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AMERICA'S COSTLY BAILOUT DOOMED WITHOUT REGULATION
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A 2028 trivia question: What man collapsed the World economy with a credit crisis after he borrowed the largest sums of money in the history of mankind?
Convincing himself that his legacy will be the liberation of Iraq ~ George W Bush conveniently forgets that he has bankrupted America not only with his illegal preemptive war, occupation and economic rape of the sovereign country of Iraq but also with the deregulation of the banking industry: Allen L Roland
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As I have said many times ~ George W Bush will do anything to avoid failure including bankrupting America in order to avoid the specter of an economic failure on his watch.
As such, Hank Paulson's trillion dollar plus bailout to prop up a failed financial system is doomed to failure for its true intent is to prop up a failed Bush administration who wants to leave office without taking responsibility for the Depression it has promulgated through its reckless and unregulated fiscal actions.
If the regulators had been doing their jobs as they were supposed to over the last 7 years, we would not have been in this mess. The Bush Administration deliberately chose to not implement Banking regulations. The picture below is from 2003. It shows the heads of all the Bank regulating agencies making a show of how they would not implement regulations and give the Banking industry a free hand.
All 5 are heads of regulating agencies appointed by the Bush Administration. Specifically note the gentleman on the left wielding shears: James Gilleran, Head of the Office of Thrift Supervision (OTS). OTS was directly responsible for regulating WaMu and as they made very very bad loans, which brought us to the events of the evening of September 25th 2008 and the biggest banking failure in American history. http://www.nafella.com/naflogger/?EyeOnPersonalFinance/A_picture_of_how_the_Bush_Administration_brought_the_US_economy_to_its_knees
As the government's financial bailout becomes the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year ~ nothing will effectively change until firm banking regulations are restored and regulating agencies do their job.
Former Wall Street economist, Michael Hudson ominously writes in Counterpunch ~ "the seemingly endless series of Paulson bailouts seeks to keep today's debt overhead intact rather than writing it down." Though many were hoping for a Gorbachev-like figure, to Hudson "Obama is looking more like Boris Yeltsin ~ a political umbrella for the kleptocrats to whom the public domain and decades of public wealth were given with no quid pro quo."
Obama must soon make his intentions clear ~ or risk responsibility for Bush's economic irresponsibility and failure.
Allen L Roland http://blogs.salon.com/0002255/2008/11/29.html
Freelance Online columnist and psychotherapist Allen L Roland is available for comments, interviews, speaking engagements and private consultations ( allen@allenroland.com )
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK
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Allen Roland’s weblog: http://blogs.salon.com/0002255/
Website: www.allenroland.com
ONLY THE TRUTH IS REVOLUTIONARY |
9:07:53 AM 
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