Click amount to donate direct to CounterPunch
  • $25
  • $50
  • $100
  • $500
  • $other
  • use PayPal
DOUBLE YOUR DONATION!
We don’t run corporate ads. We don’t shake our readers down for money every month or every quarter like some other sites out there. We provide our site for free to all, but the bandwidth we pay to do so doesn’t come cheap. A generous donor is matching all donations of $100 or more! So please donate now to double your punch!
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

October 22, 2018
Henry Giroux
Neoliberalism in the Age of Pedagogical Terrorism
Melvin Goodman
Washington’s Latest Cold War Maneuver: Pulling Out of the INF
David Mattson
Basket of Deplorables Revisited: Grizzly Bears at the Mercy of Wyoming
Michelle Renee Matisons
Hurricane War Zone Further Immiserates Florida Panhandle, Panama City
Tom Gill
A Storm is Brewing in Europe: Italy and Its Public Finances Are at the Center of It
Suyapa Portillo Villeda
An Illegitimate, US-Backed Regime is Fueling the Honduran Refugee Crisis
Christopher Brauchli
The Liars’ Bench
Gary Leupp
Will Trump Split the World by Endorsing a Bold-Faced Lie?
Michael Howard
The New York Times’ Animal Cruelty Fetish
Alice Slater
Time Out for Nukes!
Geoff Dutton
Yes, Virginia, There are Conspiracies—I Think
Daniel Warner
Davos in the Desert: To Attend or Not, That is Not the Question
Priti Gulati Cox – Stan Cox
Mothers of Exiles: For Many, the Child-Separation Ordeal May Never End
Manuel E. Yepe
Pence v. China: Cold War 2.0 May Have Just Begun
Raouf Halaby
Of Pith Helmets and Sartorial Colonialism
Dan Carey
Aspirational Goals  
Wim Laven
Intentional or Incompetence—Voter Suppression Where We Live
Weekend Edition
October 19, 2018
Friday - Sunday
Jason Hirthler
The Pieties of the Liberal Class
Jeffrey St. Clair
A Day in My Life at CounterPunch
Paul Street
“Male Energy,” Authoritarian Whiteness and Creeping Fascism in the Age of Trump
Nick Pemberton
Reflections on Chomsky’s Voting Strategy: Why The Democratic Party Can’t Be Saved
John Davis
The Last History of the United States
Yigal Bronner
The Road to Khan al-Akhmar
Robert Hunziker
The Negan Syndrome
Andrew Levine
Democrats Ahead: Progressives Beware
Rannie Amiri
There is No “Proxy War” in Yemen
David Rosen
America’s Lost Souls: the 21st Century Lumpen-Proletariat?
Joseph Natoli
The Age of Misrepresentations
Ron Jacobs
History Is Not Kind
John Laforge
White House Radiation: Weakened Regulations Would Save Industry Billions
Ramzy Baroud
The UN ‘Sheriff’: Nikki Haley Elevated Israel, Damaged US Standing
Robert Fantina
Trump, Human Rights and the Middle East
Anthony Pahnke – Jim Goodman
NAFTA 2.0 Will Help Corporations More Than Farmers
Jill Richardson
Identity Crisis: Elizabeth Warren’s Claims Cherokee Heritage
Sam Husseini
The Most Strategic Midterm Race: Elder Challenges Hoyer
Maria Foscarinis – John Tharp
The Criminalization of Homelessness
Robert Fisk
The Story of the Armenian Legion: a Dark Tale of Anger and Revenge
Jacques R. Pauwels
Dinner With Marx in the House of the Swan
Dave Lindorff
US ‘Outrage’ over Slaying of US Residents Depends on the Nation Responsible
Ricardo Vaz
How Many Yemenis is a DC Pundit Worth?
Elliot Sperber
Build More Gardens, Phase out Cars
Chris Gilbert
In the Wake of Nepal’s Incomplete Revolution: Dispatch by a Far-Flung Bolivarian 
Muhammad Othman
Let Us Bray
Gerry Brown
Are Chinese Municipal $6 Trillion (40 Trillion Yuan) Hidden Debts Posing Titanic Risks?
Rev. William Alberts
Judge Kavanaugh’s Defenders Doth Protest Too Much
FacebookTwitterGoogle+RedditEmail