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Corporate Socialism has destroyed our nation

They don’t call it money anymore. It’s liquidity. And we were awash in it a year ago. The oceans were rising, the lakes overflowing, the wells and cisterns full and the financial institutions were issuing credit freely without any due diligence.

Then suddenly it all evaporated – it just dried up, almost overnight. The banks and financial institutions announced they had lost tens of billions of dollars. Housing prices began dropping. Loan institutions went bankrupt. Stock prices plummeted.

The economy was going into seizure. The paramedics arrived and announced we have to give this sick patient an emergency “stimulus.”

So what happened to all the money? And where are they getting all the new money – sorry, liquidity – for this “stimulus?”

Panicked Republicans admit to a gargantuan economic crisis when they dole out $150 billion to the working middle class and poor. What? No more corporate welfare for the super rich?

Remember, the Republicans forbade $15 billion in healthcare for needy children, a need far more desperate than $40 a month in “stimulus.” Something stinks here, and I think it’s Republican ideology.

Well, we know what happened to a big chunk of the missing money: Wall Street’s five biggest firms paid a record $39 billion in the form of bonuses for 2007, a year when three of the firms suffered their worst quarterly losses in their history, and they lost their shareholders more than $80 billion.

This is infuriating. Wall Street rewards incompetence and greed on a breathtaking scale, at the expense of working Americans and investors. Bloomberg News named the five scoundrels last month.

These are just five in the great body of corporate socialism which has destroyed the economy of our nation. This patient is going to be in the hospital a long, long time.

Joe Howard Crews

 

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