Click amount to donate direct to CounterPunch
  • $25
  • $50
  • $100
  • $500
  • $other
  • use PayPal
Spring Fund Drive: Keep CounterPunch Afloat
CounterPunch is a lifeboat of sanity in today’s turbulent political seas. Please make a tax-deductible donation and help us continue to fight Trump and his enablers on both sides of the aisle. Every dollar counts!
FacebookTwitterGoogle+RedditEmail

Where’s the Health Care Bailout?

How liquid is Bear?

No liquid.

Bear and Stearns bailout.

Bear swallowed by JPMorgan Chase and backstopped by the government.

Jamie Dimon, JPMorgan Chase CEO, and Alan Schwartz CEO of Bear Stearns addressed a group of 400 stunned Bear executives and said “We here are a collective victim of violence.”

Using up to $30 billion of taxpayer mone–and without congressional support–the Federal Reserve immediately put together a bailout plan.

The last days of Bear Stearns.

Death of Bear.

Fat cats cashed out: Greenberg, Molinaro, Cayne, and Spector sold $57 million of stock before the crisis hit.

Fannie Mae and Freddie Mac face tough times.

Plan to rescue Fannie and Freddie.

Feds to take over Fannie and Freddie.

Fannie and Freddie bailed out.

Placed under federal control.

A federal conservatorship.

Not nationalization.

Government standing behind the debt.

Fannie and Freddie wield big clout in Washington.

FoxBusiness News “The U.S. government seized control of mortgage giants Fannie Mae and Freddie Mac placing liabilities of more than $5 trillion onto the backs of U.S. taxpayers.”

CEO’s to get golden parachutes.

Daniel Mudd of Fannie Mae took home $11.6 million last year.

Richard Syron of Freddie Mac, $18.3 million.

“Fannie Mae and Freddie Mac are only the most recent and extreme version of Wall Street socialism,” wrote Robert Borosage.

That’s socialism the Wall Street way: taxpayers get saddled with the risks and the costs of the bailouts, while private shareholders reap the gains.

Ha, Ha!

No quick federal action on the health care crisis.

No plan to provide insurance to the 50 million who are uninsured in U.S.

No rescue of the 18,000 to 100,000 people who die every year because they don’t have access to health care.

More than 50 percent of personal bankruptcies in the U.S. are now attributable to a medical crisis and 75 percent of those individuals and families had health insurance coverage.

Paul Stephens insurance meltdown, “I was downsized from my company and unable to make the COBRA payments to continue health care coverage. I did not realize that my inherited diabetes resulting in artery disease would prevent me from buying health insurance. While searching for a job I had to have quadruple bypass surgery. The result was filing bankruptcy to wipe out the medical debt.”

The government can’t seize the insurance companies.

Government intervention in the health care crisis will only make things worse.

We can’t use taxpayer money to fund a national health care system for everyone.

That’s “socialized medicine.”

That’s “big government.”

Leave medical care to the market.

And don’t look for government bailouts.

Don’t waste Federal Reserve Chairman Ben Bernanke or Treasury Secretary Henry Paulson’s time.

You’re on your own.

Barbara Calder and her family have been forced to sell their home and are leaving the country to get health care.

Insurers refused to cover her under her husband’s health insurance plan because she has a “pre-existing” genetic condition called Ehlers-Danlos Syndrome.

She said, “I want health insurance companies to be abolished because they aren’t in the business to care for the sick. Their main function is to make profits and the sick just get in their way.”

Meanwhile, Mr. Paulson was huddled throughout the weekend in the New York Federal Reserve’s fortress-like building in downtown Manhattan with executives from major banks and investment houses to hash out the fate of Lehman Brothers and to staunch the bleeding on Wall Street that threatened to shatter investor confidence around the globe.

