Main Street against Wall Street, while waiting for Roosevelt
As taxpayers began to show signs of rebellion amid the financial crisis gripping the US, their representatives in Congress refused to vote in favour of a rescue package so as not to be defeated come the elections in November.
Main Street against Wall Street, while waiting for Roosevelt
By Ulysse Gosset
With taxpayers refusing to come to the rescue of wealthy speculators, and Americans dreading the slow socialization of the United States after the nationalization of several failed banks, rebellion is near.
Major newspapers are being inundated with phone calls and emails: The Chicago Tribune hasn’t received so many messages since September 11!
Many representatives refused to vote in favour of the Paulson plan so as not to be defeated come November’s elections… So as not to “reward those criminals…”
To hell with the collapse of exchange rates and black Monday! Republican Congressmen opposed to the bailout plan are pulling punches: “This law is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I am not going to eat that cow patty," vowed Representative Paul Broun, Republican of Georgia.
This avalanche of criticism aims to put into question the fundamentals of American liberalism, a “historical abdication”, denounced by the Wall Street Journal. This will leave its mark. However, as economist Thomas Piketty points out, the American elite is convinced that if the crash of 1929 brought capitalism to the edge of the abyss, it’s because the Federal Reserve and public authorities let banks go under and refused to intervene and inject the liquidity necessary to restore confidence and growth.
In any case, George W. Bush is finishing off his presidency in a chaotic and very preoccupying climate. This loss of confidence is all the more distressing, considering the lack of leadership both presidential candidates have shown in the matter.
The infernal machine now throwing American markets into a tizzy has also succeeded in clouding the upcoming elections. A dive into the unknown… Where is our Roosevelt?
Nevertheless, the democracy of Jefferson and Washington has shown us its incredible vivacity, capable of shaking up Congress and the Establishment!
American has shown us that in the midst of crisis, when peril looms near, it can forget dogma and all those certainties.
