published Thursday, October 27th, 2011

Best of Bennett: Rescue Plan

Please note: Cartoonist Clay Bennett is on vacation. Here is one of his best works.

about Clay Bennett...

The son of a career army officer, Bennett led a nomadic life, attending ten different schools before graduating in 1980 from the University of North Alabama with degrees in Art and History. After brief stints as a staff artist at the Pittsburgh Post-Gazette and the Fayetteville (NC) Times, he went on to serve as the editorial cartoonist for the St. Petersburg Times (1981-1994) and The Christian Science Monitor (1997-2007), before joining the staff of the ...

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nucanuck said...

As housing prices retreat back toward their long term averages and the banks become evermore insolvent with each downtick, we can now see clearly why Greenspan should not have tried to cure the 2001 recession by creating the real estate bubble with artificially low rates.

Now, as Clay aptly points out, Bernanke is compounding the felony by pouring taxpayer money into the banks to create the appearance of health, while the rest of the economy contracts, even as huge spending is futilely wasted.

Those who love to cry socialism at every turn in the road have never had a better example than this orgy of government money trying to cover up the excesses of domestic and foreign banks. From the phoney AAA mortgage backed securities to the massive credit default swap bail-out of non-bank AIG, the tax payer has had to pay when in actuallity, banks should have failed and bankers should have gone to jail.

Saddest of all...Bernanke et al are still determined to save the banks at all cost. Do you think the new mortgage plan unveiled this week is to help homeowners? Guess again. That plan that will leave homeowners with smaller payments, but hopelessly under water, is all about trying to help the banks by reducing foreclosures. Are you ready for the IMF to use US money to bail out the European banks? Well get ready, it's coming.

As bad as it will be, we have to let the banking system take their losses and build a new, safe, stabile commercial banking system that does not take huge risks to earn huge pay then has to be socialized when they get in trouble.

October 27, 2011 at 1:13 a.m.
fairmon said...

nucanuck, I agree. Banks are essentially wholly owned subsidiaries of the U.S. government. A way to address the "too big to fail" issue is let them fail. A lot of regional and small banks did not participate in the debacle. Those that did were allowed to fail and the FDIC stepped in and in many cases poorly managed their divestiture. The price will eventually be paid and the pain endured, the government keeps postponing the inevitable.

October 27, 2011 at 3:26 a.m.
fairmon said...

nucanuck said....

Are you ready for the IMF to use US money to bail out the European banks? Well get ready, it's coming.

Big money investors must agree with you. European exchanges all up big and U.S. markets to be up big at open. I am wondering when the down turn will hit? Holding cash is an inflation problem with a loss in buying power but may be the best position right now. A weakening dollar is a problem for consumers with higher cost of imported products but may make American products more competitive, like those from emerging markets, at some point.

October 27, 2011 at 3:40 a.m.
MTJohn said...

harp3339 said...

nucanuck, I agree. Banks are essentially wholly owned subsidiaries of the U.S. government.

You've got that backwards, Harp. The government is a wholly owned subsidiary of the banks, big pharma, multinational oil companies, and the mega-media corporations.

October 27, 2011 at 6:01 a.m.
EaTn said...

The world monetary ponzi scheme has been molded by the elitists over the years while the rest of us have been living our lives thinking our jobs, homes and banking accounts were solid as gold, which they were until we dropped the gold standard. The elitists tangled ropes is now such that even their most brilliant don't know how to untangle them to find and repair the break.

October 27, 2011 at 6:18 a.m.
fairmon said...

MTJohn said..

You've got that backwards, Harp. The government is a wholly owned subsidiary of the banks, big pharma, multinational oil companies, and the mega-media corporations.

That is what the goverment prefers people think. Look at what did happen and is still happening. Follow the money, how much flows to and from? Who provides banks low/no interest money? Who really benefits from enabling poeople to refinance an under water loan? Partners normally support each other and it is evident in the big bank/broker government relationships.

October 27, 2011 at 6:23 a.m.
whatsnottaken said...

