"We Should Have Sold This Country Ten Years Ago"
It was fun to do Bill Maher's show this past Friday. Garry Shandling had the best line all night. "We should have sold the country ten years ago," Shandling said. "We held on too long!" Who knows if, after this election, we will find out that this exactly what has been done.
Has America been sold? If so, who sold it and what can a new administration do to buy it back? Will it really take another two or three trillion dollars to get us out of the hole? How can any future administration look the people of this country in the eye and say they can't find the money for, let's say, national health care or an Apollo project-like alternative energy push or free college tuition to qualified students?
The bailout is something so complex and has been foisted upon us so suddenly (Just a few weeks ago, who would have predicted a transfer of federal money this staggering and largely to the private sector?) how could we ever possibly make an intelligent, long range decision? More importantly, how could a band of dysfunctional, partisan cowards like this Congress make that decision? Where is someone sitting in front of a television camera, opposite someone serious, like Brokaw, telling us where we might be 90 days from now? Six months? A year?
Two things are clear. One is that the bailout represents the second and final payment by the Bush administration to their benefactors. The war being the first. Wall Street developed blindingly clever and frighteningly risky new ways to package debt and market it. No one in any position of authority in this administration did anything to stop them. To curb them. To regulate them. Now they want you and I to clean up the mess and they want to be paid to untangle it. Bush owes his political life to Wall Street. To Wall Street even more than the GOP's patchwork of whacked out creationists. Bush owed these people everything. Now, they have come to collect.
This bailout is as if someone blew up a meth lab and insisted he collect on his homeowners policy. But, if you have a meth economy, you pay. Our economy is so distanced from reality, that only a lesson like this and, sadly, more such lessons, will bring about the real correction we must digest. I have said it before and I will again. Major banks are failing. What other industries will seek bailout-like relief? A major airline will die. A major car manufacturer will die. A plethora of major retailers will die.
America cannot survive without capital and markets to manage that capital. The New York Times recently wrote "RIP Wall Street." Out of this, I hope will emerge a new and better financial market community that will remember these events as those who survived the 1930's recall those darkest, bitterest times. Wall Street is dead. Long live Wall Street.
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As you mentioned, the problem is complicated. The country was sold decades ago to the uber rich and corporatists and the neocons - republicans and democrats. There was plenty of money for necessary services. But spending money on those items doesnt further the adminstration's agenda. By collapsing our country and economy in such a catastrophic fashion we are not going to be able to find our way out of it within a desired time frame. And this what was designed to happen. Someone out ther benefits financially from our country being throwninto the pyre.
The Bush Administration has been a complete nightmare, you are correct. You've got to hand it to GW - he lobbed crisis after crisis at the American people - just so money could be funnelled to whomever he owes a favor to. This was done with the American people's blessing because we really dont like tainted food, milk, pet food, planes crashing into our buildings and we really want to be able to have credit available when necessary. GW had us by theballs, so to speak. Our own govt extorts us to pay off their friends. When will the nightmare end Alec?
I could not agree with you more Alec...in fact while watching you four debate that evening my partner and I made the exact same comment about Gary's remark. Another thing you said during the hour has struck home with us as well...tax
Keep up the great work on 30 Rock, and your excellent posts!!!
You were fantastic on Bill Maher.
You are so right with this article. Great work. I totally agree.
Here is something of mine on the campaign.
http://www
"We should have sold the country ten years ago,"
Actually, it happened about 20 years ago, don't you remember?
The Realtor who handled the deal was a fella named Sam Walton...
Forget about all that laying down conversation because real American solutions are written by "The 57th Delegate".
Since America's GDP was 3% and is now at 2.1%, there's no adding when it comes to The United States being an efficient part in the growth capital of 90% of the world gross product with over 80% of world trade. The less difference is that Americans are not willing the deference because Americans are growing more dependent on losing more GDP at a lesser wage for American employees that does nothing except further us into the box where we are borrowing from the other 19 - G20 Countries to keep us afloat.
Just 11 months ago returns us to the word "profiteering" that describes the state we are in at the helm of these G20 talks. The G20 has been pushing countries to privatize state assets (like President Bush trying to privatize Social Security) in order to use the money received to service debts to the IMF, the World Bank, and other private global banks.
Since much of the debt owed is (proffered as illegitimate), this call for the countries to sell their public assets (like the American Ports President Bush tried to sale to Dubai a couple years ago) is to pay for things America can provide for ourselves especially when it comes to American's new and real "All of the Above Energy Independence" drive....
full post continued at: http://the
The 57th Delegate..
Alec, please read either Bad Money or American Theocracy by Kevin Phillips and also the STATUS Syndrome by Marmot....
I loved the wink wink thing you did, the accent was atrocious, but you were really funny!!!! Please keep up the good work!!! I also thought you were good in South Pacific...
