Depressed

As the Nation sinks deeper and deeper into the Bush Depression and the professed "small government" conservative ideologues of the administration throw around more and more billions of dollars of "bailouts," the priorities of a corrupt and wretched economic system are brought into sharp focus. The capitalist system has but one master, money. Decisions are taken such that the only consideration is that those with money can make more money. If that means that others would suffer so that "Capital" can profit, then so be it, money knows no ethics but money. There are essentially no rules. While a giant edifice of "lawfulness" has been erected around the system, at it's core it is the essence of lawlessness, take from others so that I may profit. How else to see the massive frauds that are routinely perpetrated on the powerless by the powerful. How else to see a world where 5% have accumulated most of the wealth, while 4 billion people toil in misery day in and day out. As long as the interests of money are served, then essentially any means can be justified.

That people are fed; children clothed, sheltered and educated; the sick cared for, then it is only a secondary outcome, as these basic human rights barely enter into the calculations of how money will seek more money. Indeed, such is the situation in our Nation today that the seeking of money will effectively determine if the sick are cared for. A more profoundly anti-human principle can scarcely be envisioned, yet our economic masters preach that it is the only way, as if the right of Capital to seek ever more profit were a natural law, akin to gravity or electrodynamics.

The worship of money is clearly seen in the recent response to the implosion of the Wall Street investment banks and the more recent, impending bankruptcy of the US automobile industry. The Wall Street financiers were provided with upwards of 700 billion dollars of bailout funds, and nary a single bank executive was required to appear before Congress to account for their catastrophic mismanagement, corruption and malfeasance, or explain how the public's largesse would not end up in the same rat-hole as the rest of their capital. No, the bailout was passed in a near-frenzy of media-induced panic, and subsequently, it seems not to have had any of its professed effects, the economic crisis only deepening, and banks remaining largely unwilling to lend. It did, however, manage to burden future generations with an even larger mountain of debt, and to transfer a huge sum of public funds to private hands, one of the few things that the Bush administration has been any good at. Maddeningly, perhaps as much as 1.6 billion of the funds went to the CEOs of bailed out institutions, in the form of bonuses and other compensation!

Consider next the treatment of the leaders of the US automobile industry. They were seeking a mere 30 billion dollars or so, a sum twenty times less than the titans of finance were bequeathed, but the Big Three auto CEOs were required to testify at congressional hearings, during which they were chastised and skewered for their abysmal management of their companies. It didn't help matters that they flew into Washington in the lap of luxury aboard their corporate jets. It would seem that no level of failure is sufficient to abrogate certain executive privileges. Indeed, in order to sway the Republican side of the aisle, the execs were required to submit a plan that would demonstrate how they planned to return to profitability. Moreover, this was apparently also an opportune time for Republicans to blame unionized American auto workers, and insist that they grant wage and benefits concessions which would put them on a par with their non-unionized brethren toiling for foreign automakers on American soil. Particularly repulsive was the sight of southern Senators, such as Kentucky's insipid Mitch McConnell, carrying water for foreign corporations like Toyota and Honda that employ non-unionized workers in their states. Here we had US politicians, with flags pinned to their lapels, insisting on reduced wages and benefits for American workers in the interests of foreign-owned companies. McConnell's "Grinchiness" did not escape the ire of many labor organizations, including the California Nurses Association. Indeed, it might be argued that the tax breaks and cheaper labor offered by southern states like Alabama and Kentucky to attract foreign manufacturers has been part of the demise of the US auto industry. Ah, but that's the "beauty" of the free market, the only thing that matters is the bottom line. Presumably, corporate bag-men like McConnell will not be satisfied until all American workers are toiling at subsistence wages, purely in the interests of Big Money.

A deeper irony is that the "success" of the financial industry represents the victory of the "paper" economy over the "nuts and bolts", manufacturing economy. It used to be that American wealth was founded on the manufacture of durable goods, but with the globalization of capital, manufacturing has been steadily "out-sourced" to regions with relatively low wages and lax labor laws. The factories of China and the maquiladoras of Mexico come to mind. This left finance and service industries as the remaining growth areas, but these industries are not truly generators of new wealth, they just tried to tap into existing wealth, or worse, financed the perpetuation of America's consumption economy on a mountain of debt. That debt is now burying us all, and as the bills come due, we are witnessing a steady contraction in US economic output.

