The Bankruptcy Of The Nation And Conservatism
By Cliff Kincaid
November 7, 2008
A lot will be said and written about the presidential election, but one central fact remains: John McCain was ahead in the polls until the financial crisis emerged and President Bush was pushed by Treasury Secretary Paulson into seeking a $700-billion Wall Street bailout on September 18. The crisis benefited Obama, even though he voted for the bailout, because he was not a Republican, like McCain or Bush. Republicans were blamed because a Republican was in the White House.
The exit polls (web site) on November 4 still found the public opposed to the bailout by a 56-39 percent margin.
The panic around mid-September infected the conservative media, especially Fox News, which became a soapbox for the bailout that now exceeds $1.8 trillion. But rather than bail out or "rescue" anything, the hastily - passed measure, ironically named the "Emergency Economic Stabilization Act of 2008," started a process that now threatens national bankruptcy.
Because Wall Street has gotten its bailout, the Democrats figure that they can now spend even more, supposedly to benefit Main Street. Which means spending and debt will get even more out of control and more socialist measures, this time under President Obama, will be taken.
The Global Europe Anticipation Bulletin, (web site) which predicted the current financial crisis, is warning that the U.S. Government will default on its debts by the summer of 2009 and that the "unfolding implosion" of the U.S. economy will result in the dramatic decline of America as a world power.
This is not a natural disaster, like a hurricane or earthquake. It has been brought about by reckless decisions made by people on Wall Street and in the federal government, including Congress. It was man-made, and President Bush clearly deserves much of the blame. But why aren't the media demanding accountability for how the Bush Administration and the Congress permitted the nation to come to this point?
Incredibly, we still know very little about what happened behind closed administration doors. Rep. Scott Garrett, Republican of New Jersey, is one member of Congress who wants some answers (web site) from the Bush White House. One White House official simply shrugged his shoulders when I asked him how this crisis just happened to emerge six weeks before the election. Either they don't know or don't care to know. Either way, it borders on criminal negligence.
We do know that the powerful pro-China investment banking firm of Goldman Sachs, which backed Obama and the Democratic Party, has its fingerprints all over this debacle. Not surprisingly, the firm now benefits (so far to the tune of $10 billion) from the "rescue" package forced through Congress by its former chairman, Henry Paulson, and even got $5 billion from Obama booster Warren Buffett.
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