BUY IN, OR BAILOUT? September 25, 2008Posted by wmmbb in US Politics.
Don’t listen to the people because they do not know anything right, but we control the media and that is the way and path of power.
Don’t listen to the people’s representatives, they might be on the money, but then do give them any media time, so the people remain addicted to that stuff they are smoking – or what ever other self medication they are resorting to nowadays.
Representative Marcy Kaptur (via Glenn Greenwald) might very well be on the money:
Glenn Greenwald’s discussion with Richard Sheehan is remarkably sane. (That’s a lesson for me. I pick up on a consensus expert view, and go with that, whereas there might be alternative expert opinion. In this situation, as in many others, I have to rely on opinion of those who have expertise I do not have. Having listened to those views, I am in a better opinion to make a judgment.)
An editorial in The NYT argues that an inadequate case has been made for the bailout.
The really interesting debate and discussion was not on Capitol Hill in Washington by at the East River in New York. G Bush would not know his legacy if he tripped at the podium of the United Nations. That unprepossessing Secretary General, Ban Ki Moon, is sounding every day as the crisis continues with it global repercussions more and more like a world leader. BBC reports:
But in the UN corridors today Mr Bush seemed in danger of appearing out of touch.
The buzz this week is not about terrorism, but the implications of financial turmoil, generated in part within the United States, but affecting countries way beyond US borders.
Sharpshooters stand on the roof of the UN ahead of the General Assembly
Security is tight as world leaders attend the General Assembly
And no national American policy, whether enacted by president or Federal Reserve is any longer seen as sufficient.
Many seemed to think there needed to be collective action, which took into account the impact on poor countries as well as rich ones.
With American power seemingly on the wane, there were calls from the podium for a new global leadership to fill a growing vacuum.
“The global financial crisis endangers all our work. If ever there were a call for collective action – a call for global leadership – it is now,” declared UN Secretary General Ban Ki-moon.
President Mahmoud Ahmadinejad of Iran – in what is becoming something of a UN ritual – laid into the United States wholesale, describing it as a “bullying nation” and declaring it was on its last legs.
He said the “American empire” was reaching the end of its road, and its next rulers would have to limit their interference to their own borders.
But others usually more friendly to Washington added their voices to what appears to be a growing feeling that – in the light of this latest crisis – reform of international institutions is now well overdue.
Brazil’s president denounced what he called the “anarchy of speculators” whose “profits were always to be privatised, while their losses are invariably socialised”.
He went on to criticise international institutions which he said needed to be “rebuilt on entirely new foundations”.
President Nicolas Sarkozy of France was even blunter.
“We cannot wait any longer to enlarge the Security Council. We cannot wait any longer to turn the G8 into the G13 or G14, to bring in China, India, South Africa, Mexico and Brazil,” he said.
Next year’s G8 host, Italy, was already planning to propose an enlargement, he said.
But the French president’s wider point was also that new lessons had to be drawn from today’s financial crisis.
His solution: a gathering of heads of state before the end of the year to work out new rules for the global economy.
“Let us rebuild together regulated capitalism, in which whole swathes of financial activity are not left up to market operators, in which banks do their job of financing development instead of encouraging speculation, and where rules of caution apply to all, to avert shocks, instead of exacerbating them,” he announced.
A recipe for a new global set of financial rules?
It is only the end of day one of the General Assembly debate, but already it feels as though a consensus is building. The question is, as usual at the United Nations, will these fine speeches ever be turned into action?