Nationalize Now!

Subsidizing the rich seems to be the American way. Having endured a massive transfer of wealth to the rich from the poor over the past 30 years, as one "pro-business," administration after another invented new and creative ways to enrich the wealthy while damning the poor as lazy, undeserving welfare cheats. Tax cuts for the wealthy burdened the nation with a ballooning debt as government services were cut. We're now told that we must prop up the banks or we'll all be in trouble.

Guess What?

ALL OF US ARE ALREADY IN A BOATLOAD OF TROUBLE.

Wealth disparity between the rich and poor has reached epic proportions. A mortgage and financial crisis has been created by greedy and unethical people, most of whom were rich to begin with. We're all being told that things are going to get worse, for everyone. Everyone, that is, but the wealthy.

The banks must be bailed out, we have been told, or all hell will break loose. Really? What will happen? Already broke people with no source of credit will continue to be broke with no source of credit. The unemployment rate will rise? Where was the concern with unemployment when transnational corporations were relocating their operations to third world nations in order to marginally improve the bottom line? I believe that was considered "good for business."

The stock market is floundering, hitting a twelve year low yesterday, largely on fears of bank nationalization. The rationale is that nationalization of banks would hurt stockholders. Yes, those who own the banks must be protected. Some of these folks must be down to their last billion. Who can live on a paltry half-million dollars a year? What to do, what to do?

Propping up insolvent banks, while insuring they remain in private hands, is what Paul Krugman recently referred to as "lemon socialism." Lemon, as in we all get squeezed and left with nothing but a sour taste in our mouths. In essence, the private sector gets the profits, and the public gets the debt. Instead of "lemon socialism," it seems it should be called "demon socialism," the wealthy get all the money and the rest of us can go to hell.

The current bank bailout is NOT socialism. Let us quit calling it that. This is welfare for the wealthy. It's amazing how all these capitalist demand that the people support their thievery. So afraid that a temporary nationalization will hurt their stock values. The longer we persist in pumping money into insolvent banks is just adding to our collective misery.

I have an alternative. True socialism. Nationalize insolvent banks. Permanently. I like that idea. We the people, owning banks, rather than them owning us.

It's time for a change, all right. Time to stop being suckers.