The Latest Bailout Fiasco

Masters of the Universe, Do You Need a Dime?

The ruling class is more than a collection of ideologies and bank accounts. There is a cohesiveness to their rule that suggests a cultural and social interconnectivity that transcends mere political parties.

This has been made painfully clear in the collaboration between different political groupings to give billions of dollars away, with little or no control or oversight, to the Wall Street "masters of the universe" who have looted the economy of trillions of dollars with speculative schemes, and just out and out thievery. The latest egregious hit to the U.S. taxpayers for another financial bailout comes with the announcement of a mega-billion bailout to Citigroup.

As F. William Engdahl explains in an article at Global Research:

Citigroup and the government have identified a pool of about $306 billion in troubled assets. Citigroup will absorb the first $29 billion in losses. After that, remaining losses will be split between Citigroup and the government, with the bank absorbing 10% and the government absorbing 90%. The US Treasury Department will use its $700 billion TARP or Troubled Asset Recovery Program bailout fund, to assume up to $5 billion of losses. If necessary, the Government’s Federal Deposit Insurance Corporation (FDIC) will bear the next $10 billion of losses. Beyond that, the Federal Reserve will guarantee any additional losses. The measures are without precedent in US financial history.

Yet, no one in the mainstream political discourse argues to hold these criminals to account. Instead, aim has been taken lately against unions, like the UAW, who conservatives argue have made companies like GM non-competitive in the global marketplace, with their demands for humane work rules, a decent, living wage, health care, etc. Even when the liberals criticize the CEOs of the Big Three automakers, and argue that the lack of nationalized health care puts the car companies behind the economic eight-ball, they barely raise a peep when it's argued that everyone, including the workers, will have to sacrifice to "save" Big Auto (which means tearing up the union contracts, fought for by workers over decades).

In the latest sign of complete moral, ethical, and political collapse, Bloomberg now reports the capitalists' bailout will top $7 trillion dollars -- "half the value of everything produced in the nation last year"!!! For once, the use of multiple exclamation points fails to describe the exaggerated circumstances.

But will this near-total failure of the economic system lead any respectable mainstream or blogging analyst to question the bankruptcy of the capitalist system as a whole? Not unless you're waiting for Barack Obama to lay the foundation stone for a new mammoth statue of Joseph Stalin on the D.C mall. (The rot of communism -- really Stalinism -- was declared by sober folk on both the U.S. left and right, based on far less economic failure.)