I'll let Michael Moore say it for me.

An email from Michael Moore this morning that bears repeating.

Grim.




Friends,



Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.



No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday's New York Times and you can see what the real deal is:



"Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.



"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.




"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.



"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial institutions."


Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to "consult" in the bailout.



The problem is, nobody truly knows what this "collapse" is all about. Even Treasury Secretary Paulson admitted he doesn't know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can't figure it out nor can he explain it to anyone.



And yet, they are screeching about how the end is near! Panic! Recession! The Great Depression! Y2K! Bird flu! Killer bees! We must pass the bailout bill today!! The sky is falling! The sky is falling!




Falling for whom? NOTHING in this "bailout" package will lower the price of the gas you have to put in your car to get to work. NOTHING in this bill will protect you from losing your home. NOTHING in this bill will give you health insurance.



Health insurance? Mike, why are you bringing this up? What's this got to do with the Wall Street collapse?



It has everything to do with it. This so-called "collapse" was triggered by the massive defaulting and foreclosures going on with people's home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it's because too many working class idiots were given mortgages that they really couldn't afford. Here's the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage "crisis" may never have happened.



This bailout's mission is to protect the obscene amount of wealth that has been accumulated in the last eight years. It's to protect the top shareholders who own and control corporate America. It's to make sure their yachts and mansions and "way of life" go uninterrupted while the rest of America suffers and struggles to pay the bills. Let the rich suffer for once. Let them pay for the bailout. We are spending 400 million dollars a day on the war in Iraq. Let them end the war immediately and save us all another half-trillion dollars!



I have to stop writing this and you have to stop reading it. They are staging a financial coup this morning in our country. They are hoping Congress will act fast before they stop to think, before we have a chance to stop them ourselves. So stop reading this and do something -- NOW! Here's what you can do immediately:




1. Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they've made. Tell him we know he has the smarts to slow this thing down and figure out what's the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.



2. Take to the streets. Participate in one of the hundreds of quickly-called demonstrations that are taking place all over the country (especially those near Wall Street and DC).



3. Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.



When you screw up in life, there is hell to pay. Each and every one of you reading this knows that basic lesson and has paid the consequences of your actions at some point. In this great democracy, we cannot let there be one set of rules for the vast majority of hard-working citizens, and another set of rules for the elite, who, when they screw up, are handed one more gift on a silver platter. No more! Not again!



Yours,

Michael Moore

MMFlint@aol.com

MichaelMoore.com



P.S. Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parachutes. It says NOTHING about what these executives and fat cats will make in SALARY. According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar-a-month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion-dollar handouts. A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.




P.P.S. From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we'll start blowing up are the pension funds and 401(k)s of your middle class constituents. The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years. The Dems handed a stolen election over to Bush. The Dems gave Bush the votes he needed to invade a sovereign country. Once they took over Congress in 2007, they refused to pull the plug on the war. And now they have been cowered into being accomplices in the crime of the century. You have to call them now and say "NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.

Reactions: 


12 Response to "I'll let Michael Moore say it for me."

  • Foonyor Says:

    Michael Moore drives me nuts. He is the liberal equivalent of Rush Limbaugh: he uses hyperbolic doomsday language to frighten people into agreeing with him. He presents only one side of a particular argument and paints anyone who disagrees as insane, or stupid, or corrupt.

    I don't completely understand the bailout, but God knows neither does Moore. I try to read meaningful coverage of the story, whereas he runs around like a chicken with his head cut off.


  • Mean Rachel Says:

    It might be a bit easier to not run around like chickens with our heads cut off if the goddamn government wasn't doing the exact same thing. This faux urgency of "NOW OR ELSE" on the part of GWB is sickening. We blindly followed him into a war on false pretenses of WMDs -- and now all of a sudden we're supposed to blindly follow him ASAP into a $700b bailout?

    Not being able to understand this puts you, me and Paulson himself in the vast majority. Perhaps we should go ahead and figure out WTF we're talking about before we decide to sign a $700 billion dollar check.


  • Foonyor Says:

    This is exactly my point: we're not "signing a $700B check", which is the favourite expression of crazed, reactionary critics to the plan.

    First of all, I find the parallel between following the Bush administration into war in Iraq and accepting this rescue plan to be superficial. One of the most striking aspects of this crisis has been how little attention has been paid to the President. Henry Paulson and Nancy Pelosi have been way more visible in orchestrating this deal.

    And the "Now or else" mentality has been reinforced by the collective action of the market: uncertainty about the bill's passage last night knocked 5% off the FTSE, 4.3% off the Hang Seng, and 4% off the Nasdaq so far this AM!


  • Logan Says:

    Michael Moore needs to die of a heart attack and get the F out of this world.

    Please don't regurgitate stuff from MM anymore. Your blog is WAY better than that!

    p.s. Why was Pelosi all excited the other day if this is simply a plan for BUSH and his "CRONIES"?


  • Logan Says:

    YIKES... it scares me that you would follow verbatim the words of MM. You can't possibly be THAT CRAZY? and successful universal health care run by the US Gov't whether it be filled with a majority of Rs or Ds or balanced is a PIPE DREAM!


