Bailout

The Wall Street Mega Bailout: Bad News for the World's Hungry

Rising food prices are proving deadly for the world's poor. Reeling under a combination of speculation, high oil prices, agrofuels and a weak dollar, one in every six people on earth are going hungry this year. Fully half the world is now at risk of hunger and malnutrition. The current financial crisis that threatens to spread globally can only mean disaster for the world's poor. The crisis is not limited to the developing world. In the United States food stamp enrollment is at an all time high.

Posted in Food/Water, Politics, Bailout, Inequality

"Sweetened" Bailout Goes Back to the House

BOSTON - The bailout bill passed by the U.S. Senate Wednesday is nearly the same Wall Street giveaway as its original, critics say -- except that it now includes 100 billion dollars more in tax giveaways and pet projects for lawmakers' home districts.

"They decided this bill should be Christmas in October,'' said Republican Rep. Steven La Tourette.

Posted in Bailout

FOR IMMEDIATE RELEASE
October 3, 2008
9:36 AM

CONTACT: Congressman Dennis Kucinich
Nathan White (202)225-5871

Kucinich: Why? Why? Why?

Rule of Gold Replaced Golden Rule

WASHINGTON - October 3 - Congressman Dennis Kucinich (D-OH) today gave the following speech regarding the proposed Wall Street bailout on the floor of the House:

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Posted in Bailout

FOR IMMEDIATE RELEASE
October 2, 2008
1:30 PM

CONTACT: The Real News Network
Taruna Godric 416 916 5202
smcommunications@therealnews.com

Senate Approves Bailout

Ellen Frank: Situation does not require the hasty passing of a terrible bill

WASHINGTON - October 2 - On Wednesday night, the US Senate passed, by a margin of 74-25, a renovated version of the same Paulson rescue bill that the House rejected on Monday. The Paulson proposal has stayed relatively intact however, with the central new additions to the bill taking the form of tax breaks and increased federal deposit protection.

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Posted in Economy/Trade, Politics, Bailout

How the Media Sold Their Souls to Wall Street

If you are like me, the pundits, and 99.9% of the American public, you really don't know much about economics. And despite Monday's refreshing moment of rebellion in the Congress, in all likelihood the House and Senate will pass a modified version of the $700 billion handout this week to fat cat Wall Street financiers.

Posted in Economy/Trade, Media, Politics, Bailout

From Empire to Democracy

This current financial crisis is a major way-station on the way to the collapse of the American empire. The first important sign was 9/11, with the most heavily-armed nation in the world shown to be vulnerable to a handful of hijackers.

Posted in Corporatism, Economy/Trade, Politics, War/Empire, Bailout

This Crisis Is Also a Big Opportunity

It was slower. It was quieter. It looked for a moment only like a stream of suited men carrying cardboard boxes. But the Great Crash of 2008 is going to change your life, as surely as the last time we all stared at footage from Lower Manhattan and Washington DC and asked, how did this happen?

Posted in Economy/Trade, Politics, Bailout

US Senate Backs $700 billion Bail-Out Plan

The US Senate voted comfortably in favour of the Bush administration's contentious $700bn bail-out of the banking industry early this morning, bringing the package back to life after a bitter week of political wrangling and wild gyrations in financial markets.

After a six-hour debate, the emergency rescue plan was passed by 74 to 25. The Senate majority leader, Harry Reid, said: "I'm very, very happy. This is a good vote."

Posted in Bailout

The Specter of Wall Street

Wall Street sits at the eye of a political hurricane. Its enemies converge from every point on the compass. What a stunning turn of events.

For well more than half a century Wall Street has enjoyed a remarkable political immunity, but matters were not always like that. Now, with history marching forward in seven league boots, we are about to revisit a time when the Street functioned as the country's lightning rod, attracting its deepest animosities and most passionate desires for economic justice and democracy.

Posted in Economy/Trade, Bailout

Activists Protest Financial Bailout

BOSTON - Community and labor activists gathered at Government Center Wednesday to protest the revised $700 billion financial bailout bill before Congress, claiming the controversial plan fails to address the needs of working people.

"We need a bailout for Main Street, not Wall Street," said Russ Davis, executive director at Massachusetts Jobs with Justice, a coalition of labor and community organizations. "The bill is not going to do anything to help people who are struggling with jobs and mortgages; with education, with health care."

Posted in Bailout