A very interesting speech by Rep. Marcy Kaptur (D-Ohio) during the congress debate on the so-called Bailout (transcript below)
“…Mr Speaker, here’s the latest reality game, let’s play Wall Street Bailout.
Rush the decision
Time the game to fall in the week before congress is set to adjourn and just six weeks before an historic election so your opponents will be preoccupied, pressured, distracted and in a hurry.
Disarm the public through fear.
Warn that the entire global financial system will collapse and the world will fall into another great depression. Control the media enough to ensure that the public will not notice that this “Bailout” will indebt them for generations taking from them Trillions of dollars they earned and deserve to keep.
Control the playing field and set the rules.
Hide from the public – and most of the congress – just who is arranging this deal. Communicate with the public through leaks – through media insiders – limit any open congressional hearings. Communicate with congress via private teleconferencing calls. Hide in political anxiety by contacting each political party separately. Treat members of congress condescendingly. Tell them that the matter is so complex that they must rely on those few insiders who really do know what’s going on
Divert attention and keep people confused.
Manage the news cycle so congress and the public have no time to examine who destroyed the prudent banking system that served America so well for sixty years after the financial meltdown of the 1920s.
Always keep in mind that the goal is to privatize gains to a few and socialize losses to the many.
For thirty years – in one financial scandal after another – Wall Street Gain Masters have kept Billions of dollars of their gains and shifted their losses to American taxpayers. Once this “Bailout” is in place the greed game will begin again.
But I have a counter game. It’s call Wall Street reckoning.
Congress shouldn’t go home to campaign, it should put America’s accounts in order.
To Wall Street insiders it says – NO – on behalf of the American People.
You have perpetrated the greatest financial crimes ever – on this American Republic.
You think you could get by with it because you are extraordinarily wealthy and the largest contributors to both presidential and congressional campaigns in both major parties. But you’re about brought under firm control.
First, America doesn’t need to bail YOU out. It needs to secure the real assets and property not YOUR PAPER. That means the homes and properties of hard working Americans who are about to loose their homes because of your mortgage greed. There should be a new job for regional federal reserve banks – we want no home foreclosed if a serious workout agreement can be put into place. And if you don’t do it we want a notarized statement by a federal reserve official that they tried and failed.
Second, taxpayers should directly gain any equity benefits that may flow from this historical bailout. We want the American people to get first priority and taking ownership of the institutions that want to pass THEIR toxic paper on to the taxpayers.
Third, before any “Bailouts” for Wall Street, America needs major job creation to rebuild our national infrastructure. America needs assets not paper. We need working assets.
Fourth, the time for real financial regulatory change is now – not next year. A modernized Glass-Steagall Act must be put in place.
We must re-establish locally owned community savings banks across this country and create within the justice department a fully funded unit to prosecute every single high flying thief, who’s fraud and criminal acts created this debacle. And then force their disgorgement of assets going back fifteen years.
Fifth, any refinancing must return a major share of profits to a new social security and MediCare lock-box where the monies can go to pay for a dignified and assured retirement for every American.
This member isn’t voting for a penny of it. Those who created and profited from this Game-of-Games must be brought to justice. The assets they stole must be returned to the American taxpayers right down to the tires on their Mercedes.
Mr. Speaker, I ask my colleagues to join me in co-sponsoring my bill to create an independent commission to investigate these well heeled wrong doers. Real reform now or nothing.
“From a comment on the speech found on the Internet:
“…This is the first time I’ve ever felt the urge to leap to my feet and applaud while sitting at my computer…”
Congresswoman Marcy Kaptur, who represents Northern Ohio’s Ninth Congressional District , is currently serving her thirteenth term in the U.S. House of Representatives. She is the senior-most woman in Congress and is one of only 90 women out of 535 members of the 110th Congress.
Congratulations for this speech, now lets see if the people really have to storm the Bastille again before someone listens.
- USA: Bailout Driven by Fear Not Fact
- The Incredible Lightness of Being: Today Wall Street
- Humor: The true story behind the U.S. 700 Billion Bail-out plan
- USA: The Must-Do List
Ohio congressman Dennis Kucinich suggested the $700 billion bailout package was sending America towards ‘casino socialism, where the only real product is debt.
I guess there is not much that need to be said on what happened today at Wall Street. We dropped in charts of the leading stock indexes / average (DJIA & NASDAQ) for documentation.
Much has been said this week about the so-called USD 700 Billion bail-out plan for banks by the current U.S. administration and finally the right question was asked in congress yesterday – How did you arrive at that USD 700 billion number…
The New York Times has an interesting “opinion piece” with a “must- do list” containing things that need to be done to recreate some of the founding principles of American democracy and reverse certain policies introduced by the current US administration. The list includes the following items…