Lehman Brothers Holding, an investment Bank, just this week filed the largest bankruptcy in American history. At the same time, Merrill Lynch, the world's largest recognized brokerage, avoided the same fate with a $50 billion transaction to become part of Bank of America Corp., which has the most deposits of any U.S. bank. This deal will create a financial giant --- just what the people need: another monopoly in the financial markets.
The Dow Jones average responded to this news by dropping 504 points; approximately $700 billion evaporated from retirements plans, government pension funds, and other investment portfolios, reported business writers from the Associated Press. This is the same industry Republicans want to shift Social Security money in the form of private accounts. How would you like $700 billion to disappear from Social Security over night because of the reckless actions financial institutions take.
The worst part is that while this meltdown is taking place, the CEOs are still being given millions of dollars in bonuses, stock options, and other financial rewards. Republicans have been in bed with corporate America from the beginning with policies that favor the wealthy and free them from any restraint or oversight. The sky is the limit. Despite what T.Boone Pickens says, a record of wealth has been transferred from the average workers to the pockets of corporate America; CEO's make 400 times the average worker.
So called economic and stock market experts on CNN, CNBC, and MSNBC end up aiding and abetting the Republicans and corporate American greed. The only thing they are an expert at is giving out propaganda that follows the conservative Republican ideology.
If the American people are really concerned about the future of their children, John McCain and the Republican party are not the answer in November. They would only continue the policies of transferring more and more wealth from the average American to the wealthiest 1% --- that is the Republican policy.
1 comment :
We know first hand that President Bush's appointments to various commissions that over see and regulate business are not qualified for the job and that is on purpose. Remember FEMA's director who had to resign after Katrina and after Bush told him he was doing a heck of a job.
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