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Posts Tagged ‘Economic Disaster’

Republicans Clearly Are Willing to Let This Country Collapse if They Think it Will Win Them Elections

By Doug Kreeger, AlterNet. Posted February 4, 2009.

It is abundantly clear that the Republican leaders are going to do everything to prevent Obama and the Dems from doing anything constructive.

Last week, we witnessed how the Republicans will help serve this country in the worst crisis since the Great Depression.

By standing together in opposition to the stimulus package, they showed the world that they haven’t at all joined the momentum of the new administration, rather they are still playing politics and are focused on the 2010 elections. Their objections to the stimulus have nothing to do with trying to solve this crisis.

I was always struck during the Bush Error (otherwise known as Era), that the axis of evil title was slapped onto any entity not aligned with their inane response to any issue they faced. Whether it was Iraq or Hurricane Katrina, time and time again we were expected to take their word through blind faith and or outright deceit.

Now the remaining cronies have sunk to an unthinkable new low. It is abundantly clear that the Republican leaders are going to do everything to prevent anything constructive from happening. They will be sure our damaged nation does not get fixed on Barack Obama’s watch, the public be damned.

Last week, Obama’s plans were debated in Congress. His goal of creating 2 million to 3 million jobs in the next two years through a massive rebuilding program of our crumbling infrastructure, was countered by the Republicans’ revised stimulus plan. Their plan was not detailed beyond more tax cuts.

Here’s the catch: The Republicans said their plan would create 6 million jobs. Really. Remember “Mission Accomplished”? Just saying something doesn’t make it true.

MORE HERE

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Sen. Claire McCaskill discusses TARP, post-partisanship

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Obama: $18B In Wall Street Bonuses “Shameful”

President Barack Obama responded Thursday to a front page story in the New York Times which reported that Wall Street handed out $18.4 billion in bonuses for the year, calling the payments “outrageous”

From the AP:

“Outrageous.”
That’s President Barack Obama’s one-word reaction to a report that Wall Street employees got more than $18 billion in bonuses last year.[…]

Said Obama: “That is the height of irresponsibility. It is shameful.”

The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.

Obama said there is a time for corporate leaders to make profits and get paid bonuses but now is “not that time.”

From the Times’ article on Wall Street bonuses:

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.

While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high.

Some bankers took home millions last year even as their employers lost billions.

Keep reading.

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