Saturday, August 1, 2009

A cold and hungry panic

Republicans wasted breathable air on the floor of Congress bloviating about how much that Obama was spending on the Cash for Clunkers program. They were fit to be tied about the one billion spent in the first week but the government spent almost that much Friday taking over failed banks in 5 states. The thing that is dragging down these small to medium sized banks isn’t home foreclosures. It’s loans to commercial real-estate projects and to developers. Not a peep is heard from Republicans about this because these aren’t middle-class home owners, these are good Republican contributors that drank the kool-aid that they were passing out.

Bank seizures happen almost every Friday and will only become more common. A large bank chain in Texas could go down any day. The FDIC is rapidly burning through its reserves and will need to start tapping the 500 billion line of credit they asked Congress to authorize at Treasury. This is of course insignificant compared to the debt run up by the Bush Crime Family which sucks up nearly 2 billion dollars a day in interest. Then there is the trade deficit that sucks another 2 billion a day or more from our pockets. This doesn’t count the 24 Trillion in bank bailouts.

Just keeping a finger in the dike to stop the Republican red ink from drowning us all is approaching the total of all Federal Revenue. We are hurtling toward crisis that has never been seen before and don’t kid yourself that it’s an accident or incompetence or even simple greed. It’s a grab for absolute power. Once and for all with no exception we will all be slaves of the rich elite that control the huge transnational corporations. It won’t be forced on us, in a cold and hungry panic we will ask for it.