Mr. Baldwin, you are a wise man, you definitely have a future in politics
You have my vote for sure, keep it up
You really understand the issues and I enjoy all your posts.
Same here.
As person who has had much interaction with Europeans and Canadians, I must honestly say that by comparison Americans are less well educated, much less well traveled and, pretty ignorant about the world. This, I believe, is the reason for the general American gullibility that has resulted in their constant adherence to theories and leaders that do not work in their best interests.
The Roman emperors knew that it was important for them to keep the public mind occupied with the frivolous so that they could maintain their control and power. They instituted all sorts of public games and entertainment to achieve that purpose; it would seem that, “The more things change, the more they stay the same.”
I have known Americans who can recite the batting records of any number of baseball players, but have never heard of the Taft Hartley Act. Others know every character on television, but have no idea that Americans work harder, longer, and with less guaranteed benefits than in most other advanced countries. And, Americans have no idea what an outrage the American rigged executive compensation system has been because they have no idea what is paid to corporate executives in other advanced countries.
"The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings
Why bother selling? If we default on the paper China holds, China takes over the USA; sorry, former USA & we become the Peoples Republic of North America. Only Hu knows what the PRNA will use for a flag to replace the Stars & Stripes. Chinese designers & artist make a big thing about under stated designs. The Stars & Stripes looks bold, brassy, proud, but some call the Stars & Stripes busy or old snaggle tooth because of the staggered lines of white stars on the blue field. When those of us who knew of a USA before it became the PRNA die, nobody will speak of Old Glory or the Star Spangled Banner.
That will never happen the fact is if we default on china , we simply default on china, America has lots of natural resources we can take care of ourselves ..its just a matter of doing just that.
Alec, keep up the good work! While I understand the outrage over having to spend 840 Billion on a Wall St. greed fest, I must say I don't see why there is angst over this figure and not a peep about the 400, soon to be 500 Billion a year in interest payments on the debt. Two weeks ago on CSPAN, Peter Orzag, the CBO director told a congressional hearing while debating the bailout plan that the governments outstanding 79-80 Trillion dollars in liabilities will soon make this meltdown look like a day at a picnic. Even the former Comptroller General, David Walker was spending his own dime travelling the country ringing alarm bells to anyone who would listen. Why is no one talking about this?
Or the trillion dollar defense budget which the Pentagon has asked to be increased an additional 450 billion. That means an additional 450 billion yearly added to national debt. Considering that McCain wants to attack 4 to 6 more countries should make that higher
You were great on Bill Maher and were very unfortunate to appear with G. Shandling who interrupts and monopolizes every conversation. He did the same thing last year. Several times you and BIll attempted some interesting discussion only to have it stopped by Garry. I wish Bill would stop inviting him on the show.
I absolutely loved Alec's imitation of Palin's ridiculous "winking" episodes from the debate last week. He & Gary Shandling had me in hysterics. Also loved the Johnny Carson & Charro comparison (to Biden & Palin)
I am completely disgusted by the fact that the "bail out" had to be "sweetened" to get it through. The legislation that was added was worthless. Nancy Pelosi, Barney Frank, Christopher Dodd, John Boyner, Judd Gregg, and so on should not be re-elected. Their show of partisanship and ignorance through this whole mess was an embarassment.
Why did no one see this coming? What was "Hank" Paulson doing or looking at all of this time? Were they hoping this would all collapse during the next administration?
I think McCain's antics during the "bailout" drama really showed us how he handles crisis situations. I'm still not clear what it was that he suspended his campaign to do-by the way. Did he actually help at all? It's almost like he thinks if says things enough times, and gets Sarah to wink at us while she repeats his soundbites, we will actually believe it. That is amazing to me.
Alec I hope you take the time to read this New York Times article about a meeting between the banks and the SEC.
http://dea
In it you'll find this gem where those very same companies that we were forced to bail out are in fact responsible for this crisis. Here's an excerpt:
"On that bright spring afternoon, representatives from the investment banks asked the S.E.C. to exempt their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments.
Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instrument
I am glad to see Obama so much in line with the Bush administration's economic policies. Having voted and lobbied for the bailout plan which, as you say, is the final payment of the Bush administration to its benefactors. What does it say that the plan was largely the will and effort of the democrats. Granted, I am/was opposed to the plan in every single one of its forms. I supported, and contacted my congregssmen requesting their support of the only plan which made sense - change the law which got us into the mess in the first place. This dramatic move toward socialism should be something each and every American must required an answer for from the congressional leaders. If they won't answer, vote 'em out!
i don't mind socialism so long as the people get the positives (health care at the very least) as well.
also, there is so much wrong with the bush white house that Obama is the right choice even after his push for the bailout... we will need to get on him about this after he takes down gitmo and starts to restore our "republic"
like it or not something had to be done you and many others may not like it but quick action had to be taken I don't think the CEO should benefit from this at all and these companies should have to pay back the money to the government.
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