On October 12, 2007, the Dow Jones Industrial average hit an all-time high of 14,093. On March 6, 2009, it hit bottom (or so we hope), at 6,626, representing more than a fifty percent decline in a year and a half. Since then, it has risen to 10,800 and beyond over the course of one year. What happened in between represents one of the largest wealth redistribution events in our nation’s history, as millions upon millions of middle class Americans saw their savings decline by more than fifty percent, while the wealthy were there to buy up the stocks that no one else could afford at bargain basement prices. Executives of large Banks and Wall Street firms received huge bonuses along with Federal bailouts that allowed them to ride out the financial crisis in high style, while normal Americans were left worrying about their jobs, their homes, and their futures.
Much has changed since late 2008, when the Fed came to the rescue of the wealthy, but one thing that hasn’t changed is the precarious position of the majority of Americans in the Middle Class. For them, life is still full of worry over their job, their home, and their future.
And then there is Bill O’Reilly, who claims to be a champion for "the people".
“So therefore you have the progressives, which he is, up against the traditionalists who say we don’t want that. That saps our strength. We want to compete. And when you compete, some people win and some people lose."
That’s a nice quote, Bill, but I wonder if you’d be so blithe about it if your financial position had changed from Multi-Millionaire to Homeless, like many more Americans are experiencing these days? And what about small businesses, of which we’ve lost over 40,000 in the last year? When do they get the opportunity to compete? You certainly can’t say they have had a fair opportunity, not when the nation’s wealthiest and highest paid executives ruined the economy for the rest of us. Between AIG, Wall Street, Fannie and Freddie, many small business owners never had a chance to survive, and it wasn’t as a result of their bad choices.
Our government put our wealthiest corporations on Welfare, and small businesses were told by these corporations that they were no longer a good credit risk, because…you know… those same wealthy corporations had "learned their lesson about risky debt". Yup, that’s what competition is all about.
Our government told us that we had to save these "Institutions", otherwise our economy would collapse. What a load of garbage.
Our economy collapsed anyway. One- in- five American males is jobless. Twenty percent. Wages are dropping. Savings have been destroyed. Millions have lost their homes. But because we put the wealthy on welfare, we "saved" our economy from collapse.
Who here believes that? If you are reading this blog, do you really believe we saved our economy from collapse? If so, cite some statistics that prove it. I know that Wall Street is experiencing a revival, but what about the rest of America? Do you believe that competition is on a level playing field? Do you believe that everyone has a fair opportunity? Or is the game "gamed" to give an advantage to those with wealth?
Small Business owners who go out of business have no unemployment compensation. No one has their back. They won’t be getting a government bailout. Yet the wealthiest corporations and executives all received government welfare. Is that your idea of equal opportunity, and fair and balanced competition? Republicans are ALL for keeping our system this way. That’s your Conservative mindset. It’s better that millions of Americans suffer, better that they lose their savings and their homes, than to provide for fair competition between the wealthy and the not-wealthy, which the wealthy call, by the way, "wealth redistribution". You see, any time we actually call for competition, the wealthy call it redistribution.
Because, as you know, if the wealthy had to play on the same field as the rest of us, every one of those insurers, banks, and Wall Street firms would be out of business today.
I believe that if we had allowed them to go out of business, our economy would have already recovered. Instead, we are left holding the bag for a $700 Billion welfare check for the rich. In short, Mr. O’Reilly, you wouldn’t know what competition was if it bit you in the ass. Real competition in America means that today, AIG, Fannie, Freddie, and all of your Wall Street buddies would no longer exist. And some other, better, SMARTER business would have stepped into their place. That’s how Capitalism is supposed to work. Instead, we’re stuck with the same morons who caused this mess.
But we don’t get real competition in America, because whenever we do, people like Bill O’Reilly whine. President Obama throws a few table scraps at Middle Class America in an effort to help them with their health care, and all wealthy people like Bill O’Reilly and Rush Limbaugh can do is flap their useless jaws about how unfair it is, about how it’s "destroying America".
News flash, Bill: America is already destroyed, and it was dumbfucks like you and your wealthy buddies who did it. Step aside. No one believes your bull shit anymore. If we had held to true Capitalism, we wouldn’t have an AIG anymore. We wouldn’t have a Citigroup or a Fannie or Freddie. And we’d have a fighting chance at a decent recovery. Instead, we still have these ten- thousand -pound elephants on our backs, and they’re making the same stupid bets that got us into this mess. I say we liquidate them, like we should have two years ago. But we can’t, because people like Bill O’Reilly will piss and moan for decades after the fact that the "sky is falling because we aren’t making it fair for the rich!". Fuck AIG. Fuck Fannie and Freddie, and any other bank that received a bailout. They ALL should be out of business right now. That’s competition, Bill. Take your whining and your Gucci shoes, and your fat ass and get thee to hell, where you belong.