Public Subsidies for Whom?
Thomas Riggins writes:
Most of the experts agree that that nationalization of AIG as well as Freddie Mac and Fannie Mae was carried out to prevent not only the collapse of financial capital in the US but to stave off a world wide economic crisis.
These nationalizations will cost over a trillion dollars to the US tax payers-- that is the US working class which pays the bulk of the taxes in this country. But this money is going to the capitalist class.
What the workers should demand is that the trillion dollars not be handed over to the capitalists to make up for the money they lost on the sub prime mortgage market. That still leaves the workers with mortgages and the potential loss of their houses.
The demand should be that the tax money be used to buy up and pay off the mortgages directly. People who were lied to and tricked into taking out loans that had they been fully informed of the consequences they would not have taken out are the people to look out for, not greedy capitalists who brought their own problems on themselves.
We are seeing, right now, an intensification of class warfare directed by the capitalist state against the working class in this country. The take over by the government of AIG, etc., is being done not to help the workers and their mortgage plight, but to give the capitalists the money they could not squeeze out of the workers and still leave the workers holding the bag. Again, I think the demand must be to make this money available to the workers themselves to pay off the mortgages-- at least that is a minimum demand. The capitalists however have no right to be paid off since they made these loans knowing that people couldn't sustain the debt.
Since Bush wants to play at socialism (for the rich) we should also propose as a more just measure than the minimum demand that the government cancel the debt entirely and nationalize the banking system and run it for the benefit of the people not the moguls of Wall Street.