Monday, November 24, 2008

Chris Hedges fears more of the same from Obama

Interspersed with reports of the truly needy in Trenton, New Jersey, we have this summation:

TruthOut.org:
If Barack Obama continues to turn to the elites who created the mess, if he does not radically redirect the nation's resources to assist the working class and the poor, we will become a third-world country. We will waste gargantuan amounts of money we cannot afford on our military, our national security state and bloated corporations while we damn the middle and working class to the whims, idiocy and greed of an entrenched, corporate oligarchy. Obama's appointments of Timothy Geithner as treasury secretary and Lawrence Summers as director of the National Economic Council are ominous signals that these elites remain entrenched.
[. . .]
So while our nation crumbles, physically and morally, while our empire implodes, while our economy tanks, the bankrupt elites who got us here play the merry-go-round game of power in Washington. They will continue to oversee our demise, including the obscene drain of our military and security budget, which now accounts for half of all discretionary spending. Pentagon officials have reportedly asked the Obama transition team for $581 billion, an increase of $67 billion. This increase does not, of course, include the $3 trillion for the wars in Afghanistan and Iraq. We will pay these loans later.

Banks, automotive companies and investment firms, all sinking under the weight of their own incompetence and greed, head to Washington, usually in private jets, to engage in the largest looting of the treasury in American history. And Congress doles out our money without oversight in the greatest transference of wealth upwards in modern times.

As this pitiful march of folly rolls forward, children in Trenton and across America go to bed hungry.

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1 Comments:

Blogger Jason said...

With the Treasury Secretary on his spending spree he surely isn’t trying to get a good return on the tax payers’ investment. The bailout was to buy up bad mortgage debt but it never did. What is the purpose of the fund? Paulson’s has warrants on many banks and they average 1 – 3 percent when enacted. Yet the cash investment is about 20 percent of the market cap. Maybe the next Treasury Secretary will be less erratic.

http://nomedals.blogspot.com

Tuesday, November 25, 2008 at 11:31:00 AM PST  

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