Daily Flog: The Wall Street bear, the Capitol Hill bull; Kucinich irrelevant but his bailout plan isn't
Running down the press:
Face it: Capitol Hill's bailout schemes are Marxist. The only question is which Marx: Groucho or Karl?
House Finance Committee Chairman Barney Frank opts for the former.
His tragicomic analysis last weekend came in a Wall Street Journal story that is one of the finest pieces of journalism yet on the bailout maneuverings. Read the September 29 story for free on The Australian site; here's the key passage, which you may have seen but bears repeating:
Nuts to them.
The best bailout plan so far may be the one pushed by Dennis Kucinich, whose House floor speech calling for a real bailout for the doomed majority of Americans was cut off by the Democratic leadership.
Kucinich's clever plan is aimed at protecting millions of Americans after — no matter what manner of bailout Congress approves — the shit inevitably rolls downhill from Wall Street.
See "Kucinich: Bailout Must Protect Home Ownership" — on his own site because even the press belittles Kucinich and other little guys — for his letter to Nancy Pelosi and Barney Frank and backup material from an Emory University prof. And see his full September 30 statement, reproduced in the tiny Cleveland Leader.
Kucinich is this century's H. Ross Perot — but unlike Perot, Kucinich has a social conscience.
Speaking of those who don't: What the "free-market" advocates won't face is that their 21st century corporate-welfare plan is also straight from Karl Marx.
As Martin Masse of Toronto's National Post business page noted on September 29 in 'Bailout marks Karl Marx's comeback: Marx’s Proposal Number Five seems to be the leading motivation for those backing the Wall Street bailout':
But that jingoistic pledge of allegiance to the "Land of the Spree, and the Home of the Knave" that Groucho ran into the ground in the Depression-era Duck Soup (1933) won't help the average American hang onto the commune he or she bought with an adjustable-rate mortgage.
Angry voters deluged Congress earlier this week when details of the first corporate-welfare bailout were revealed — see this morning's New York Times story "Labeled as a Bailout, Plan Was Hard to Sell to a Skeptical Public."
Now the market has staged a revival and a revised bill faces a vote later today in the Senate, but the pols — only a few weeks from the election — wised up, refusing to reveal its details until shortly before the vote.
We no doubt will eventually be trampled by Wall Street's raging bulls — once the bailout bill restores their dominion over the bears — but things could always be worse. As the Times reports this morning in "Stampede in India Kills at Least 147":
Don't cry over spilled coconut milk; today's another day. While you try to steer clear of Wall Street's latest incarnation of a corporate-welfare bill, have another triple-shot espresso and take a break for some browsing . . .
NO PARTICULAR ORDER:
N.Y. Daily News: 'Murders send city crime rate upwards'
Washington Post: 'Bush's Warnings of Danger Are No Longer as Powerful'
N.Y. Post: 'NY HOME-$$ BUBBLE BURSTS'
N.Y. Daily News: 'Third term, Mayor Bloomberg? That's rich!'
N.Y. Times: 'Bloomberg Said to Seek Third-Term Bid'
Register (U.K.): 'Movie giants sue RealNetworks over DVD copying software'
Washington Post: 'Those Up for Reelection Have Explaining to Do'
Register (U.K.): 'Boffins dreaming of white Xmas at Martian North Pole'
Register (U.K.): 'Elvis has left the border: ePassport faking guide unleashed'
Register (U.K.): 'Secret Service camera bought on eBay'
Register (U.K.): 'Nasty web bug descends on world's most popular sites'
St. Petersburg Times (Fla.): 'Outcry raised over voter ID law'
N.Y. Daily News: '911 call led to loopy Heather Locklear arrest'
nineMSN (Australia): 'Wealthy investors hoard bullion'