Friday, November 21, 2008

Dear Dr. Paul Krugman, Nobel Prize Laureate,


By Kevin Stoda

We need to stop the horrid flood of wasted money in Washington being misspent on the so-called BAILOUT this autumn to W. Bush's cronies.

Naomi Klein has called it criminal already and W. Bush has failed to even appoint the full-legally required oversight personnel for the give-away to his cronies.

Ask Obama to have Paul Krugman and Naomi Klein to go to Washington to take over the country till Obama takes over the shop at the end of January.

Dear Dr. Paul Krugman, Nobel Prize Laureate,

Please save America from the worst of what the Bush Administration has been doing to America this November. He has failed to provide the legally required oversight for the trillion dollar bailouts America is undertaking this autumn.

Naomi Klein has been out running around North America trying to create awareness of the multi-trillion dollar robbery from U.S. tax payers in the so-called bailout passed by Congress in October—i.e. a bailout that is looking daily more expensive than nationalization would have ever been in terms of cost.

We need the Nobel laureate, like you Dr. Krugman, to stand up and travel around all the news programs this Thanksgiving week shouting “Highway Robbery”—i.e.until all Americans stand up and get the Lame Duck Congress to get the long promised (6 weeks ago) new financial oversight committee monitoring the most expensive (runaway) federal bailout in U.S. and global history.

I’m sorry to take away from your family time at Thanksgiving, but this transition from Bush to Obama is going to become the most costly in American history, too, if we don’t get our teeth (and monitoring) into the poor excuse for banking personnel who have continued to pay bonuses and dividends galore with tax-payer moneys since October.

Let me explain.

In Naomi Klein’s well-written recent article, “In Praise of a Rocky Transition”, the well-known economic critical has appropriately called the October Bailout “borderline criminal”.

Please, Dr. Krugman, I know you run a great blog and column and all in The New York Times, but we Americans need more leadership than that at this moment in history. We need someone like you who can cut through all the ho--- s--- that the Treasury and Washington have been tossing our way for weeks.

Please, join Naomi Klein on the national interview circuit and save the country before Bush and the head of the Treasury spend our great-grandchildren further into debt!


Naomi Klein ended one recent interview by stating, “[T]his bailout is really not a bailout at all; it’s a parting gift to the people that the Bush—that George Bush once referred to jokingly as “my base.” You know, in one of my columns recently, I likened it to what European colonial rulers used to do when they finally realized they had to hand over power; they would loot the treasury on the way out the door.”

Klein, author of THE SHOCK DOCTRINE: THE RISE OF THE SHOCK DOCTRINE, added, “[T]he reason why there has been this dramatic change in policy just in recent days, where Henry Paulson has said, ‘OK, well, we’re not going to do what we originally had said at all,’ which is use the bailout money to buy distressed assets, to buy bad debts, ‘Now we’re going to go from these equity deals with the banks to bailing out credit card companies”—the reason for that is that that first $250 billion was essentially money down the drain. They are admitting that it didn’t do what it was supposed to do, which was increase lending. So, now they’re making it up as they go along. It’s take three, take four, take five. But we’re supposed to somehow not notice that $250 billion, an astronomical sum, was just wasted, going to bonuses, going to shareholder payouts, going to CEO salaries. And now they’re trying another method to get lending going. But it really was the parting gift . . .’”

Three weeks before the full-scale pillage began of tax-payers money by the U.S. Treasury chief, Naomi Klein predicted in her THE NATION editorial, “The Bailout” equals “Bush’s final pillage”.

Klein implied that it was all this financial bail-out talk was simply a last minute push to ensure that American’s could never pay for universal health care and that the Bush Republicans could pay off for decades the Bush family political base before leaving office—at ours and our great-grandchildren’s expense.

Last Monday, Klein was on DEMOCRACY NOW, where she noted, “[I]f we think about what this money means, and this is—you know, this crisis isn’t over, and the same people who justified this bailout, who clamored for this bailout, are the very people who are going to turn around and say to Barack Obama, ‘We can’t afford for you to make good on your election promises. We can’t afford universal healthcare. In fact, we can’t afford what meager services Americans get in exchange for their tax dollars, like Social Security payments.’ We’re already hearing this lowering of expectations now in the national discourse. So, the money—this really is, you know, reverse Robin Hood gone mad. The money has been given to the people who needed it least, and it’s going to be used to justify austerity measures imposed against those who need it most. It’s going to be used to justify cuts to food stamps. It’s going to be used to justify cuts to Social Security, to healthcare, let alone being used to justify why more ambitious plans for a national healthcare program, for green energy are not affordable. So people have to be ready for this. You know, the next shock is yet to come.”

Klein noticed clearly that what has occurred since September 2008 is that the U.S. Treasury is being privatized—is being given over to the private sector, just as our military was privatized and has been run under the Bush-Cheney-Rumsfeld White House.
Naomi Klein rightly critiques this as one of the worst monitored financial bail-outs in history.

She has explained clearly that what has been handed out so generously to banks in recent weeks is similar to when the George W. Bush waltzed American armed forces into Iraq--and gave away no-bid contracts running into the hundreds of billion to all his election base and cronies of all types—i.e. all at the U.S. taxpayers expense.

“The more details emerge, the clearer it becomes that Washington’s handling of the Wall Street bailout is not merely incompetent. It is borderline criminal,” says Naomi Klein.


Since I heard this interview on Democracy Now with Naomi Klein five days ago, I have been awaiting the scene of millions of Americans hitting the streets and demanding that the Lame Duck Congress take back the reigns of the bailout from the abusive Bush administration and appointees.

Where are all other leaders in America who have had it up to their necks in robbing from the poor and giving to the rich?

The silence at the crime scene in America this Thanksgiving Week is astounding.
Please Dr. Krugman, help Americans find a voice and help demand that many banks really be run right or sold to the government. Up till now we have only seen these bailed-out institutions fail to make good loans, fail to run themselves well and fail to offer decent interest rates for savers.

Meanwhile our treasury is run by banking and financial old-boys school folks who haven’t got a clue---except as to how to make a buck for cronies.

In conclusion, America doesn’t need mega-banks, impersonal banks. We need good banks that deal with us all like we are valuable social creatures that make up society.
Please, Dr. Krugman, shout out and demand a meeting with Bush and with Obama--and offer immediately to take over both the treasury and economic planning in America for the weeks until Obama takes over and enough good & trustworthy replacements can be found.

Thanks. We need one good leader and economist in Washington, DC today!! Join Naomi in her crusade to get Americans to really stop the bleeding of the American financial system, Today.


K.A.S.—an American living in economic exile till the wrongs are made right and American banks are run right


Naomi Klein on the Bailout Profiteers and the Multi-Trillion Dollar Crime Scene,

Naomi Klein, The Shock Doctrine,



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