Monday, September 22, 2008

The Semantics of Welfare

For those of you who are a little bit confused now trying to wrap your brains around Bush and the Republican semantic exercise of differentiating between "welfare" and "bailout," here's a few examples to clear it up for you:

From the Independent comes an article about the Republican's version of welfare, i.e. bailout:

"Up to 10,000 staff at the New York office of the bankrupt investment bank Lehman Brothers will share a bonus pool set aside for them that is worth $2.5bn (£1.4bn), Barclays Bank, which is buying the business, confirmed last night." read more

And from the Progressive comes this version of those who are not worthy of the same safety net:

"Things can't get much worse than the House Republicans' welfare plan. In the "Personal Responsibility Act," the new House leaders declare that no one--no matter how desperate--is legally entitled to aid from the Government." read more

And then of course there's that overlying stench that has permeated anything coming from this administration for the last eight years: cronyism:

"What is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.

The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of funds became easy, rampant, and went unchecked." read more

And what do you know? Here's another Bush associated with the recent white collar thievery:

"Lehman Brothers(LEH Quote - Cramer on LEH - Stock Picks) has nabbed George H. Walker, the CEO of Goldman Sachs(GS Quote - Cramer on GS - Stock Picks) Hedge Fund Strategies, to be the global head of its $188 billion Investment Management Division, Lehman Brothers announced today.

Walker has already resigned from Goldman Sachs and could not be reached for comment. A spokesman at Goldman Sachs did not return a call.

Walker, who is President George W. Bush's second cousin, had joined the merger and acquisition group of Goldman Sachs in 1991 and became a partner in 1998. He soon grew to be one of the principal architects of Goldman Sachs' investment management strategy and was
overseeing a $70 billion group of alternative investments, including hedge funds of funds and private equity investments." read more

Get it now? They stole and stole and stole until there was nothing left to steal. So they stole from each other. And now we get to pay for it. Again.

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