Another irony is that none of this is new. We have seen the inherent instability in the capitalist system now for more than a century. The struggles of working people have managed to dull the sharp blade of capitalist downturns, winning many battles that acted to civilize the workplace, among these the 8 hour day and the 5 day work-week, and to erect a meaningful, if shaky, safety net in the form of government assistance programs and controls on capital. How quickly we forget though, and given the opportunity and their enormous financial power and the political influence it can buy, economic elites have been quick to attempt to redress the gains of working people and once again put everyone at the service of capital.

Although times are hard, a window of opportunity can be opened with the education of more people to the true realities of an unregulated capitalist system. With a new President about to take office, a President willing to listen to the needs of working people, we have a chance to try and address the fundamental problems with our present economic system. We should insist that economic decisions be based on real human values, and not simply the desire to maximize profits at all costs.

History!!

What a night. What a night! The major networks have called the Presidential race for Barack Obama, and it looks like he will comfortably surpass the 270 Electoral College votes needed to claim the presidency. In fact, McCain is now conceding as I write this.

An African American, a black man has been elected President of the United States!! When one considers the long history of slavery, hate, oppression and bigotry that black Americans have suffered, I am almost driven to tears by the thought. It is at least the beginning of the end of an eight year long nightmare. Tonight I am very proud to be an American. It is a night that all peace-loving Americans should celebrate. It is a hopeful sign that the forces of hate and intolerance are being slowly, but steadily driven back. There's an enormous amount of work to do from here, but tonight is a night for celebration!!

Spreadin' it Around

So the end now is finally in sight. There really can be no acceptable reason for such an endless Presidential campaign season. In case you missed it, a little more than 2 weeks ago Canada held national elections, approximately six weeks after Prime Minister Steven Harper called for the new vote. Imagine that, a campaign in six weeks, what a concept. Almost no time to sling the mud, just enough to lay out a program and let the voters decide. And in Canada you have more than two choices, and even the "minority" parties will have seats in parliament, and a real voice in the affairs of government, not so in the USA, where our politics has essentially been reduced to a vote for Dweedle Dum or Dweedle Dumber.

Moreover, after almost a years worth of campaigning recent polling suggests that perhaps as many as 7% of Americans are still undecided with regard to the Presidential race. Undecided?? How can anyone still be undecided about this race? My question to the undecided is along the lines of, what are you waiting to hear? What is it that would push you off the fence? Will it be the last 30 second distortion of a campaign ad that you hear before going to the polls? Will it be a last minute "gaffe" from one of the candidates? A coin flip?? In my opinion, anyone still "undecided" at this point should probably do the rest of us a big favor and not bother voting, since it would seem likely that their vote in the end is likely to turn on some ridiculous bit of minutiae or spin.

With such a long campaign there is that much more time for those so inclined to truly sink into the depths. The McCain campaign has arguably set a new standard for debasing a campaign; trotting out all the most despicable aspects of human nature in its last ditch effort to win at all costs. After this campaign, McCain should never again be allowed to even whisper the terms honorable or maverick in reference to himself.

What would appear to be their last hope has been to try and label Obama a socialistic "spreader of the wealth." This charge is so ridiculous, so devoid of substance, so pathetic, that it has had virtually no effect on the race, but it does serve to highlight the nature of Republican campaigning these days. Having literally "wrecked America," this crowd has no substantive issues to run on, so their tactics are reduced to name calling. The logic is this, Obama must be defeated at all cost, therefore, he is a socialist. No evidence is required for a Party driven by dogma and ideology. So, what is the ostensible "evidence" that Obama is a closet Marxist? Apparently it is his tax plan, that proposes to raise the tax rate on those incomes above about $250,000 by, wait for it, a Leninistic 2-4%, while modestly cutting taxes for the remainder of the citizenry. So, Obama's plan cuts taxes for upwards of 90-95% of Americans, and marginally raises rates on the top 5% of the income distribution, this "proves" without a doubt that obviously he must be a commie. The new higher rate is essentially the same as that pre-Dubya, under that obvious Marxist Bill Clinton. Based on these charges it becomes crystal clear just who McCain and Co. think are "real Americans," that would be those in that top 5% of incomes, a very small fraction of the total population, but clearly part of the Republican base!

