By Prof. Jose Maria Sison Chairperson, International League of Peoples’ Struggle July 7, 2010 Since 2008 the major capitalist powers have wantonly used public money to bail out the big banks and corporations, thus allowing these to show profits on their balance sheets and to conjure the false illusion of recovery in financial markets but…
Tags: bailout
How Schemes to Rescue Wall Street Gamblers are Prolonging This Recession
“Too Big to Fail”: A Bailout Hoax Using the “too big to fail” scare tactic, the U.S. government has kept a number of terminally ill Wall Street gamblers on an expensive life-support system that is estimated to cost taxpayers $8.5 trillion [1]. In light of the fact that (according to IRS Data Book) there were…
Bailouts & Sellouts
It is amazing to see sums now running into the trillions being allocated almost entirely to substantial market players, many of whom were heavily involved in producing the financial debacle we are now suffering. The priorities of the U.S. establishment, including both the leading Democrats as well as the Republicans and mainstream media, are clear—at…
US House Approves Bailout on Second Try
The House of Representatives gave final approval on Friday October 3 to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history. BY DAVID M. HERSZENHORN, The New York Times/Truthout INTERNATIONAL Posted by Bulatlat Washington – The House of Representatives gave final approval…
From Empire to Democracy
BY HOWARD ZINN The Guardian UK/Truthout INTERNATIONAL Posted by Bulatlat This current financial crisis is a major way-station on the way to the collapse of the American empire. The first important sign was 9/11, with the most heavily-armed nation in the world shown to be vulnerable to a handful of hijackers. And now, another sign:…
Let the Rich Bail Them Out
“If a bailout is needed, if taxpayer money must be placed at risk, if we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from President Bush’s tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation who…
Making the People Carry the Burden of the Crisis Caused by Greed
During its peak years, financial investment houses and banks reap profits at the expense of the “real economy” and the people. When they experience losses, history shows that it is the people, through their taxes, who carry the burden of rescuing them with the government’s bailout plans. BY BENJIE OLIVEROS ANALYSIS Bulatlat The rejection by…
‘GMA, Bush Passing Burden to the People’ – Bayan
BY BULATLAT The umbrella organization Bagong Alyansang Makabayan (Bayan-New Patriotic Alliance) slammed Mrs.Gloria Macapagal-Arroyo and U.S. President George W. Bush for ‘passing the burden to the people in times of crisis.’ Renato Reyes Jr., Bayan secretary general said it was no surprise why Arroyo supports the $700 billion bailout plan of the Bush administration for…