Debt Junkies Must Go Cold Turkey
Lyndon LaRouche
September 30, 2008 (LPAC)--Angry that the American people screwed up their bailout deal, the parasites are pulling out all the stops to make sure the bailout passes on the next vote. The problem is, they don't have as many stops to pull as they used to. They are getting desperate, because they are far more bankrupt than they have admitted. After all, you'd have to be pretty desperate to trot out President George W. Bush, perhaps the most despised and contemptible man in the country, to try to push the bill. Most people wouldn't buy a used car from that man, much less give him $700 billion. This is a save-the-parasites operation, pure and simple. The same financial system which destroyed the industrial might of America, and thus destroyed itself, is now demanding that it be saved. Why? So it can do us even more damage?
We are witnessing the Big Lie at work. The claim is being made that the bailout probably won't cost $700 billion, that it might even turn a profit in the end, because the assets will have value. Do you really believe that, if the banks thought there was profit to be had in these assets, they would offer to share that profit with the taxpayer? Not a chance. They know these assets are worthless, so they are doing what they always do, which is try to unload them on the suckers. The reality is that $700 billion is just a drop in the bucket compared to the trillions of dollars that will be required to make a significant difference to the banks. Paulson and Bernanke know this, the banks know this, and they are simply lying to the American people.
The real issue here, though, is not the cost of the plan, but that the plan will not work, and is just another in a string of incompetent actions by the people who created this disaster in the first place. The problem facing America is that the productive side of our economy has been destroyed by these idiotic economic policies, to the point that it can no longer support the mountain of debt which has been piled upon it. The bailout plan which the bankers are pushing as essential to save "Main Street," would simply pile more debt on top the mountain, while moving it from the books of the banks to the books of the government, and thus the taxpayers. It would do nothing, nothing at all, to solve the fundamental problem, which is the lack of productivity in the economy.
Our economy is addicted to debt, but we have reached the point where that addiction is killing us. The debt junkies in the banks and the big corporations are in withdrawal as their financial system dies, and are screaming for a fix. Just one more hit, they promise, and then we'll straighten out and kick the habit. But that one more dose will kill them, and us, because we, too, are addicted to debt. The more real incomes fall for the lower 80 percent of the population, the more people need to go into debt to survive, but we all know that is a dead end. We have to face the truth, that our economy is bankrupt, that the policy of trading production for debt has been a disaster, and that we must take our medicine. "Hi, my name is J.P. Morgan Chase, and I'm a debt addict."
If we continue down this slippery bailout slope, the result will be far different than the spin doctors promise. This ain't the yellow brick road, it's the path to Hell. What is waiting right around the corner is hyperinflation, and the complete disintegration of the global financial system, the global economy, and the United States. This is a nation-killing plan which will lead the world into economic collapse and a new Dark Age, as civilization itself crumbles. It must be stopped.
The response from the American people played a crucial role in defeating the bailout bill on the first vote, and now is the time to escalate. Bury your elected officials, especially your Congressmen, in a blizzard of demands that the bailout be stopped--out-pressure the bankers, and the whores of the Congressional leadership and the Bush Administration. We need to bury this once and for all.
But stopping the bailout is just the first step. Dramatic action is indeed required, and that starts with the honest admission that the system is finished, and that it must be put through bankruptcy reorganization. The debt junkies must go cold turkey. Lyndon LaRouche has laid out the plan for a real recovery, and we must first admit to ourselves that it is necessary, and then demand that our political leaders implement it. This is a time for courage, and action.