Even more astonishing is the irony of McCain, and Republicans generally, charging Obama and Democrats with being "spreaders" of the wealth, when Republicans have engineered arguably the largest transfer of wealth in the nation's history, but this transfer has been from the bottom up rather than the top down. From the Bush tax cuts for the rich, to no-bid contracts, to corporate welfare and tax loopholes the rich have essentially robbed everyone else to the tune of many hundreds of billions of dollars. Then, we can consider the work of Governor Palin in her home state of Alaska, which each year cuts a check for several thousand dollars to every resident derived predominantly from tax revenues on oil companies operating in the State. In her own words Sarah Palin described this little socialistic redistribution thus, "we're set up, unlike other states in the union, where it's collectively Alaskans own the resources. So we share in the wealth when the development of these resources occurs." Share collectively in the wealth eh, so we see that none other than right-wing ideologue Sarah Palin herself is at heart a socialist too, how wonderful. Based on this we know exactly where to put all these Republican charges of "socialism" against Obama, in the toilet where they belong.

Of course much of good governance is about collectively using resources for the benefit of the nation and society as a whole. All modern democracies have long since reached this conclusion, as it is grounded in fundamentally basic human values, but apparently not yet the politically Neanderthal Republican Party and its right-wing, Cro-Magnon apologists. Consider just one example, the Social Security program, all workers pay into it in order to guarantee at least a minimum level of retirement support and other benefits for the population, and Americans seem to think this is just fine, Social Security being one of the most well-liked government programs ever enacted. Just imagine if George Bush had gotten his way and succeeded in privatizing the Social Security system, and tying the retirement incomes of millions of Americans to the whims of financiers and the stock market. Can you say mega-disaster? I knew you could.

I live in Maryland, a state that will very likely go heavily for Obama over McCain. Nevertheless, I am often bemused and perplexed by the numbers of McCain/Palin lawn signs that I see. So, I will close this pre-election post with my satirical take on the standard McCain lawn sign. As they say, vote early, and vote often (if the past eight years have challenged your funny bone, that was a joke). In case you haven't guessed, I will be voting for Barack Obama, I hope many others will be doing the same.

Cratering Party

In his now famous snubbing of David Letterman, John McCain excused his own absence by stating that he needed to rush to Washington in order to rescue the "cratering" US economy, and thus wouldn't have the time to appear on Letterman's Late Show. In its current colloquial use the term cratering refers to a spectacular failure, and while it is an apt description of the current state of the US economy, it also perfectly describes the state of the Republican Party and its last eight years of catastrophic governance.

Now with the curtain drawing down, and what passes for an election entering its final and most ugly stage, we get to see the real nature of this Party, as well as its corporate and media apologists, as they try desperately to cling to power. So, now we are treated to the scenes of Sarah Palin and John McCain attempting to label Barack Obama a "terrorist" for the most tenuous association imaginable with one-time Weather Underground Organization (WUO) leader William Ayers. The "logic" at work here, such as it is, would appear to be at the same level as the mental machinations of Mrs. Palin who tried to argue that since she could see Russia from her state of Alaska, then she was an expert on that country with all the experience of a seasoned foreign policy wonk. For the mind that could concoct that tortured argument, it is not much of a stretch to something like, if Obama once saw the "terrorist" Ayers, then he must be a "terrorist" too!

Let's recap some of the pertinent facts surrounding this pathetic, McCarthyite attempt at guilt by association. First, Obama was an eight year old boy at the time of Ayer's involvement with the Weathermen! For most reasonable people, that should completely end the argument. Obama had precisely NOTHING to do with Ayers' alleged terrorist activities within the Weathermen. Second, the characterization of the Weathermen as terrorists is itself problematic. While the organization did engage in violence, it made a point of targeting property and not people. In general, warnings were issued well in advance of WUO bombings, and Ayers himself has stated that they were very serious about limiting injuries to civilians. Moreover, there is no evidence that any of Ayers' actions resulted in injury or loss of life, and indeed, no such charges were ever brought against him. This is not typically the behavior of truly terrorist organizations.

