Too Big to Jail?
by C. L. Cook
We've heard some Wall Street firms are too big to fail, but what about the bandits behind the wheel, are they too big to jail?

 

 

The current line taken by the Bush administration, the McCain presidential campaign, and the Democratic party leadership treats the financial train wreck overtaking the world's financial markets as more a kind of Act of God than the predictable results of the Bush and Clinton administrations' years of deregulation and rigging the system to favour (and fabulously profit) the very actors now howling for federal relief.

 

If that relief is to be forthcoming, as it seems it may tomorrow, charges laid by the FBI would undermine that "blamelessness" narrative pedaled by Bush et al. From too big to fail, to too big to jail in one skipped legal process.

George W. Bush appeared on national television in prime time to pitch his case for the $700,000,000,000, or so dole out to pin-striped Wall Street. So much is unclear about this proposal, it's little wonder there exists across America suspicion and, in the words of near invisible presidential candidate, Ralph Nader, a growing sense of betrayal, where thousands have borne the brunt of the real estate bubble burst without aid, only to watch the government riding to the rescue of predatory bankers.

As it has throughout its disaster-strewn tenure in office, the Bush administration is brassing out this latest fiasco, insisting congress must agree to a hastily drawn rescue package that as well as plundering the already hobbled U.S. Treasury, Secretary of the Treasury, Henry "Hank" Paulson's plan would also deliver into the Treasury Secretary's hands carte blanch, unfettered and unverifiable access to the mint.

 

Those hands will likely, (assuming there is an election in November) be democratic ones; but for now, those hands belong to the scheme's architect, Hank Paulson, the same Wall Street insider who has overseen the late stage-management of the system dismantled so expertly it is now dismantling itself, right before our eyes.

And as it has done throughout the precedent-busting presidency of Mr. Bush, the democratic party is less than 24 hours from going along again with the White House and granting Paulson's wildest dream, (with a few token provisos) and delivering the fatted citizen-chickens to the high-flying Wall Street foxes.

 

But, and it's a big one; Bush and his allies in the democratic and republican parties have misunderestimated the depth of the mood on Main Street, where a pinched middle-class has seen itself beaten from all sides throughout most of the Clinton years and all of Bush's reign: Look out! There's some pissed chickens out there, George.   

Marchers, in the first of more promised demonstrations across the nation, descended on Wall Street to hurl angry epithets against the Brooks Brothers caste, bringing for good measure garbage, left on the sidewalk for the thousand dollar Italian loafer set to navigate home through; protester's "junk" symbolizing the now worthless funding instruments recently sold as solid.

 

Meanwhile... on Main St., campaigning candidates for both parties are receiving hundreds of thousands of calls, overwhelmingly decrying the plan Bush demands be rammed through the congress tomorrow.

Also scheduled to occur Friday (S26), the first presidential debate between the charismatic, well-spoken Barack Obama and the seventy-two year old John McCain, whose once compelling p.o.w. saga, which (even if it is to be believed)  does little more now than stress the veteran Senator's physical frailty.

 

Incredibly, McCain abruptly announced a cease to his presidential campaign yesterday, refusing too to take part in the scheduled debate until congress signs off on the biggest bailout in the history of bailouts.

 

Other candidates for the presidency have sought, but will not be offered a replacement spot should McCain be a no-show; the agreed two-party only debate framework withstanding challenge.  

 

Though the Nader revolution may or may not materialize, it definitely won't be televised. Coming instead to a corporate teevee near you soon, perhaps the political equivalent of a one-hand clapping "debate" featuring Obama's rhetoric on issues of import.

 

Thankfully, again, the corporate press is not the only vision of this deal available:

 

Check here for Ralph's view on this, via DemocracyNow!

 
  
 

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