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(TALKZIMBABWE) U.S. bail-out or skipped bail-in?

U.S. bail-out or skipped bail-in?
Jarga Kebba Gigo (Jigster) – Opinion
Tue, 30 Sep 2008 09:12:00 +0000

DEAR EDITOR–The U.S. Congress struggled to agree on a 700 billion dollar bail out. It is normal to revisit skipped, more deserved, 'bail-ins' and try to avoid repeating such a mess.

There is no question that congress will eventually agree and ought to. Our concern should be are the necessary strings attached and why do we hear “cannot” on every proposed 'bail-in' for the poor? America started to fall when she walked out on talks for African reparation and the fewer evil men argued “cannot” without helping poor Americans. They also repeatedly argue “cannot” on making education affordable for all.

After September 11, America is spending billions in Iraq, running a deficit, and where is the 700 billion dollar bail-out coming from? No wonder why a veteran like John McCain admits he 'doesn't understand economics' – the reality is many who claim to understand it are liars or under illusions. Who else should understand economics more than Wall Street and financial institutions? You can buy their excuse and trade blames but until you cut your losses and subdue to justice, the mystery that gave way to America is about to be demystified with more surprising mysteries.

A bad assumption is part of bad economics

The mortgage world cannot blame 'unqualified minorities' as the illusionists are claiming like minority hating, Ms Ann Coulter who wrote that “less qualified blacks and Hispanics are to be blamed...” The cause of the problem is not that people are not paying the true value they originally agreed to and can comfortably pay. It is the mortgage world that jacked up interest rates because of wrong assumptions that more people will pay anything to live in America. The Mortgage world was simply consuming more than the unjust interest they charged minorities and whites, now that less people are interested in America, they jacked up the interest rates to unaffordable levels that happen to affect more minorities.

Instead of seeing those minorities as double or triple victims, blaming them is simply stupid and cruel. Ann Coulter, who is politicking, does not understand that a win for McCain can easily translate to a cooking civil war in America.

Every informed person understands America faces big challenges with McCain or Obama. Even though millions of whites are supporting Obama, there is a consensus that his race is his number one obstacle to winning. America is at a crossroads that very few understand the possible dangers. If Obama wins, the Democrats are generally better with economics but I doubt if Obama can handle the cooking problems of America and polarization racially, sexually, and politically can broach huge internal problems. If McCain wins, it could get a lot worse. Even ‘classism’ necessitated by capitalism may be interpreted as racism and perhaps understandably so.

America must subdue to justice or fall. America must subdue to justice or justice will arrest her. I fully support the bail-out but only because of the importance I attach to work. However, if America continues to choose indifference and cruel subsidies that are causing more unemployment for Third World countries then we should all set our spirits against America and her allies. Even from the graves, we should fight back.

It seems America prefers to pay to see people suffer rather than uplift people through learn, work, and fun – we don't want hand-outs, we want jobs!

Within America, there is more enthusiasm to build jails more than schools; some claim Third World countries are “lazy” but the evidence within the western world seems otherwise.

America has been overspending on subsidies unnecessarily, primarily to take away jobs from poor countries. The cheap excuse on “food quality” is no more than an excuse. America is subsidizing even cotton while selling tobacco cheaper to Third World countries. Imagine the millions of hard working Americans struggling on near minimum wage, consoled to bear while we take their tax dollars to fewer farmers... against poorer farmers in Third World countries.

If America needs jobs, the world needs jobs. In a global village and the blessing of technology, we should easily be able to cater for everyone.

America claims it “cannot” afford to help Third World countries with jobs, but America can afford billions in subsidies to deny jobs; billions in war to destroy a country; and now 700 billions to “bail-out” a ‘created mess’.

The series of “cannot” on poor people projects is the reason the emphasis is not where is the money coming from but on how is it going to be paid. It is a little sacrifice compare to the Iraq war that is costing about $1 800 per person, but may go up to “100 years” according to McCain, to destroy other people. This bail-out is just about $2 000 per person but to put people in work (not kill people).

Some people may wonder why I would support a bail-out for Wall Street that is against bail-in for main-street. My answer is the bail-out is partly to promote working and working is a fundamental branch in my philosophy. Let's learn, let's work, and let's have fun.

Jarga Kebba Gigo (Jigster)
An African Philosopher
jargak@hotmail.com

Labels: FINANCIAL CRISIS, NEOLIBERALISM, PRIVATISATION

posted by MrK @ 12:17 AM