Now, some will no doubt argue that the violence itself, the bombings and rioting, are evidence enough of "terrorist" behavior, and no doubt this argument will find sympathetic ears with some readers, however, this conclusion ignores the fact that the relatively small-scale violence perpetrated by the WUO was a response to the truly massive violence being perpetrated by the US military in Vietnam, Cambodia and Laos, the scale of which completely dwarfs anything the WUO could have brought about. Moreover, the violent actions carried out by the WUO were an attempt, though perhaps ill-conceived and naive, to try and stop the much greater crimes being perpetrated in Southeast Asia by the American government with its imperial war in Vietnam. While Ayers has over the years expressed regrets with regard to some of the WUO's violent tactics, he has consistently refused to accept the terrorist charge, "The reason we weren't terrorists is because we did not commit random acts of terror against people. Terrorism was what was being practiced in the countryside of Vietnam by the United States," he has said. Of course, in their attempts to smear Obama by association with Ayers, Republicans completely ignore all of this important contextual information. Moreover, McCain himself has had past associations with such criminals (some might say terrorists) as the infamous G. Gordon Liddy, he of the Watergate break-in and burglary. Indeed, it was none other than "journalist" David Letterman who actually questioned McCain regarding his associations with Liddy.

Since his radical days Ayers has been a productive member of society, working as a professor at the University of Illinois at Chicago, College of Education. He has done much to help improve the plight of public education in Chicago, and in 1997 Chicago awarded him its Citizen of the Year award for his education work in the city. In many ways he has worked to redeem himself from his violent past. Ironically, this is a theme that Republicans love to trot out when it suits their needs but are loath to accept in political enemies. Take McCain for example, we are meant to believe that he has "learned his lessons," and has fully redeemed himself from his past transgressions with regard to his associations with Charles Keating and the Savings and Loan scandal. Forget for the moment that McCain apparently learned nothing from the scandal, except to be more careful not to get caught in the future, as his penchant for deregulation remained unabated. Similarly, the out of wedlock pregnancy of Sarah Palin's daughter is spun as a story of redemption and lessons learned, but Republicans would never think of extending such forgiveness to the pregnant daughters of inner-city black Americans, for example. The double standards are stark indeed.

While McCain and Palin have recently tried to make the Ayers affair the center-piece of their campaign, polling around the third debate indicates that most Americans can see through the lies and distortion, and in fact, it appears likely that it is now hurting McCain more than helping him. With Ayers fading away the McCain campaign needs to find other "issues" with which to attempt to smear Obama. The latest, and perhaps most desperate (and laughable) attempt by the McCain campaign and its surrogates is to simply label Obama and anyone who might consider voting for him as anti-American socialists and Marxists (see the nice visuals at Bad American). Indeed, CNN's daft and insipid Glenn Beck was kind enough to remind us that, "The problem with all of these guys is they're all Marxists -- they're all Marxists. They'll all spread the wealth." Here, "they" presumably refers to Obama and anyone with the temerity to consider voting for him. Predictably, Beck presented not a shred of evidence to back up this ludicrous charge, but that's the great thing about being an insta-pundit, evidence is never required, and for loopy right-wingers it's much easier to just start making stuff up. I wonder if Beck has ever considered that the Bush administration, with it's tax cuts for the rich and free-wheeling, deregulatory mania, has been spreading the wealth like crazy, but in this case it has been the wealth of the lower and middle classes being transferred to a tiny fraction of the population at the top of the income pyramid. The most recent instance of such spreading being the $850 billion Wall Street bailout boondoggle! One suspects that this attempt to smear Obama as a Marxist will be about as successful as the Ayers ploy, meaning not very.

