Bailouts Biting Back?

In the financial crisis of 2008, as well as in the current crisis, we're all witnessing the mechanics of trickle-up economics on steroids; wasting a good crisis is after all against the religion of the donor class.

_{source: Wikimedia Commons}

In the one-on-one debate between Biden and Sanders, Biden took it upon himself to defend the bailouts of bank-, insurance and the automobile industries after the financial crisis broke out in 2008. He had a lot of meaningless words about how the regular people would have been hurt much more if those banks and industries had been allowed to fail. I'd hope that the obvious untruth of that claim is apparent for all to see, but unfortunately too many people aren't aware that the trickle-down economy is in fact a trickle-up economy. And during crises the process extracting wealth to the top of the socioeconomic pyramid kicks onto overdrive.

The banks shouldn't have been bailed out and the fraudulent CEO's who caused the financial catastrophe in the first place should have been put behind bars. The trillions of dollars of bailout money should have been payed out directly to the home owners who were at risk of being evicted, so they could prevent that eviction by paying their mortgage on time. The beautiful thing about that method is that the pain for the common citizen would have significantly be diminished, AND the banks would get that money anyway. But governments all over the world didn't do that, they didn't even go for the indirect option of paying the money directly to the banks with a note attached to it: "this money is to cover the mortgages of the home owners for X or Y period". Instead governments yielded to threats by those "too big to fail" for profit institutions and handed them the money without any reasonable precondition.

To top it off, the banks now also own all those houses, which they were able to buy on a serious discount, and which they will sell for an even more serious profit. This is how the trickle-up economy operates. Even when governments do something that seems on the surface to be a helping hand for common folks, it's actually not for them. Take subsidized rent; you get money from the government to help pay the rent for your house, which is good of course, good for you, but even better for the landlord because that's who the government pays the money to. It's the landlord who experiences a free reduction in the risk he takes when he rents out his or her property. This is socialism, just not for the poor; socialism for the rich and rugged individualism for the rest. A profoundly cynical, but disturbingly factual way to describe what happened with the 2008 bailouts, is to say that the trillions of dollars were used to finance all those evictions. And Joe Biden defends all that. This is turning out to be a crazy year...

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