"More than any other time in history, mankind faces a crossroads. One path leads to despair and utter hopelessness. The other, to total extinction. Let us pray we have the wisdom to choose correctly."--Woody Allen
It has never been more clear how much corporations depend on We, the People for their very existence. Corporations are given the right to exist through a public charter. For public corporations, shareholders are bestowed with limited liability, and they benefit from a public system of securities regulation that gives investors confidence to invest. In the best of times, corporations benefit both from public goods (public roads and infrastructure, public investment in R&D) and targeted benefits (tax subsidies, loan guarantees, and much more). In the worst of times, as we now see, the largest corporations can expect massive public support. Bloomberg reports that the United States has already committed an amazing $7.76 trillion -- more than half of U.S. GDP -- in funds for bailouts, guarantees, share purchases, insurance programs, swaps and more.
Don't We, the People have the right to expect something in return?
How about starting with public release of the income tax returns of al…
City University of New York Graduate Center November 14, 2008 1 hour 2 minutesListen now:Or download MP3 file (42.7 MB)(To download on a PC right-click on the above file and click ‘Save as’ or ‘Download to’. On a Mac Control-click instead of right-click.)
Very clear description of many of the sub-rip-offs of this broad-daylight mugging known as "the bailout." Also, it's interesting how a bailout of the automakers has been transformed into a gambit to break the UAW. Not surprising, but interesting, as is the coverage I've seen of the automaker bailout.
Nov. 24 (Bloomberg) -- The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago. The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the…