Congressional interrogators pointed out that banks were not lending more money. Mortgage interest rates have risen, not fallen, even though the Fed is supplying banks with credit at only a quarter of a percentage point (an average of about 0.30 per cent last week). Credit standards (understandably) have been tightened to require prospective buyers to put up more of their own money. Foreclosures and evictions are up and real estate prices continue to plunge. Also plunging almost straight down has been the Dow Jones Industrial Average, sinking below the 8000 mark last week to the lowest levels in years. Nothing is working out the way Mr. Paulson promised.
The word being used most by Treasury officials these days is “unexpected.” At his subcommittee hearing on Friday, Nov. 14, Dennis Kucinich asked Mr. Paulson’s sidekick, Neel Kashkari, whether the Treasury’s lack of realistic foresight was an innocent error or a case of bait and switch. Mr. Kashkari stonewalled by repeating a “talking point” loop-tape claiming that giveaways were the way to get the economy “moving” again. The banks would use their newfound power to help customers run back into debt even more deeply, presumably at the exponential rates needed to re-inflate property and stock prices.
Ok, boys and girls. This is an excerpt from a Counterpunch piece. The thing that strikes me as most offensive is that they say this is all "unexpected". Someone just hasn't read any Carl Marx, now have they?!
Just don't expect any of this to change much with our "great white hope", No Drama Obama. There will be drama a plenty in the months to come. For if you think for one moment that the money whores are going to let this man, even if he would, do anything but look like a fool, you are sorely mistaken. Their main man, Herr Bush, was a (is a)bumbling buffoon, not to mention a cold criminal. Yet, he was held up as the savior of the world!
No, the markets are going to continue to crash, our bailout money is going to continue to be plundered and pilfered, we are going to increase our wartime status and Mr. Obama is going to made the underdog for it all so that our neocons can come back saying some such shit as "we were misled or bamboozled but we are your true hope".
But make no mistake about it, jobs are history. The illusion of wealth is history. We have collectively rolled over and let the cell block bully have his way with our asses. Wanna blame someone, look in the mirror.
And there is a new breath blown into the lungs of the dying Jim Crow, too. If I had a nickel for every time I have heard the phrase "that nigger in the White House", I would be prepared to weather an economic depression for the rest of my life. The little Nazi's of America are getting themselves all worked up into a frenzy. And we are all allowing it to happen by NOT confronting racism and class dogma any more than we confront religious dogma.
And on that note, I have heard bus loads of little rednecks saying that Gov. Mike Huckabee of Arkansas would have made a good presidential pick because he "is a nice guy". Yeah, just like Palin is a "hot chick"! NOT. Personally, I do not want anyone that is actively anticipating the rapture to occur just any day now to be in a position to make decisions for future generations!
Don't look for me to continue posting much here. I have absolutely lost interest. I can hardly bare to continue watching mankind destroy his self with hatred, bigotry and greed. Good Night and Good Luck!
