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

Weekend Edition
January 18, 2019
Friday - Sunday
Melvin Goodman
Star Wars Revisited: One More Nightmare From Trump
John Davis
“Weather Terrorism:” a National Emergency
Jeffrey St. Clair
Roaming Charges: Sometimes an Establishment Hack is Just What You Need
Joshua Frank
Montana Public Schools Block Pro-LGBTQ Websites
Louisa Willcox
Sky Bears, Earth Bears: Finding and Losing True North
Robert Fisk
Bernie Sanders, Israel and the Middle East
Robert Fantina
Pompeo, the U.S. and Iran
David Rosen
The Biden Band-Aid: Will Democrats Contain the Insurgency?
Nick Pemberton
Human Trafficking Should Be Illegal
Steve Early - Suzanne Gordon
Did Donald Get The Memo? Trump’s VA Secretary Denounces ‘Veteran as Victim’ Stereotyping
Andrew Levine
The Tulsi Gabbard Factor
John W. Whitehead
The Danger Within: Border Patrol is Turning America into a Constitution-Free Zone
Dana E. Abizaid
Kafka’s Grave: a Pilgrimage in Prague
Rebecca Lee
Punishment Through Humiliation: Justice For Sexual Assault Survivors
Dahr Jamail
A Planet in Crisis: The Heat’s On Us
John Feffer
Trump Punts on Syria: The Forever War is Far From Over
Dave Lindorff
Shut Down the War Machine!
Glenn Sacks
LA Teachers’ Strike: Student Voices of the Los Angeles Education Revolt  
Mark Ashwill
The Metamorphosis of International Students Into Honorary US Nationalists: a View from Viet Nam
Ramzy Baroud
The Moral Travesty of Israel Seeking Arab, Iranian Money for its Alleged Nakba
Ron Jacobs
Allen Ginsberg Takes a Trip
Jake Johnston
Haiti by the Numbers
Binoy Kampmark
No-Confidence Survivor: Theresa May and Brexit
Victor Grossman
Red Flowers for Rosa and Karl
Cesar Chelala
President Donald Trump’s “Magical Realism”
Christopher Brauchli
An Education in Fraud
Paul Bentley
The Death Penalty for Canada’s Foreign Policy?
David Swanson
Top 10 Reasons Not to Love NATO
Louis Proyect
Breaking the Left’s Gay Taboo
Kani Xulam
A Saudi Teen and Freedom’s Shining Moment
Ralph Nader
Bar Barr or Regret this Dictatorial Attorney General
Jessicah Pierre
A Dream Deferred: MLK’s Dream of Economic Justice is Far From Reality
Edward J. Martin
Glossip v. Gross, the Eighth Amendment and the Torture Court of the United States
Chuck Collins
Shutdown Expands the Ranks of the “Underwater Nation”
Paul Edwards
War Whores
Peter Crowley
Outsourcing Still Affects Us: This and AI Worker Displacement Need Not be Inevitable
Alycee Lane
Trump’s Federal Government Shutdown and Unpaid Dishwashers
Martha Rosenberg
New Questions About Ritual Slaughter as Belgium Bans the Practice
Nicky Reid
Panarchy as Full Spectrum Intersectionality
Jill Richardson
Hollywood’s Fat Shaming is Getting Old
Nyla Ali Khan
A Woman’s Wide Sphere of Influence Within Folklore and Social Practices
Richard Klin
Dial Israel: Amos Oz, 1939-2018
David Rovics
Of Triggers and Bullets
David Yearsley
Bass on Top: the Genius of Paul Chambers
Elliot Sperber
Eddie Spaghetti’s Alphabet
FacebookTwitterGoogle+RedditEmail