And now today we have been treated with the spectacle of Minnesota Republican Representative Michelle Bachmann's statements that Barack Obama and his wife Michelle are "anti-American," and "couldn't be trusted in the White House." Remarkably, Bachman went so far as to resurrect the spirit of Joseph McCarthy with her call for news media outlets to investigate other members of Congress to, and I quote, "find out if they are pro-America or anti-America." This is the most despicable form of demagoguery imaginable, but it is a tactic that this Republican party has turned to again and again. In similar fashion, just the other day Sarah Palin expressed her delight at visiting "pro-American" regions of the country. The unstated implication being that, in her view, some parts of the country are "un-American." Apparently, that would apply to St. Louis, MO, which today hosted a rally for Barack Obama which was attended by upwards of 100,000 people!

As is so often the case such Republican rhetoric simply stands the truth on its head. For eight years now our Nation has been governed by a political party that has put its own interests ahead of those of our country and its people. That is essentially the definition of treason, and the Republican Party is so charged. Any dissenting opinions to its reckless, incompetent, criminal and destructive course have been labeled unpatriotic. Those who dared oppose the self-annointed "true and only Americans" were dismissed as traitors. And now, with the end of their miserable rule in sight, their only recourse is the same tired demagogic attempt to slander opponents as un-American. There are only two words to describe this Party, pathetic and despicable, and in a little more than two weeks I will have one thing left to say, good riddance!

The Great Shakedown

It's been remarkably refreshing to see the power struggle unfolding in the Congress this week over the attempt to pass bailout legislation for the Wall Street robber-barons. Faced with a tidal wave of righteous indignation from voters in their districts enough principled Democrats, and two thirds of the Republican House caucus--who arguably were largely voting for the preservation of their own seats--spectacularly voted down on Monday the Paulson-Bush $700 billion dollar Wall Street bailout boondoggle. Since last week the Capitol Hill switchboard and internet servers were being relentlessly hammered by irate Americans vowing to throw under the bus any Representative with the inclination to vote for this massive giveaway to the rich. For once the Congress actually expressed the will of the majority. What is it they call that, democracy?

It's been equally remarkable to watch the extent to which President Bush has been completely emasculated politically. One could not imagine a duck more lame than Bush the mallard. And what of other senior administration types, like Cheney and Rice? Completely invisible. No, it appears that King Henry Paulson is in charge these days. While the irrelevance of Dubya is fascinating, he should not feel alone, because almost equally impotent have been the Democratic Congressional leadership. There was House Speaker Nancy Pelosi trying to play the dutiful, mainstream, bipartisan pragmatist, and pass what was essentially the administration's bill. Why the Democrats would try to enact this weak, discredited, corrupt administration's proposal is almost beyond comprehension. Particularly in the face of strong condemnations of the plan from many mainstream economists. There was never any attempt by the House leadership to have hearings or a substantive debate on the many alternative proposals that had been presented in the independent media. Instead, Finance Committee chair Barney Frank obfuscated Paulson's three page fascist power grab with a smokescreen of almost meaningless, toothless conditions, and then argued they had put strong oversight and executive pay restrictions in the bill. Americans were not convinced, and neither were a significant fraction of Pelosi's own caucus.

But, with the bill defeated in the House it was predictable that the Wall Street apologists would look to the Senate, a veritable House of millionaires, for smoother sailing. And so, Wednesday evening, after a series of hysterical, sky-is-falling speeches predicting the coming of Armageddon, and, get this, the adding of $150 billion in additional provisions, mostly various tax breaks, because, go figure, the original bill was too fiscally conservative! the Senate dutifully passed the bill by a 74-25 margin. Also instrumental in passage of the bill has been the pathetic reporting in the mainstream media concerning opposition to the bailout. The overriding media narrative has been that any opponent of the bill must be either crazy, or un-patriotic, or both! There has been very little accurate reporting of the many alternatives to the Paulson give-away plan, and that, most interestingly, a consensus has emerged among many American economists that this bailout bill will not address the fundamental problems in the financial system. Particularly sad and frustrating was the sight of a fear-mongering Barack Obama, sounding very much like George W. Bush, scaring Americans into thinking that failure to pass THIS rancid bill would result in their financial and economic ruin, and usher in a long, painful and deep recession. Note to Obama, we are already in the midst of what will likely be a long and painful recession, and gifting irresponsible Wall Street financiers with $700 billion borrowed dollars is not likely to change that fact one iota. At a time when strong leadership is desperately needed; at a time when the Presidential front runner should be decisive, and side with the American people, all we get from Obama is the cautionary, equivocating, weakness all to evident in the Democratic Party. Make no mistake, John McCain has arguably been even worse, but the behavior of both candidates simply emphasizes that the two major parties have simply suffocated the democratic process in our country. Americans should persist in their opposition to this criminal shakedown of their childrens' futures and insist on Congressional action that actually addresses the root causes of the problem; principally the foreclosure crisis; and does so by making those responsible foot the bill.

