History in the Making

[Crewleader]

September 27, 2008

by charles hugh smith


It is a rare experience to be living in a present which we know will have momentous consequences. While many of us refer back to the trauma of 9/11 when we think of "history in the making," I think more of the Watergate era, which like the current financial "credit crisis" took many months to unfold and then play out to the endgame.

Let's step back to the stagflationary misery of 1979. Chrylser Corporation was essentially bankrupt, and over howls of protest, proclamations of irresponsible largesse and a Rubicon being crossed, the Federal Government extended Chrysler a loan of a then-stupendous amount: $1.2 billion. In today's dollars, that would be $3.6 billion.

Chrysler eventually paid back the loan, with interest, by the mid-80s. (Restricting Japanese-made imported vehicles in 1981 helped.) Nonetheless it is instructive to recall the great debate and general horror at the government "bailing out" a private enterprise with taxpayer funds.

Almost 30 years later, President Bush and his gang of cronies now demand that $700 billion in taxpayer funds be given--not lent--to private enterprises: a sum 20 times the size of the horrendously controversial Chrysler bailout. As the saying goes: Where is the outrage?

http://www.oftwominds.com/blog.html

[ixion]

1. I think there's all sorts of outrage on this

but the MSM are showing yet another aspect of their deceit: pretending that people actually support this robbery.

If there is any justice in this ol' world, and the crimes committed over the past 8 years are ever laid to light; I can only hope that the journalists who "played along" will be included in the gang we send to stand before The Man.