The bailout actions by the U.S. Congress are showing the American people and people around the world that the problem in the U.S. is not only with the economy, but even more seriously with much of the U.S. Congress and Executive Branch of the U.S. government as well.
The U.S. Congress, the world is told, has a serious economic crisis to deal with. If it is indeed such a serious crisis then shouldn’t the Congress undertake to do a serious investigation of the problem by calling to testify all who may have a means to look at the problem so as to get a handle on the actual nature of the problem.
The last people to go to for a plan to solve this supposedly serious crisis are the people who have created and encouraged its creation.
So what does Congress do?
It tries to rush through the Congress a 3-page plan by Henry Paulson, the U.S. Secretary of the Treasury, who has been at the helm during the course of the development of the supposed crisis. The 3 page plan gives all matter of money and power to Henry Paulson.(1)
Many of the citizens and netizens in the U.S. protested such action.
The 3 page bill was not passed.
What then does the U.S. Congress do? They take the same structure of a bill, add pages to it, but essentially leave it as the Paulson plan, and bring it back to Congress.
When people protest they are told this is the only bill there is so it has to be passed.
But why is this the only bill? Why is the U.S. Congress supporting the very people who created the problem to further enrich themselves and empower themselves as a result of this supposed crisis?
If it is such a crisis, Paulson and the head of the Federal Reserve should be fired and replaced. If it is such a crisis the Congress has to take a hard look at what the problem is to determine how to deal with it.
But it appears that too many in the U.S. Congress have gone along with the speculators and gamblers in the investment business for too long to stop now.
The challenge to the American people and people around the world is what to do about this cozy relationship that has been created between many in Congress and the U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.
It is the Federal Reserve that has quickly moved to make Goldman Sachs and Morgan Stanley bank holding companies that would get support by the Federal Reserve. (2) In the past there was to be a dividing line between investment houses and banks. This has been changed it appears, with no public discussion to determine the significance of making such a change.
The Federal Reserve, which makes such decisions, it appears, is a private institution. (3) Its decisions have led to a situation that we are being told now require massive amounts of public money and political power so as to prevent a collapse of the U.S. and global economy. But why is a private institution making such decisions? Decisions that then are being used to get massive amounts of public funds and public power transferred into private hands.
What is behind the problem is being kept well hidden, with scare tactics being used to rush through a massive transfer of the public wealth and power into private hands. This was similar to the tactics used by the U.S. government to rush through the U.S. Congress the authority to allow the invasion of Iraq. This supposed crisis hype being spread through the U.S. and much of the world by the U.S. media is similar to the kind of public relations campaign used by the U.S. government to sell the need to invade Iraq on false pretenses.
If the problem with the U.S. economy is so serious, it deserves serious treatment by the U.S. Congress. Only then can they determine what public funds or powers to use to solve the problem. Similarly, the mainstream U.S. media should be challenging the hype and rush of the politicians. Instead even the public television station is encouraging the politicians to act with speed.
It appears that it is mainly on the Internet, among netizens and in discussions offline among citizens that the rot of such a rush is being discussed, debated and criticized as the wrong direction for any solution that can be of benefit to the great majority of the people of the U.S. and the world. (4)
1) “Washington’s Bailout but a Replay of ‘WMD” Scenario with new actors” part I