by Mumia Abu Jamal
September 17, 2008
With the fall of Lehman Brothers holdings, a major American financial securities firm, the other shoe hits the floor. For this is but the latest in a string of failures in the wheels of fortune and fate that is “the business game.”
What forced Lehman’s hand is the government’s denial of another bailout bid, public monies for private businesses, the latest proof that deregulation was a neo-conservative Reaganite pipe-dream that actually meant access for the rich and a squeeze for the poor and working class. Isn’t it ironic that the advocates of free trade, those who yelled loudest for free markets, have bellied-up to the bar to cover the tabs of Bear Stearns, Fannie Mae and Freddie Mac. These, we were told, were too big to fail.
Lehman Brothers apparently wasn’t big enough. So, unable to cover its debts, Lehman files for bankruptcy after one hundred and fifty eight years as a powerhouse. Wouldn’t it be nice if this same government that bailed out Bear Stearns, Fannie Mae and Freddie Mac, bailed you out? No such luck.
For several years ago Congress passed a repressive, restrictive, bankruptcy bill that made it harder for people to discharge their debts. Guess who one of the biggest supporters of the new bankruptcy bill was? None other than Delaware Senator and Vice Presidential candidate Joe Biden. Biden was so chummy with the “big bank” types who supported the bill, that he was called “Senator Mastercard.” The same government that made bankruptcy so hard for regular folks, bailed out multi-billion dollar businesses with a drop of a hat.
A leading financial analyst recently asked: “Where is the outrage for this plundering of public funds?” He couldn’t understand the silence. Perhaps much of it can be attributed to the warped media that keeps people hypnotized by trivia and inanities. For those who claim to be conservatives and idealogically anti-socialist, how could they not protest this socialized protection of private wealth and corporate risk with public monies? The silence is deafening.
From Death Row, this is Mumia Abu Jamal.
These commentaries are produced by Noel Hanrahan for Prison Radio.
You can listen to this commentary here.
On a move.