The Financial “Rescue” that Bankrupted America
It is the story of our lifetimes: a financial crisis is underway and getting worse. As the recession deepens, our jobs and savings are threatened, and our children and grandchildren will probably live in a country with lower living standards and fewer opportunities than what we have enjoyed. America may be reduced to the status of a second- or third-rate economic power, dependent on international agencies like the International Monetary Fund and Arab governments for investment dollars and foreign aid handouts.
However, the looting of the taxpayers, which was initially $700 billion for Wall Street and has now ballooned to an estimated $1.8 trillion and is not over yet, was not labeled as corruption by our media. Instead, it was called a “rescue” and was demanded by many anchors and reporters. We were told it would stabilize the markets and help ordinary people. It didn’t.
Kevin Howley, Associate Professor of Communication at DePauw University, says this was deliberate propaganda on their part. He comments that “…the phrase ‘bailout’¯with its connotation that the government is letting Wall Street off the hook for questionable business practices¯has given way to a far more agreeable term¯ ‘rescue plan.’ This phrasing appeals to the basic decency of the American people and suggests that we’re all in this thing together.”