A Bail-Out for Wall Street or a Bail-Out of Globalization?

In his address to the nation this morning, President Bush made the following statement: “I assure our citizens and citizens of the world that this is not the end of the legislative process.”  “Citizens of the world??”  When did they become stake-holders in this process?  When we sold them American assets to finance a $9 trillion trade deficit (since 1975).  Now we finally have a blatant admission from the president that he is at least as concerned about foreigners, if not more so, than our own citizens.  We’ve been sold out.

My post yesterday predicted passage of the bail-out plan, thanks to our elected officials catering to our foreign owners instead of heeding the overwhelming opposition of the American people. Thankfully, there appear to be a few congressmen left who haven’t gotten the word about who’s really in charge. They still cling to the belief that their job is to do what’s right for America. Or do they? Most of the “no” votes came from those who are facing reelection just a month from now. Are they just kicking the can down the road a month so that they can vote in favor of the plan after the election?

As I write this, it is being reported that European leaders are urging passage of a bail-out plan. And the president’s own words this morning make it clear that he is paying attention to our foreign owners when he addresses his comments to “… citizens of the world.” Many who oppose this plan complain that it’s a bail-out for Wall Street. I see it as something even bigger:  a bail-out of globalization. The parasitic economies of the world who have been draining the life blood from our economy through our trade deficit now find that the supply of blood is drying up. They’re demanding a transfusion from American taxpayers (actually the future generations of taxpayers, our children and grandchildren) to keep the blood flowing.

Proponents of this bail-out tell you not to worry; taxpayers will probably get all their money back when these foreclosed properties are sold back into the market at a profit. Don’t believe it! Take a look around at the properties in your neighborhood that have been foreclosed and are getting more run-down by the day. Do you seriously think that these will ever be sold again for more than a fraction of the value of the mortgage that was defaulted? Don’t be ridiculous!

Readers, let’s celebrate this victory over this taxpayer ripoff, but don’t be lulled into thinking it’s over. They’ll tweak the plan and put it up for another vote soon. So keep up the pressure on your congressmen. Keep bombarding them with E-mails and phone calls expressing your outrage. There are much better ways to restore the economy. A key component of any rescue plan has to be an acknowledgement of the role of the trade deficit and the fact that we can’t have a healthy economy that is predicated on binging on debt. A plan that includes elimination of the trade deficit will be a plan that we can support. Without that element, tell your congressman not just no, but “hell no!”

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