02 October 2008

Obama’s betrayal: Wall Street bailout

Sen. Barack Obama’s support for the Wall Street bailout proposal is his presidential campaign’s final and unforgivable act of betrayal. It is the definitive statement that he is no different from all the other establishment politicians. Offered the opportunity to align his policies with his high-minded campaign rhetoric, given the chance to clearly define his vision and his presidential bid, Obama locked arms with Wall Street and the most corrupt administration in U.S. history and failed. Miserably.

The bipartisan Bush/Paulson/Pelosi/McCain/Obama proposal passed by Senate yesterday, which we are told is too important to be seriously debated (much like the Patriot Act and funding the War on Terror) does not address the needs of the people with the most to lose from this crisis: working families sustained by income who have little wealth. The Senate bill contains no provisions for a moratorium on home foreclosures, it exerts no pressure on lenders to negotiate better terms, and it does nothing to regulate Wall Street. Instead, the plan supported by every major politician in the two-party duopoly will most directly benefit the wealthiest Americans and the very financial institutions that produced the crisis.

For those who believe there is a national and global financial crisis, largely one of massive home mortgage foreclosures and diminished access to credit, but don’t agree with the bipartisan solution, then consider Michael Moore’s sensible, fair proposal outlined at “Here's How to Fix the Wall Street Mess.”