EVASIONS, HALF-TRUTHS AND LIES *
September 25, 2009
President Bush’s 13-minute speech was a compendium of evasions, half-truths
and outright lies. While declaring that the United States is “in the midst
of a serious financial crisis” and demanding the immediate passage of
legislation that will hand over at least $700 billion to Wall Street banks—by
buying up their unsalable assets at inflated prices and placing the burden
for their losses on millions of ordinary American families—Bush offered no
credible explanation of the cause of the crisis. Nor did he explain how the
proposed bailout of the bank will be implemented, let alone how it will stave
off economic disaster for average Americans.
NOTE: It should be noted in this connection, that
it is not just ordinary Americans who will have to pay for
this “rich-man’s” bail-out, but the millions and millions
of people outside the borders of the United States who reside
in one of America’s slave-states. [Please see Part 3 of
Chapter XII of the NEW ANTIPAS PAPERS, "U.S.
Economic Supremacy," for an explanation of
the functioning of America’s tribute system insofar as America’s
slave-states are concerned.]
Bush’s claim that the “rescue effort” will “help American consumers
and businesses get credit to meet their daily needs and create jobs” is
patently untrue. There is a consensus in the financial press, especially
outside the United States, that the bailout will accelerate the descent of
the AMERICAN and the WORLD ECONOMY into the deepest recession,
if not depression, since the end of World War II.
“I know many Americans have questions tonight,
‘How did we reach this point in our economy? How will the solution I propose
work? And what does this mean for your financial future’?”
“These are good questions and they deserve clear answers.”
No such answers, however, were provided
by Bush. Instead, he offered a bizarre narrative
which presented the unfolding disaster as if it were the result of
inexplicable cosmic forces.
He went on to say:
“Investment banks found themselves saddled with large amounts of assets they
could not sell. They ran out of money needed to meet their immediate obligations,
and they faced imminent collapse. Other banks found themselves in severe financial
trouble. These banks began holding on to their money, and lending dried up,
and the gears of the American financial system began grinding to a halt.”
Amidst all these banalities and despite his own intentions, however,
Bush’s speech amounted to a devastating and unprecedented exposure and indictment
of the American New World Order System. Speaking before a national and international
audience, he admitted that the largest economy in the world stands on the
very brink of collapse.
“There has been a widespread loss of confidence, and major sections of America’s
financial system are at risk of shutting down.”
He declared that if the bailout package was not supported by Congress,
“America could slip into a financial panic and a distressing scenario would
unfold. More banks could fail, including some in your community. The stock
market would drop even more, which would reduce the value of your retirement
account. The value of your home could plummet. Foreclosures would rise dramatically.
And if you own a business or a farm, you would find it harder and more expensive
to get credit. More businesses would close their doors, and millions of Americans
could lose their jobs. Even if you have a good credit history, it would be
more difficult for you to get the loans you need to buy a car or send your
children to college. And, ultimately, our country could experience a long
and painful recession.”
As for how this desperate situation had developed, Bush made some
perfunctory remarks about the housing crisis, followed by vague references
to bad decisions, irresponsible actions by a few unnamed individuals, and
excesses on Wall Street.
He could not explain, however, how the handover of more than $700
billion in taxpayer money to the banks and investment firms responsible for
what’s occurred would resolve the crisis.
In fact, his bailout plan is nothing more than a naked attempt by the most powerful sections of the American elites
to exploit a crisis of their own making and to further enrich themselves,
while imposing the burden on ordinary Americans and the entire world.
Bush concluded by assuring one and all that “democratic capitalism”
[meaning, the American New World Order System] is the “best system the
world has ever devised.” In reality, the American New World Order System
stands exposed as an inherently unstable system riven by corruption, in which
the social interests of the masses of people are placed at the mercy of economic
Perhaps the greatest falsehood in Bush’s speech was his assertion
that the handout to Wall Street is needed because “The market is not functioning
properly.” In reality, the market is functioning in accordance with the
“neo-liberal” principles of the American System, where irrationality and criminality
in economic decision-making is rooted in the very nature of that system.
As for the bailout plan proposed by Bush, it has been devised for
one central purpose—to protect the financial elite from the economic losses
resulting from the collapse of the mountain of debt they have created in pursuit
of super profits and gargantuan personal incomes.
In congressional hearings held this week, Treasury Secretary Henry
Paulson and Federal Reserve Chairman Ben Bernanke were incapable of providing
any coherent explanation of how their bailout plan will do anything other
than provide a massive windfall for the banks, while consigning millions of
workers who face the loss of their homes and livelihoods to their own fate
and private hell.
The self-serving nature of the bailout plan as devised by the elites
who run the American system is underscored by the bitter opposition of the
banks to even the most minimal restraints on executive pay and suggestions
that they give up some stock in exchange for their plundering of the public
With Bush’s speech, the pressure for quick congressional action to
pass the bailout plan will intensify.
Sadly, throughout the week, the Democratic Party leaders in both
the House and Senate have accepted the basic framework of the bailout. Their
half-hearted and semi-theatrical objections to various aspects of the plan
have been little more than cynical gestures to the massive popular opposition
to the bailout.
In his remarks Wednesday night, Senator Christopher Dodd, the Democratic
Party chairman of the Senate Banking Committee, repeated what has become the
mantra of the Democrats, saying it was necessary to “think ahead” and not
deal with the causes of the crisis, as though a solution can be found to the
breakdown in the US and world economic system without considering its causes.
Please see our articles:
The Elite, Money And
The "End Of Days"
Of Riches & The "Marxist Paradigm"
The Derivatives Market
Divergence Of The
Rich From The Poor
Avarice And The Coming Dictatorship
The Measure Of A Man's
Brothers and sisters - all those who live OUTSIDE the borders
of the United States - God is raising up a TESTIMONY to His holy Name
in these “last days.” If you want to be a part of this great work, please
Those of you who continue to reside WITHIN the borders of
the United States and who want to involve themselves in ALIYA
In addition, we desperately need your financial
help. The giving to the ministry for this month has been very
miniscule - and so much so that we have had to let our telephone
service go in order to keep the website up and working. If you
can help, please -
Finally, if you have not as yet ordered your FREE DVD, "Greed
Is Good," we encourage you to do so now -
God bless you all!
* The “gist” of this article was taken from a WSW article published
on September 24, 2008
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