Even though Clay is away at Democractic indoctrination camp (vacation you call it), this cartoon explains the Occupy movement - disrupt everything around the institution you want to disrupt and have no effect on it. Perfect cartoon to explain this fiasco.

October 27, 2011 at 9:03 a.m.
NGAdad said...

Wow, the new definition of blinders. whatnottalkin sees the medicine as the virus. Also, the coolaid not the cause of the dying cult members. I guess the birth certificate is a fake supplied by the Martians. SHEEEZ, yep, that head is just a bobbing to the propaganda. Heil Rush! Long live the stuperland!

October 27, 2011 at 9:28 a.m.
whatsnottaken said...

And Clay, really, how many people vacation in North Dakota ? Unless you're here for enlightenment.

October 27, 2011 at 9:35 a.m.
lumpy said...

You leftists ought to recognize propaganda when you see it, NGAdad. You leftists are the masters of it. The absolutely mindless twits who compose the Occupy movement are living proof of the Leftist propaganda machine.

October 27, 2011 at 9:35 a.m.
limric said...

A timeless classic Clay. Have a good vacation.

How blind do we have to be (that'd be you Lumpy) to not realize that the game has been rigged in the direction of our new monied aristocracy, the banks? Is it the insane bonuses paid to bankers while everyone else suffers in the bad economy? Is it “too big to fail” and huge bailouts done with little or NO oversight? Or is it politicians (in both parties) falling over themselves to genuflect to the banks?

And these banks are so incompetent that even with all the free money they are being given by the government, the bailouts, and other benefits and bonuses, they still can’t manage to keep our economy on an even keel, or even their own banks from failing (or needing huge bailouts to remain afloat). So we keep rewarding incompetence!

The problem isn’t capitalism, the problem is that we don’t have enough capitalism. We have national socialism for the banks. My anger isn’t class warfare or envy directed at people who made money, it’s about justice: the desire to punish people who stole money — billions of dollars — from you and me. If this is warfare against a class, it is against the class of crooks and swindlers, living high off their ill-gotten gains.

Matt Taibbi says “People aren’t jealous and they don’t want privileges. They just want a level playing field, and they want Wall Street to give up its cheat codes.” America became a great country because it was the land of opportunity, where anyone with a little talent and a willingness to take risks and work hard could make it. People immigrated here (often at great effort and risk) in order to leave their decadent and corrupt homelands, where they did not have that opportunity. And now it is our country has become that very decadent and corrupt homeland.

Once people realize that success is no longer determined by good ideas and hard work, then all hell will (and should) break out. OWS is just the beginning.

The Revolution Will be Televised

October 27, 2011 at 9:43 a.m.
NGAdad said...

Thanks lumpy! Being spewed at by the cult leaders reinforces that I've found the site of the infection. The puss you spew needs an antibiotic treatment. Back in the late 1700's the treatment was an obvious necessity against the loyalists of the oppressive King. Good luck with that huge boil on your redcoat covered shoulders. The Tea is in the Harbor, the church bells are ringing.

October 27, 2011 at 9:59 a.m.
JustOneWoman said...

If only the revolution was being televised! It is not. It is being demonized by the media. But, it is being youtube-ized. If one really wants to see the truth, it is out there. The world is watching.

October 27, 2011 at 11:55 a.m.
limric said...

harp3339, NGAdad, JustOneWoman, nucanuck,

The class war has begun. See attached link below. It's a hefty piece of reading (a novelty today)but well worth the time.

http://nymag.com/print/?/news/frank-rich/class-war-2011-10/

The Revolution Will be Televised

October 27, 2011 at 12:57 p.m.
JustOneWoman said...

Yes, that was a very good read. Thank you Limric. I also liked the link MTJohn posted. Thanks. I have actually looked into corporate personhood. Seems like it might be the route we have to go. The Whitehouse has their "we the people" petition site ready and ElectAmerica has their vote site up and going. I encourage everyone to participate in either or both. Now "that" is how you monitor voter fraud.

www.americanselect.org

https://wwws.whitehouse.gov/petitions

October 27, 2011 at 3:09 p.m.
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