Wednesday, September 17, 2008

The Republicans Own This Economy

They got their tax cuts for the financial elite and their deregulation of just about everything. And look where it got us
The week of January 22, 2001, the first of Bush's presidency, the Dow averaged 10,659. Today, it closed at 10,917. In just about eight years of Bush, the market has gained less than 300 points.
And I think as of today, that gain has become a net loss for the Republican economy. And then consider the unemployment rate, the cost of gas, the mortgage crisis, the credit meltdown, the slowly collapsing dollar, inflation, the gradual failure of America's health care system and you realize that the only people who have been doing well under the supervision of the Republicans are the robber barons.
  • $83,100,000 - 2007 salary John Thain, CEO, Merrill Lynch (asking for Bank of America to save the company)
  • $35,734,422 ($16,237,150 in bonuses) - 2007 salary of Alan Schwartz, CEO, Bear Sterns a year before JP MorganChase saved it from bankruptcy.
  • $22,000,000 - 2007 salary of Richard S. Fuld Jr., CEO of the newly bankrupted Lehman Brothers. (largest bankruptcy in America’s history)
  • $$please read$$ - Robert Willumstad, CEO, AIG (possible seeing the same fate as Lehman Brothers, bankruptcy. But won’t because its numbers are much larger then Lehman Brothers: Revenue and Net Income are twice as much, Total assets are three time more, and employees are 116,000 (AIG) to 26,200 (Lehman Bros.)
  • $18.3 million - (2007 Take Home salary) Richard Syron, former chairman and CEO of Freddie Mac
  • $11.6 million - (2007 salary, stock and other compensation) Daniel Mudd, former president and CEO of Fannie Mae
As much as he'd like to pretend otherwise, John McCain is running as a Republican. His party did this to this country, and they did it with his help.
"The point is, I was chairman of the commerce committee. Every part of America's economy, I oversighted. I have a long record, certainly far more extensive of being involved in our economy than Senator Obama does."
PS: aren't you glad we didn't let them privatize social security? Where would the nation's retirement fund be after the last few days on Wall Street?!? And do you really want to put these Keystone Cops in charge of your health care?!?


Lucy said...

Keystone cops is much too kind. I don't believe for a minute this is a result of bumbling. It is intentional.

And I don't want them in charge of anything.

paige said...

"PS: aren’t you glad we didn’t let them privatize social security? Where would the nation’s retirement fund be after the last few days on Wall Street?!? And do you really want to put these Keystone Cops in charge of your health care?!?"

amen. too scary for words.

tut-tut said...

But from a great many of the letter-writers in the local paper, the issue at stake is the rights of the unborn. I guess they've given up on the rights of the vast numbers of born Americans. Or something. I don't know what to do anymore. I really don't.

Bill said...

I am curious as to why you omitted the Clinton folks who got millions from Fannie Mae/Freddie Mac.

alice said...

There's a common thread up there... the people I singled out were all CEOs of companies that have recently crashed and burned.

(Did I somehow miss the fact that a Clinton folk was CEO of Fannie/Freddie?)

Bill said...

Ahh... All CEO's Sorry. I read too fast. Saltines for breakfast is not a good choice.

Like the new blog design.