Another 700 billion! ...?

The Obama team and Democrats are acknowledging that an economic stimulus plan equal to 4%-5% of US GDP is needed.  In other words 500-700 Billion dollars are needed for investing toward infrastructure as a means of creating jobs to stimulate the economy.

If there is anything of value that we may have learned from the previous local discourse on the global economic crises I would hope that it is: it is healthy to read between the lines of the national discourse mainstream setting media (i.e. NPR, The New York Times, CNN, and all mainstream corporate media to the right of these). 

Before taking another message and echoing and parroting again, lets take stock of where the financial bailout has put us.

When the first and second wallstreet bail-outs were proposed it was said (and used to eventually justify passage)  that this money was badly and urgently needed for freeing up the credit markets; that freeing up the credit markets would then allow the economy to resume unfrozen; that we should give the money to the banks and they would, out of their own volition, provide credit again.  Instead, facilitated and encouraged by an illegally repealed tax code -- a provision that limited a kind of tax shelter arising in corporate mergers, --  little or no significant oversight by Congress, and the overlooking of antitrust law (that would otherwise prevent the continuation of creating and sustaining private institutions that are 'to big to fail') banks are using the money to buy each other up, and pay themselves bonuses. 

The Wallstreet bail-out, and governemental loans to the financial industry have accomplished nothing  beyond a multi-trillion dollar heist to us the tax-payers.  Meanwhile, the economy is still tanking, unemployment is skyrocketing, foreclosures are only expected to increase, the credit card bubble burst is looming, etc..

Naomi Klein points out:

On the same day that he allocated the first $125 billion to the banks, Secretary Paulson announced the largest federal budget deficit in U.S. history. Buried in his statement was a preview of the next phase of the financial disaster. The deficit numbers, he declared, reinforce the need to "pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform."

Democrats are finally waking up to a solution for the real economy!  And, at the same time, what remains of the Wall street bail-out money continues to be wasted.  Congress, the mainstream corporate media, ... but ultimately each and everyone one of us is responsible and can prevent this waste from continuing to happen!  ... before it is too late and the new prescription by the national discourse makers has a footing in a freshly created reality!  Expect to hear that  "there is no money left for an economic stimulus package of this magnitiude.



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