From the Labor Commission of the CPUSA, updates, information, news, analysis, and organizing materials in solidarity with workers of the world.

Tuesday, September 23, 2008

Gain, Blame and Pain.

Two of the burning questions coming out of the current financial crisis brought on by the mortgage scandal are: who gets the blame and who gets the pain.

The apologists for capitalist excess say the the loaners and the borrowers share in the blame.

Let's consider.

For years Bush pushed his ownership society plan. Owning a home he told us at every opportunity was part of the American Dream and now was the time to do it. Home buyers were investing in their future. Buying a home was investing in America and investing in America was the patriotic thing to do.

Consumers listened to his message and, trusting the advice of Bush and the propaganda of the mortgage industry, bought their small slice of the American Dream. By the thousands!

In the meantime the Bush/Cheney policies of total deregulation, i.e. greed control, was creating an economic House of Horrors. A place that should have had a sign above the door that stated, "Warning: Enter at Your Own Risk."

But Bush/Cheney and their corporate pals encouraged, enticed and manipulated those folks into this House of Horrors while cynically neglecting to mention the danger.

Billions of dollars of profit were made by the lenders as they packaged and sold these new mortgages which were then repackaged and resold again. It was the time for gain.

Then the pyramid collapsed and the time for blame and pain began.

Throughout this period two things stand out that point to where the blame and pain should be directed.

The first that the home buyers' actions were based on trust and willingness to play by the rules.

The second that the mortgage loaners' actions were based on greed and economic opportunism.

Clearly a no-brainer for who should get the blame and feel the pain.

We are now witnessing an attempt by the apologists and Bush/Cheney people to spread this scam to the general public with a bail-out proposal that would make billions of taxpayers dollars available to these corporate thieves with no relief for the home buyers who stand to lose their homes and to-date investments. Congress must give its approval.

Under this proposal the corporations gain while feeling no pain. CEO's will reward themselves bonuses of millions of our dollars for their "efforts". In effect they will be rewarded for causing the greatest financial crisis in modern history.

There is a hue and cry rising from Congress and others that this proposal include regulation of any compensation these crooks are able to receive and more consideration given to helping the distressed and victimised homeowners.

The CEOs and their brethren are vehemently opposed to any such regulation and the Bush/Cheney people are saying there is no time for debating the issue, that the CEOs might not agree to join in the government sponsored bail-out if their paycheck is controlled and that we can address those questions when the crisis is averted.

Well, there is a fair and just solution to this. If the creators of the crisis refuse to cooperate with the solution they can and should be arrested and charged with economic terrorism against the State and treason!

Then we can all enjoy a good night's sleep!

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