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How Wall Street Can Bail Itself Out Without Destroying The Dollar September 29, 2008

Posted by trouble97018 in Economy, News, Politics, Repiglicans.
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http://www.commondreams.org/view/2008/09/26

Published on Friday, September 26, 2008 by CommonDreams.org

How Wall Street Can Bail Itself Out Without Destroying The Dollar

by Thom Hartmann

For Grover “Drown Government In The Bathtub” Norquist, this bailout deal will work out very well. At a proposed cost of $4,780 per taxpayer, it’ll further the David Stockman strategy of so indebting us that the next president won’t have the luxury of even thinking of new social spending (expanding health care, social security, education, infrastructure, etc.); taxes will even have to be raised just to pay for the bailout. It’ll debase our currency, driving up commodity prices and interest rates, which will benefit the Investor Class while further impoverishing the pesky Middle Class, rendering them less prone to protest (because they’re so busy working trying to pay off their debt). It’ll create stagflation for at least the next half decade, which can be blamed on Democrats who currently control Congress and, should Obama be elected, be blamed on him.

But there’s another way: Create an agency to fund the bailout, loan that agency the money from the treasury, and then have that agency tax Wall Street to pay us (the treasury) back.

It’s been done before, and has several benefits.   Source Article

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