HELEN REDMOND is a member of the Chicago Single-Payer Action Network (CSPAN.) and the International Socialist Organization (ISO.) She can be reached at redmondmadrid@yahoo.com

 

 

Your Ad Here
 

 

 

 

More articles by:

Helen Redmond is an independent journalist and writes about the war on drugs and health care. She can be reached at redmondmadrid@yahoo.com

May 24, 2018
Gary Leupp
Art of the Dealbreaker: Trump’s Cancellation of the Summit with Kim
Jeff Warner – Victor Rothman
Why the Emerging Apartheid State in Israel-Palestine is Not Sustainable
Kenn Orphan
Life, the Sea and Big Oil
James Luchte
Europe Stares Into the Abyss, Confronting the American Occupant in the Room
Richard Hardigan
Palestinians’ Great March of Return: What You Need to Know
Howard Lisnoff
So Far: Fascism Lite
Matthew Vernon Whalan
Norman Finkelstein on Bernie Sanders, Gaza, and the Mainstream Treatment
Daniel Warner
J’accuse All Baby Boomers
Alfred W. McCoy
Beyond Golden Shower Diplomacy
Jonah Raskin
Rachel Kushner, Foe of Prisons, and Her New Novel, “The Mars Room”
George Wuerthner
Myths About Wildfires, Logging and Forests
Binoy Kampmark
Tom Wolfe the Parajournalist
Dean Baker
The Marx Ratio: Not Clear Karl Would be Happy
May 23, 2018
Nick Pemberton
Maduro’s Win: A Bright Spot in Dark Times
Ben Debney
A Faustian Bargain with the Climate Crisis
Deepak Tripathi
A Bloody Hot Summer in Gaza: Parallels With Sharpeville, Soweto and Jallianwala Bagh
Josh White
Strange Recollections of Old Labour
Farhang Jahanpour
Pompeo’s Outrageous Speech on Iran
CJ Hopkins
The Simulation of Democracy
Lawrence Davidson
In Our Age of State Crimes
Dave Lindorff
The Trump White House is a Chaotic Clown Car Filled with Bozos Who Think They’re Brilliant
Russell Mokhiber
The Corporate Domination of West Virginia
Ty Salandy
The British Royal Wedding, Empire and Colonialism
Laura Flanders
Life or Death to the FCC?
Gary Leupp
Dawn of an Era of Mutual Indignation?
Katalina Khoury
The Notion of Patriarchal White Supremacy Vs. Womanhood
Nicole Rosmarino
The Grassroots Environmental Activist of the Year: Christine Canaly
Caoimhghin Ó Croidheáin
“Michael Inside:” The Prison System in Ireland 
May 22, 2018
Stanley L. Cohen
Broken Dreams and Lost Lives: Israel, Gaza and the Hamas Card
Kathy Kelly
Scourging Yemen
Andrew Levine
November’s “Revolution” Will Not Be Televised
Ted Rall
#MeToo is a Cultural Workaround to a Legal Failure
Gary Leupp
Question for Discussion: Is Russia an Adversary Nation?
Binoy Kampmark
Unsettling the Summits: John Bolton’s Libya Solution
Doug Johnson
As Andrea Horwath Surges, Undecided Voters Threaten to Upend Doug Ford’s Hopes in Canada’s Most Populated Province
Kenneth Surin
Malaysia’s Surprising Election Results
Dana Cook
Canada’s ‘Superwoman’: Margot Kidder
Dean Baker
The Trade Deficit With China: Up Sharply, for Those Who Care
John Feffer
Playing Trump for Peace How the Korean Peninsula Could Become a Bright Spot in a World Gone Mad
Peter Gelderloos
Decades in Prison for Protesting Trump?
Thomas Knapp
Yes, Virginia, There is a Deep State
Andrew Stewart
What the Providence Teachers’ Union Needs for a Win
Jimmy Centeno
Mexico’s First Presidential Debate: All against One
May 21, 2018
Ron Jacobs
Gina Haspell: She’s Certainly Qualified for the Job
Uri Avnery
The Day of Shame
FacebookTwitterGoogle+RedditEmail