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.

Bush stated:

“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’?”

He continued:

“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.

Bush continued:

“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 parasites.

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 treasury.

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:

  1. The Elite, Money And The "End Of Days"

  2. The Deceitfulness Of Riches & The "Marxist Paradigm"

  3. The Derivatives Market

  4. Divergence Of The Rich From The Poor

  5. Capitalism And Christianity

  6. Greed, Avarice And The Coming Dictatorship

  7. The Measure Of A Man's Worth


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S.R. Shearer
Antipas Ministries

* The “gist” of this article was taken from a WSW article published on September 24, 2008

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