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Blog Comments Often Distill to the Essence

Sunday, September 21, 2008 at 3:31AM

From Glenn Greenwald's blog, in response to his stark challenge from whiich the conclusion below is excerpted:

The way it works is that Bush officials decree how things will be, and then everyone -- from Congressional Democrats to the Serious Pundits -- jump uncritically and obediently on board, even if they were on board with the complete opposite approach just days earlier, and then all real dissent vanishes. That's how the country in general works. As Atrios says: "We've seen this game played before."

... what I do know is that an injustice so grave and extreme that it defies words is taking place; that the greatest beneficiaries are those who are most culpable; and that the same hopelessly broken and deeply rotted institutions and elite class that gave rise to all of this (and so much more) are the very ones that are -- yet again -- being blindly entrusted to solve this.

... this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.

Watching all this unfold is astonishing, a once-in-a-lifetime event.

Here are a couple of comments that boil it down ...

Empire of Debt

God bless you, Glenn. You've hit the nail on the head and pounded it through the rotted board.

I've been reading Bill Bonner's Empire of Debt over the last few weeks. Then sat astounded as everything he and his co-author predicted a couple years back started happening right before my eyes.

I fear we have only delayed the full impact of the corruption and greed that have been driving our economic and political class for the last few decades.

May the next generation forgive us for letting it happen.

-- Alpwalker
[Read Alpwalker's other letters]
Permalink Saturday, September 20, 2008 09:51 AM

I'm no economist...

But, yeah. As usual, I agree 100% with GG. I'm no economist but no matter how I look at this, this is what I see.

Over the past 8-plus years, a bunch of fairly wealthy people on Wall Street gamed the system to become fabulously wealthy by using make-believe money.

Now that that system has lurched towards its inevitable collapse, Bush and his Democrat cronies (yes, I said Democrat) have decided that the only responsible thing to do in order to make sure that their wealthy sponsors don't lose any real money is to buyout the failing firms, and stick the poor and the middle class (IE, the rest of us, who actually PAY taxes) with a bill totaling a good part of a TRILLION dollars.

Seem fair? Seem sane? Wonder why nobody is even raising their voice about it?

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