Kucinich calls Bailout Bill an Immoral Disgrace (Video)
Yesterday I felt like I was turning into a Republican. It was amazing to see our U.S. Representatives finally stand up for “We the People”. If it weren’t for the few courageous left leaning Democratic representatives we have in the House, and a huge showing by the Republicans of the House, you and I would have given 700 billion dollars to the richest people in the world, while simultaneously solving nothing.
I have expressed a growing disdain for “Impeachment is off the table” Pelosi and her severe case of either “lack of spine” or ‘wolf in sheep’s clothing”. I have become extremely bitter about this bailout, as well as the presidential race and actually feel like I am morphing into something like Rush Limbaugh. Watching the left wing of our political process ignore their constituents and vote for this awful bill damn near made me think the Republicans may be the answer.
Yet, in a very non-Republican way, I have been trying to convince friends and family, over the last few days, that if the government is going to be giving out huge sums of money, they ought to help homeowners, who are being crushed by the crazed behavior of the corporate elite. If everyone who “owns” a home suddenly and actually owned their home and didn’t have to make their monthly mortgage payment, the middle class would be flush with cash, and if there were stipulations on how that new found freedom must be spent for local job creation, we may be in for a new golden age, instead of a collapse.
Like most of my ideas, thinking back I find them naive or idealistic, or both. Just when I am losing faith in myself, that remarkable man, who ends up being the butt of so many cruel jokes, Dennis Kucinich, shows up on TV to answer the charges the media and the politicians have been making all day. After a day of hearing tv pundits claim that I do not understand the ramifications of the bill, the necessity of the bailout, or just being considered “uneducated” on the issue, Kucinich appeared on the Rachel Maddow show tonight to give a clearer explanation of my own thoughts, while dispelling the false charges of the corporate media.
Kucinich, one of a handful of Democrats to vote against the Bailout Bill, spoke with a profound conviction and a spirit emboldened by the bipartisan rejection of the bill. Going back to the New Deal, Kucinich reminded Americans that we have been through this before, and that the solutions of the past are ready to be retrieved, like the post-Depression Homeowners Loan Corporation.
Representative Kucinich explained how the bailout would work, with taxpayers borrowing 700 billion from the bank, in order to give that money to the bank, in a Ponzi scheme that makes one question reality. To clarify and confuse, here is a quote from Kucinich yesterday, September 29, 2008:
“The taxpayers loan money to the banks. But the taxpayers do not have the money. So we have to borrow it from the banks to give it back to the banks. But the banks do not have the money to loan to the government. So they create it into existence (through a mechanism called fractional reserve) and then loan it to us, at interest, so we can then give it back to them.”
Over the course of the short interview, Kucinich destroys the myth of top down economics and calls for a reversal. By handing money to the same speculators who caused this problem to begin with, he points out, using taxpayer money to insure against risk, we will only get more speculation and deeper in debt. Here is the video:
