Sellout: (see betrayal)
Generations to come will remember October 4th 2008 as the day of the largest socialist takeover of the biggest free market in the world, a.k.a, President Bush signing “the bailout plan” into law. [CNN]
Some desis don’t like U.S. bailout plan
img: via Rediff.com
The very thought of taxpayers footing a bill of such gargantuan proportions irked some including Arun Gupta. Miffed at footing the bill for the irresponsible and reckless actions of greedy corporations, Arun Gupta wanted to organize a protest on the streets of New York city. [BusinessWeek] (tip Sidhu via email)
However, Arun had a problem, as much angst as the ordinary citizen was showing towards the proposed bailout, there were no live protests in his immediate vicinity. Some desis use Al Gore’s creation for finding life partners and/or imaginary partners for the evening. Arun found like minded partners for a protest with Al Gore’s creation, one that made New York city sit up and notice.
“I couldn’t sit back while this plan gets rammed through Congress,” says Gupta. “We live in a digital world, but change has to happen in an analog world. We married the two—the Internet helped us organize like wildfire.” Gupta, now working with the online organization truemajority.org, says he expects hundreds and possibly a thousand protesters to converge at the protest near Wall Street. Protesters plan to build a pile of “citizen junk” that the government should also purchase in front of the iconic bull sculpture.
Needless to say, despite the efforts of the courageous few like Arun Gupta, the $700+ billion bailout was passed on October 4th 2008.
Also read: Both Obama and McCain have claimed that insufficient regulation is responsible for the current financial situation.
Barack Obama says, “[Today's economic problems are] a stark reminder of the failures of … an economic philosophy that sees any regulation at all as unwise and unnecessary“.
John McCain says, “We are going to fight the greed and irresponsibility on Wall Street. These actions [leading to crisis] stem from failed regulation, reckless management and a casino culture on Wall Street. … We need strong and effective regulation … “.
John Stossel methodically destroys these claims and explains how the heavily regulated mortgage industry created this mess because of and not in spite of these regulations. [ABC]
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