The Federal Reserve System bail-out of AIG means more of the same: more waste and diversion of working people's tax money to speculation and Wall Street profiteering rather than to education, health-care, pension, civilian R & D, affordable public housing, public social insurance and safety nets.
The Fed is part and parcel of Wall Street. It is part of the old boy's high-finance club. It means there is no real change in the substance of the management and control of AIG with the Fed takeover. It merely means keeping AIG geared to maximizing speculative profits rather than maximizing working people's welfare. Handing over management and control to the Fed means more of the same. No real change.
It is continuing theft and fraudulent use of the working people's tax money and the corporate profits produced by the working people. It is robbery of their income and productivity to be invested in corporate gambling rather than to funding that will concretely benefit rather than fleece the working people.
Wall Street and the Wall Street-driven media dish out the line that American capitalism is so healthy because the markets, that is, the private investors will work out its problems of plunging sales, bad debt, bankruptcies, lay-offs, skyrocketing gas prices, without the help of government and taxpayers money. Now, that lie is unraveling bit by bit. First, Bear Sterns. Then, Fannie Mae and Freddie Mac. Now, AIG. And Greenspan says, more is to come.
More of the same. A Wall Street bankruptcy passes on control to another Wall Street outfit, the Fed. Speculative profiteering first and foremost under the old Wall Street to new speculative profiteering of working people's tax money and profits under a new Wall Street Fed management. More of the same!
What we need is working people's tax money and profits to working people's control and governance. Time to do away with Wall Street gambling and profiteering on working people's money! Time to do away with Wall Street's more of the same! Time to put working people's welfare, education, health-care, pension, civilian R & D, safety nets and housing first and above all! Time to expose the Wall Street AIG fraud for what it really is! Time for real, working-class socialism!