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Welfare For The Rich

Dean Baker nails the bank bailout for what it really is:

“Mr. Geithner wants to use taxpayer dollars to keep bankrupt banks in business. In effect, he wants to tax teachers, fire fighters, and Joe the Plumber to protect the wealth of the banks’ shareholders and to pay high salaries to their top executives.”

This is welfare for the rich, pure and simple. Why can’t the average American see this? We hear that the “centrists” (talk about a misnomer!) oppose much of the Obama stimulus package because of unnecessary spending. So they oppose spending that will benefit middle-class Americans, but are all in when it comes to spending that benefits wealthy bankers.

This is ridiculous. There are only three reasonable options here:

1) If you are going to spend $700 billion (and counting) to bail out the financial industry, then you should be more than willing to spend twice that amount and more on a stimulus package to help the rest of the country. If you support the bank bailout you can not oppose any other spending, period.

2) Don’t bail out the banks and just let the entire industry go bankrupt. If you really believe in the “free market system” then you pretty much have to take this option. Of course it would spell economic doom for the country, but what the hey?

3) You nationalize the banks. Put the executives and share holders out to pasture and let the government fix the mess.

Right now what we’re doing doesn’t fall in to either of these “reasonable” options. But why am I not surprised?

Idiot Nation, indeed.