Herman
Cain:
“Once
again, when Democrats don’t like the facts, they just ignore them with the help
of the mainstream media.
“On
August 26, Investor’s Business Daily reported data from the Internal Revenue
Service showing that the average U.S. income had increased every year for five
straight years through 2006...
“The
following day, Sen. Joe Biden declared in his vice-presidential acceptance
speech that ‘John McCain thinks that during the Bush years we’ve made great
progress economically, I think it’s been abysmal!’ Great progress or abysmal,
you make the call…
“...
The supposed failure of Bush’s economic policies has been a constant theme of
the Democrats since the 2006 elections, when the Democrats regained control of
the House and Senate by convincing enough of the voters that the economic sky was
falling, and that the war in Iraq could not be won. Based on all of their
convention speeches, they plan to continue those themes right through Election
Day on November 4.
“They
are counting on a gullible and uninformed electorate to win the White House and
a larger majority in Congress.”
Seven
weeks later on Oct-20,2008, Cain wrote a second article for the Northstar
Writer’s Group. This article, also copyrighted by Cain, offered full throated
support for the creation of the TARP program enacted Oct-08, 2008 and signed
into law by Bush. This legislation the soul of the US government’s efforts to
protect those too big to fail while letting thousands lose their homes and
millions fall into unemployment and poverty, is at the heart of WHAT OWS anger
is about. TARP was first installment of $300 billion in what would become a
multi trillion aid effort. The programs, too timid in their execution and too
top heavy in their formulation, did save US & world from economic
catastrophe, primarily be propping up big banks, Wall Street trading firms,
insurance giants, and the auto companies, but left millions more in dire
financial straits. The inequitable distribution of those monies along with the
certain knowledge that tax payer monies used to bail out these firms is now
being used to lobby to weaken regulations to prevent this sort of calamity
again is what OWS all about.
Cain
both suggested that the potential for catastrophe was small, and then weeks
later came out in favor of the TARP bailout funds. The Tea Party types,
initially outraged by the bail outs, now hold Cain as their champion. The level
to which we are ill informed even with the multitude of information and media
outlets available to us is truly stunning. And the speed at which Tea Party has
been coopted by big biz interests and the conservative repub machine is mind
boggling.
Herman
Cain:
“Earth
to taxpayers! Owning stocks in banks is not nationalization of the banking
industry. It’s trying to solve a problem.
“The
unprecedented financial crisis has caused the Treasury of the United States to
take unprecedented measures to help solve the problem of frozen credit and cash
flow for U.S. businesses.
“Most
of us had dreams of what we wanted to be when we grew up as children. Some of
us wanted to grow up and become a fireman, a policeman, a doctor, a nurse, a
lawyer, a teacher, an actor, an engineer, a writer, a dancer, a chef or any
number of other professions.
“But
some of us wanted to own a bank because that’s where the money is!
“Wake
up people! Owning a part of the major banks in America is not a bad thing. We
could make a profit while solving a problem.
“But
the mainstream media and the free market purists want you to believe that this
is the end of capitalism as we know it. It is not for several reasons that they
have conveniently not explained.”
I
would love to see Cain make this speech again. Perhaps at tonight’s debate.
Post Script: Cain did defend his posture on TARP. Socialism is only really bad and can only really be called that when the government uses its resources to help the poor. TARP was crisis management. That's a whole different deal!
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