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There is a war on Wall Street. Fortune is calling the populist backlash against unregulated capitalism a form of "class warfare that could haunt business leaders for years to come."
But as protesters on Wall Street chanted "bailout people not banks" and deluged their representatives with calls opposing the Paulson plan, lawmakers reached a deal to move forward with the largest bailout in our nation's history. House speaker Nancy Pelosi declared victory: "We sent a message to Wall Street," she said. "The party is over."
Pelosi also insisted: "This is not a bailout, it's a buy in." Full congressional approval is now required. But who are the real winners in this bailout plan?
Today on GRITtv we take a look at the financial crisis, the protests, and who will benefit from the bailout. Also, what does it say about our democracy?
Then it's Live From Main Street, Ohio. Will your vote count? We are joined by Bob Fitrakis and Donita Judge.
Post your questions and comments at GRITtv.org.
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Main Street Turns Against Wall Street in Fortune. Is there a backlash?
http://money.cnn.com/2008/09/2…..2008092811
Had the Govt NOT bailed out Wall Street would your panelists agree that PANIC would have set in to such a point that 1929 would have been repeated? What is to be said for other alternatives to this bailout plan. Can your guests discuss examples?
Thanks,
Eileen
Macon, GA
Bob Fitrakis!!! Cool!!! A homeboy. Got to tune in 1580AM WVKO right now… wonder if it streams on the web?
We didn’t start this class warfare.
We’re just returning fire.
http://www.wvko1580.com/ for those of you in Columbus, Ohio.
Look at Libor and Ted spread…money is more expensive so we are seeing inflation, The money supply is there. The speculating banks have choked themselves. Bailing them out will extend risk investing but enables the default credit swaps to have buyer/seller, for how long?
There is no 1929 risk there is a higher cost of doing biz that will lead to a fuller recession one 50 million people are already in.
CHS on US Attorneys
My comments from the legislation for panelists are:
(c) NECESSARY ACTIONS.— This lets Paulson hire his cronies without anyone objecting
(e) PREVENTING UNJUST ENRICHMENT.—This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.
This exempts Goldman, BofA, Citigroup, JPMorganChase, and Barclays from being judged for ‘unjust enrichment’; doesn’t that sound like an ‘insider’s deal’?
(b) TIMING.—Regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this Act.—-”as soon as practicable”?
“assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and,where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease.—sounds good but what is ‘permissable’ and what of the people who do not have a lease but rent on a month to month basis?
Your a guest, so be my guest and discuss.
I for example would start by not having 1 Trillion dollars given to a stupid person like Paulson. I say stupid - but I mean criminal. They sat on this plan for 6 months and now spring it at the last second…why? Trying to get into November before the blow up, or just planning their mugging for when Congress had but 1 week before election break. I would give Finance and Banking commities control &/or oversite with right of rejection (they are elected see unlike Paulson and Mitt the Shit).
It has been obvious these problems for 1 year if not 4 years or more.
Another example would be staging the robbery with oh lets say 100billion per month (can only cut down trees so fast after all…oh yeah I forget it all electronic money since there are actually vapor assets).
Anything else - I know aid to the people who lost their homes due to layoff or medical problems which is the vast majority of them.
Lastly I would get a 1000 person FBI team on the RICO tracking and start marching the criminal class into public trials in chains.
Who is standing up? American citizens
Wish Time or Newsweek would do a run down of the CEO’s packages that they have walked out with the last several years knowing that these companies may go down
Donita and Bob after the Supreme Court Judicial Coup in the selection of our President in 2000 are you surprised that we do not have a uniform voting system across the country. This states rights hogwash seems to mean more room for hanky panky.