The Bailout Express

Why does the Congressional Democratic leadership appear so hell-bent on getting a Wall Street bailout bill passed? Word from Capitol Hill today is that the framework of a deal is close to being agreed upon, but that some contentious aspects still need to be hammered out. However, opposition to any bailout of Wall Street with taxpayer funds apparently runs deep, on both sides of the political spectrum. Indeed, Republicans appear to be scared shitless to vote yes on such a massive transfer of government funds. I don't think it is hard to see why. They already face the daunting task of getting re-elected in the midst of a massive economic meltdown, and add to that the eight years of disaster under Dubya, and you can see that this would likely be the last nail in the coffin for many a Republican congressman. They would prefer not to have to go back to their districts to face an angry constituency, and explain how this Republican administration just cooked up the "mother of all waffles," to the tune of $700 billion dollars,

“We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself.”

-- 2008 Republican Platform

That pretty much sums up the state of the Republican Party, don't you think? Thanks to Craig Markwardt for forwarding that gem. Still, we are left with the question of why the Democratic leadership seems to want to take ownership of this noxious bill. A number of leading economists have recently questioned the need, indeed the usefulness, of the scheme outlined by Paulson. The ultimate albatross around the neck of our economy is debt, so it is not at all clear that borrowing nearly a trillion dollars to throw at the perpetrators of the debacle will be of any lasting value. More likely, it may simply speed up the flight from the dollar in the long run, more like gasoline on a fire rather than water.

Nevertheless, in the face of all of this opposition, the Democratic leadership still appears to be more concerned with the wishes of the administration and the so-called wizards of Wall Street than the average American. For one thing, Democrats should simply consider the source of this massive request. When was the last time Bush and Co. were right about anything? But for some reason, even with historic levels of dissatisfaction with Bush and the Republican party, there would appear to be nothing the Democrats in Congress would deny the Mediocrity in Chief.

While the times clearly call for strong leadership, all we continue to get from Pelosi and Reid is caution and unwarranted bipartisanship. Indeed, it has become the hallmark of this pair that the appearance of so called bipartisanship seems to be their raison d'etre. No matter what horrendous legislation they are passing, as long as they can appear "bipartisan", they seem to think that the American people will sit back and applaud. This is a calculation Democrats have been making now for a long time, and what success has it brought them? Very little. They still appear weak and unprincipled, and too willing to act in the interests of big money rather than their supposed base of support among working Americans. Before passing perhaps the biggest public bailout of corporate interests, the Democratic leadership needs to go before the people and clearly explain how and why this bailout will work, how it will be done, how it will be overseen, and how it will be paid for. If these issues are not clearly addressed in a rush to pass something, then the Democrats will also, rightly, face the ire of many outraged voters in November.

A Financial Patriot Act

Twice in the George W. Bush era a catastrophe has had its epicenter on Wall Street. We know all about the first, the terrorist attacks on September 11, 2001. The second, the financial "storm" engulfing our corrupt banking and financial system, will now play itself out over the weeks and months to come. Already it has claimed hundreds of billions of dollars of the public trust, and the end may be nowhere in sight. The circumstances surrounding these two events, ironically, have much in common.

