Big Companies such as Microsoft and GE have said before the bailout was approved that they risk insolvency if a credit crunch sets in, there will be no money to buy back shares.
On Oct 7, 5:19 am, rigsy03 <[EMAIL PROTECTED]> wrote: > This could be a bonus for sound companies- they should start buying > back their own stock. > > On Oct 6, 1:06 pm, "\"Lone Wolf\"" <[EMAIL PROTECTED]> wrote: > > > The tumultuous events of today augur in the complete meltdown of the > > world economy, markets will continue to spiral out of control as they > > open across the world following another Wall St collapse. > > > The 2008 US presidential election has already been rendered > > meaningless before it has even been held, because any prospect of > > social programs is now to be shelved. Rather, an amount equivalent to > > $2,300 for every man, woman and child in the US is to be transferred > > to the wealthy. One of the first questions asked by the moderator in > > the first presidential debate was: which government programs are you > > advocating be cut back in view of the bailout plan? All were agreed > > there would have to be cuts—that was accepted, a given. > > > The American ruling class cannot carry out its program democratically, > > and therefore we see, in the measures proposed by Treasury Secretary > > Paulson, the sinews of a dictatorship. > > > The initial text sent to the Congress, supposedly the legislative body > > with oversight over expenditures, was barely three pages long—less > > paperwork, one commentator noted in the New York Times, than was > > required for a subprime mortgage! > > > According to the initial text, among the powers available to the > > Treasury secretary, “without limitation,” will be “designating > > financial institutions as financial agents of the government” able to > > perform “all such reasonable duties related to this Act.” This means > > that the same financial institutions that engaged in the speculative > > and, in some cases, outright criminal activities that led to the > > crisis, are to be called on to help the Treasury organise the bailout. > > As a recent article on the WSWS noted, the term “conflict of interest” > > does not even begin to cover what is taking place. > > > Moreover, the plan provides for legal immunity for the Treasury. > > “Decisions by the secretary pursuant to the authority are non- > > reviewable ... and may not be reviewed by any court of law or any > > administrative agency.” > > > As an article in the New York Times of September 23 pointed out, with > > these words “the Treasury secretary—whoever that may be in a few months > > —would be vested with the most incredible powers ever bestowed on one > > person over the economic and financial life of the United States. It > > is the financial equivalent of the Patriot Act, after 9/11.” The Times > > described Paulson’s proposed legislation as “the most amazing power > > grab in the history of the American economy.” > > > A long established axiom of economics and politics holds that in a > > crisis, real relations are laid bare, as the accidental and the > > inessential are stripped away. And this is the case in this crisis. > > Not government of the people, by the people and for the people; not > > the “free market” in which the decisions of millions of people > > determine economic outcomes; but government of, by, and for the > > wealthy. Not democracy and a land of laws, but a dictatorship of > > finance capital. > > > The wars of plunder launched by American imperialism in Afghanistan > > and Iraq, the aim of which is to control oil and other resources in > > the interests of US finance capital, are now being openly fought on > > the home front. They will be accompanied by a deepening of the assault > > on democratic rights, initiated in the so-called “war on terror.” > > > This is where the American working class and the working class > > throughout the world will come forward and perform their historical > > destiny and clear away the old order auguring in a new and wondrous > > future for all mankind --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
