Welfare for Wall St. Billionaires

Obscenity has another meaning: The US system of capitalism for the peasants, but $$ trillions for corporate welfare on Wall St.

“Yesterday, $85 billion was given to AIG. In the past year, between bailouts and “injecting liquidity” into the banks, the Fed has spent nearly a trillion of the public’s money. But unlike the citizens of Arlington, the public did not get to vote on this. The public treasury is raided, the public accounts driven further into the red. But no act of congress authorized this. The theft of public funds was performed mostly by the Federal Reserve Bank. Who are these gentlemen at the Federal Reserve Bank, and where do they get such power? And where do they get such money? A bridge to nowhere is beginning to look like a bargain, and if money is needed for schools or roads, the Congress bewails the growth of government. But money for wars and money for the rich always seems to be available, and debating the subject is regarded as unpatriotic.

If there was any doubt that America is a socialist country, the events of the last few days should have dispelled those doubts. But it is a peculiar form of socialism, a socialism that is available only to the rich. True, a few bones are tossed in the direction of the general populace, “free-ways” and social security, systems that are crumbling and in danger of bankruptcy. But the main beneficiaries are the wealthy. Like Jerry Jones, they can’t seem to make it without some help from the Federal Reserve Welfare Office. The people, by and large, are still capitalists. Not that many of them have much in the way of capital, but they still believe in … [economic fundamentals] that their leaders have long ago abandoned.”

[Extract from The Distributist Review]

Dick Fuld, CEO of Lehman Bros, was awarded a $22 million bonus for 2007. After its collapse, an enterprising artist created “The Annotated Fuld“, a portrait of the fallen CEO with added comments from the public and ex-Lehman employees.

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