bankers you hate so much. It is providing additional funds for lesser developed countries in a time of economic crisis, which is a good and necessary thing.


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