9-26-08, 2:25 pm
In his speech to the nation Wednesday, Sept. 24th, George W. Bush blamed homeowners and lenders for the current financial crisis in explaining the origins of the financial crisis on Wall Street. Bush went on to use near-apocalyptic terms to drive home the need for an immediate $700 billion bailout of Wall Street bankers and lenders.
Most working-class organizations didn't buy it, and demanded that no bailout should pass without preconditions, including an economic stimulus package and other demands.
For an upcoming Political Affairs podcast, Sam Webb, chair of the Communist Party USA, emphasized that while it is important to find a workable solution to stabilize the financial markets, what Bush offered, and even the McCain alternative, are simply more handouts to the Wall Street CEOs who caused the problem in the first place.
'It takes some chutzpah to blame homeowners for this crisis given all we know about how the housing crisis developed and the role of predatory lenders,' Webb stated.
Webb argued that Republican Party ideology and the actions of Wall Street players created the mess. They created 'a casino,' he said. 'It's nothing but gambling, most of it. It has no connection to the real economy, for the most part.'
After decades of making tons of money without a regulatory watchdog, the system is now collapsing. 'Of course, that endangers every person on Main Street,' he added. 'The problem is that when the [financial system] is controlled by the financiers and their supporters in Washington, then we get in a pile of trouble.'
Webb also chastised John McCain for his role in the bailout crisis this past week. 'It was a big publicity stunt,' Webb said. He cited McCain's declining poll numbers and floundering campaign as the reasons for McCain's stunt.
'I think they were hoping to exploit this,' Webb said. 'What he's tried to do is really politicize this issue and turn it into an issue he can exploit.'
Webb predicted the maneuver would backfire, but suggested McCain probably sees no other path to the White House. 'I think it's falling flat, but it does show the reckless nature of McCain. And it does show his ultra-right character,' he added.
Readers will be able to listen to the full interview soon on an upcoming Political Affairs podcast.
