As the Markets Get Manipulated

UPDATE #3: After making a new back-up of the site yesterday, I found that the spam issue had impacted the comments sections. Therefore, and much to my dismay, I have closed the comments on posts temporarily while the spam problem is fixed. We are making progress and hope to be back to normal soon.

UPDATED NOTE TO READERS: Wow, what a prophetic post for Kmareka to be stuck on — Nancy certainly called the turmoil in the markets today in her last two posts, and even printing up free money and giving away interest rates is only marginally stabilizing things.

In the meantime, Kmareka is having its own little crisis. Last Friday, we were attacked by a spambot which got into the site. We have regained security and removed the offending spam link droppings, but we are currently still seeking to restore the site to full functioning. The solution to this problem may or may not involve upgrading our platform, which could take a few days. In the meantime, comments on all of our posts still work, so feel free to talk amongst yourselves. In other words, please chat it up on a thread of your choosing. — Kiersten Marek

NOTE TO READERS: We seem to be having some technical difficulties with creating new posts. Please bear with us as we try to solve the problem. — Kiersten Marek


I’m not an economist, but ever since the election of President Bush, shortly followed by the fall of Enron, the failure to prevent the terrorist attack of 9/11, the start of the Iraq War, I have heard astounding amounts of money being poured into this and that, as the rich enjoy one tax cut after another. I just assumed they were printing up Bush Bills in the basement.

You hear talk about fiscal responsibility when there’s another cut in services to low-income people, when the schools, hospitals, bridges and levees are shortchanged. Strangely, the same filthy lucre that is so corrupting to working people is a source of virtue to the rich. It’s a terrible thing to make someone pay taxes on inherited wealth. Tax the workers on their pay, or whack them at the supermarket with sales taxes, but leave those stock dividends alone.

Now it looks like the squeeze on ordinary people is affecting profits, and something has to be done. Last week put a scare into the stock market.

“Privately, the White House has discussed its support for a tax rebate of as much as 800 dollars for individual taxpayers, more than double the 300 dollar rebate featured in a 2001 effort to spur economic growth,” the Wall Street Journal said.

In a key concession to Democrats, the US administration appeared willing to accept stimulus legislation that does not include an extension of Bush’s tax cuts, the Journal said.

Congressional Democrats, meanwhile, are suggesting they would be willing to suspend their own budget rules and accept a tax break without first figuring out how to pay for it, the Journal said…

Why worry about how to pay for it? Just print up more Bush Bills. This president can’t run again, his party might not even want to win the election. How much better to let the Democrats get dirty trying to clean up the mess. George Bush will do a Tony Blair and get a cushy job consulting something for someone. And what kind of awful problems will we leave to the next generation?

Asked by Woodward how history would judge the war, Bush replied: “History. We don’t know. We’ll all be dead.”

I know I’m going to see the full force of the Bush Bills when my elderly clients, who worked in mills and offices and homes all their lives, see their pensions failing to cover the cost of food, heat, transportation, comfort. They gave a dollar’s work for a dollar’s pay, but the dollar is only worth what the economy can bear, and when Washington plays tug-of-war with the money, the working people lose.