"Is this the United States Congress or the board of directors of Goldman Sachs?"
~ Rep. Dennis Kucinich (D-OH).
~ Rep. Dennis Kucinich (D-OH).
What I said the other day . . . and then some:
On Friday, as the rats in the House of Representatives voted at least $700 billion to save Wall Street vermin from their massive bad debts, a 90-year-old woman in Ohio attempted suicide as sheriff deputies tried to evict her from her foreclosed home of 38 years.
Check here to see how your Congressrat voted on the criminal bailout.
And if you want to know more about the vermin who were saved last week, check the figures Senator Bernie Sanders (I-VT) came up with:
While the middle class has declined under President Bush's reckless economic policies, the people on top have never had it so good. For the first seven years of Bush's tenure, the wealthiest 400 individuals in our country saw a $670 billion increase in their wealth, and at the end of 2007 owned over $1.5 trillion in wealth. That is just 400 families, a $670 billion increase in wealth since Bush has been in office.
In our country today, we have the most unequal distribution of income and wealth of any major country on earth, with the top 1 percent earning more income than the bottom 50 percent and the top 1 percent owning more wealth than the bottom 90 percent. We are living at a time when we have seen a massive transfer of wealth from the middle class to the very wealthiest people in this country, when, among others, CEOs of Wall Street firms received unbelievable amounts in bonuses, including $39 billion in bonuses in the year 2007 alone for just the five major investment houses. We have seen the incredible greed of the financial services industry manifested in the hundreds of millions of dollars they have spent on campaign contributions and lobbyists in order to deregulate their industry so that hedge funds and other unregulated financial institutions could flourish. We have seen them play with trillions and trillions dollars in esoteric financial instruments, in unregulated industries which no more than a handful of people even understand. We have seen the financial services industry charge 30 percent interest rates on credit card loans and tack on outrageous late fees and other costs to unsuspecting customers. We have seen them engaged in despicable predatory lending practices, taking advantage of the vulnerable and the uneducated. We have seen them send out billions of deceptive solicitations to almost every mailbox in America.
Contrast his constituents, the ordinary people:
Most of my constituents did not earn a $38 million bonus in 2005 or make over $100 million in total compensation in three years, as did Henry Paulson, the current secretary of the Treasury, and former CEO of Goldman Sachs. Most of my constituents did not make $354 million in total compensation over the past five years as did Richard Fuld of Lehman Brothers. Most of my constituents did not cash out $60 million in stock after a $29 billion bailout for Bear Stearns after that failing company was bought out by J.P. Morgan Chase. Most of my constituents did not get a $161 million severance package as E. Stanley O'Neill, former CEO Merrill Lynch did.
Sanders proposed taxing the rich to pay for their economic fiasco, which would have been the right thing to do, but, as usual, the working class got the shaft handed to them by their own elected representatives.
Aren't democracy and capitalism wonderful?!
In case anyone needs them, here are 10 reasons why the Wall Street criminals should not have been bailed.