  • Mean Rachel Says:

    A) I'll post whatever I want, thanks.

    B) We're going to have to agree to disagree on this. If the markets can't handle it, then so be it.

    C) Pelosi is just trying to get Democrats elected. I think she sucks, but that's what she's protecting.

    Maybe one of these guys would like to pay for it.

    Personally, I'm not interested.

    * Lehman Brothers CEO Richard Fuld Jr. $34 million in 2007

    * Goldman Sachs CEO, Lloyd Blankfein, $70 million and Co-Chief Operating Officers Gary Cohn and Jon Winkereid $72.5 million and $71 million, respectively

    * American International Group’s chief executive, Martin Sullivan $14 million in 2007

    * Morgan Stanley Chairman John Mack $1.6 million. Chief Financial Officer Colin Kelleher got a $21 million paycheck in 20javascript:void(0)07

    * Merrill Lynch CEO John Thain $17 million in salary, bonuses and stock options in 2007

    * Bank of America Corp. BofA CEO Kenneth Lewis $25 million in 2007

    * JP Morgan Chase & Co. Chairman and CEO James Dimon $28 million in 2007

    * Fannie Mae CEO Daniel Mudd received $11.6 million in 2007, with a possible $9 million in severance

    * Freddie Mac, Richard Syron, $18 million, with a possible $14 million in severance

    * Wachovia Corp. Chairman and CEO G. Kennedy Thompson $21 million in 2007; Successor Robert Steel CEO will get a $1 million salary with opportunity for a $12 million bonus

    * Washington Mutual new CEO, Alan Fishman, a salary and incentives package worth $20 million through 2009


  • Mean Rachel Says:

    If thinking that this is a terrible idea is crazy, sign me up.


  • Mean Rachel Says:

    Oh and foon, you're right. We're not writing a check. We're writing a hot check. We're going to have to borrow $700 billion from foreign banks to pay off the debt that we already have. That's robbing Peter to pay Paul. Paying off your AmEx with your MasterCard. Cutting off your nose to spite your face. And on. And on.

    And the Treasury Department doesn't even know if the $700 billion is enough/too much. It's "not based on any particular data point" and that they "just wanted to choose a really large number." HUH?

    Please. This is absurd. Insane.
    Stupid stupid stupid.


  • Foonyor Says:

    The money isn't being given away! It's not like buying a yacht on your Amex and then paying *that* bill with your Visa!

    And while I think Wall St. executive salaries are laughably high, they're not the problem. Add up all those numbers in your little hit parade. Here, I'll help: you get a little less than half a billion dollars? A lot of money? Not compared to the GDP of the United States (13.8 trillion), which could take a serious hit if the credit markets collapse.

    Finally, and most importantly, you will be paying for it. We'll all pay for it in impossible-to-get mortgages, friends who lose their homes to foreclosures, family members who can't afford to retire because their 401K has sloughed off a fifth of it's value since the beginning of 2008.

    I just watched the House debate on C-SPAN (they'll be rebroadcasting it again tonight, I think). I encourage you to watch it and get some primary-source information, as opposed to what MM chooses to spew out. It made me proud of the House to see members try to do something to stem the coming tide, members from both aisles voting for a bill that nobody loves. How often do we get to say that, after all?


  • Foonyor Says:

    Oh, and another thing!

    "C) Pelosi is just trying to get Democrats elected. I think she sucks, but that's what she's protecting."

    She's begging and clawing at Dems to get enough votes to pass the bill on a second try -- the Times describes members "figuratively holding their noses" as they voted yes on the bill. This is a complicated bill with more than half of the electorate saying, "Thanks, but no thanks." Pelosi isn't trying to pull some electoral chicancery; far from it. She's trying to govern in the face of an impending election, which is more than I can say for either Presidential candidate. They both seem to be hiding under the bed on this one.

    If it were such an evil, backslapping hand out to President Bush's friends, why hasn't either Obama or McCain said anything about it? They both treat him like toxic waste these days.


  • Anonymous Says:

    Sorry detractors, but Rachel's got this one right. Blaming the lack of a bailout for the market drop is nonsense. These problems were created a long time ago by easy credit. You can't fix too much credit with more credit! That would have made it even worse!

    The Fed chair admitted to Congressman Doggett (Austin, TX) that 100% of the financing was to come from debt. So any positive effect would have been very temporary. Once new money was introduced, inflation would have set in and everybody's worse off. This way, prices come down, and we come to terms with reality and get back to work, instead of living a false high and making the problem worse.

    Anyway, if this money is soooooo necessary, why not save money by bringing some troops home? Republicans? Democrats?

    Rachel, you sound great on this issue. Too bad your candidate doesn't support your ideas. You can dump your candidate without supporting McCain. I'll vote 3rd party, you vote 3rd party, and our omissions will cancel each other out as far as the major candidates. There are two 3rd party candidates who support your ideas on health care, and also agree with you regarding the bailout. Come join the rEVOLution. (Campaign For Liberty)

    Alan Smith
    Republican National Delegate
    http://CampaignForLiberty.com
    http://myspace.com/ronpaulpatriot


  • MRhé Says:

    Wow, lotta action here. Missed out on this gem of a comment thread.