With it's head in the sand, ignoring ample warnings suggesting that strikes inside the US were likely being organized--recall the title of that Presidential Daily Briefing, "Bin Laden Determined To Strike in US"--the Bush administration sleep-walked while the 9/11 attacks were being prepared and executed. The political results of that negligence we know all too well, expanded government powers; legislation gravely treading upon Constitutional liberties; a disastrous change in US foreign policy; torture, extraordinary rendition and Guantanamo Bay (to name but a few). Bad legislation was pushed through Congress and equally bad policies were foisted on an America kept fearful and ignorant by administration propaganda and deception. In a state of fear Congress rushed through the Orwellian-named "Patriot Act," provisions of which any true patriot would find unconscionable. Let us recap this sad tale. Those who were negligent, and by their negligence at least partially responsible, were left ultimately unaccountable, moreover, they were left in power, unchecked and with free reign to manage the aftermath of 9/11, to the disastrous ends we all now must live with.

Now, the American people, seemingly without a memory, are allowing a replay of this scenario to unfold, perhaps to equally disastrous ends. After eight years of corruption, deregulation, dismantling of any oversight and enforcement regime, and cheer-leading for corporate greed and excess, the same administration that napped while terrorists plotted, has been comatose while a largely foreseeable financial meltdown that may ultimately match or exceed the Great Depression, has been allowed to happen. And now, with the crisis at its apparent zenith, with fear and the professed need to act at near fever pitch, drastic solutions are being discussed by the administration and the Democrat-controlled Congress. Indeed, the first details of Treasury Secretary Paulson's proposed bail-out legislation has been made public this weekend, and from the looks of it has every indication of being a financial version of the Patriot Act. The remarkably terse text of the bill, essentially grants Paulson and the administration, a rolling $700 Billion slush fund with which to buy up the bad mortgage-related debts of ANY financial institution based in the US. How's that for broadly defined? Although it might seem that the $700 Billion is a cap, the text indicates that this is the amount that can be outstanding AT ANY GIVEN TIME. Thus, the total sum which American taxpayers could be on the hook for could be significantly more, say, several Trillion dollars! Now that's some serious coin! However, the most sinister and outrageous clause in the text is the following;

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Yes, you might want to read that again. Decisions made by the Secretary regarding this Act would be NON-REVIEWABLE, by ANY agency, court or entity. This would be Congressionally mandated and approved fascism, nothing less. It would grant virtually unlimited financial power to the agents of the President without any accountability! Moreover, it would grant this authority to those who, Nero-like sat back, watched and indeed, precipitated the crisis with their disregard of their regulatory functions and pro-Wall Street legislation. But it would do even more than that, it would privatize the ill-gotten profits of these corporate criminals, while socializing all of the risk, on the backs of our kids, perhaps for decades to come. This is beyond outrageous. As Glenn Greenwald and others have pointed out, this should arguably be something of a "pitch-fork" moment, something that might actually get people out into the streets protesting, that is, if protests were still allowed. This must not be allowed to happen. Every thinking, responsible American needs to get on the phone and contact their representatives in Congress to oppose this monstrous draft bill.

While it may be true that some form of Government-sponsored bail-out is needed to stabilize the economy, all Americans should insist that it meet several conditions;

1. It must not reward the perpetrators of this catastrophe. That is, the Wall Street fat-cats who gambled with the public's money, lost, and now wish to be repaid!
   
2. It must be largely financed by those who sought to profit and brought about the conditions that precipitated the crisis. It must not be financed on the backs of the middle class and lower income Americans. This point has recently been emphasized by Independent Senator Bernie Sanders. Taxes should be raised on corporations and the wealthy, at a minimum.
   
3. Any deal must be conditional on major changes to the current administration. At a minimum, those economic "stewards," the Treasury Secretary (Paulson) and Federal Reserve Chairman (Bernanke) who were so demonstrably wrong must resign. However, a more reasonable requirement for Democratic approval of some bail-out would be resignation of the President and Vice President.
4. It must be accompanied by a return to close regulation and policing of the banking and finance industries, indeed, of all corporations. There can be no return to "business as usual." A new commitment to a corporate culture that benefits society must be enforced.
   
5. Those responsible for the debacle must not be allowed to manage the aftermath, and must be held accountable for their negligence and malfeasance.
   

If the Democratic controlled Congress cannot insist on these conditions, then it will have shown itself to be in the thrall of the same corporate pay-masters that run the Republican Party. If that is the case then voters should vote the whole sorry lot out of office.