7-7-7 

Jobless? Obama's not that into you

Forget Herman Cain's 9-9-9. The battle cry for every American ought to be 7-7-7: for the $7.7 trillion the Bush and Obama administrations secretly funneled to the banksters.

Remember the $700 billion bailout that prompted rage? Which inspired millions to join the Tea Party and the Occupy movements? Turns out that was a mere drop in the bucket, less than one-10th of what the Federal Reserve Bank doled out to the big banks.

Bloomberg Markets Magazine reports a shocking story: By March 2009, the Fed shelled out $7.77 trillion "to rescuing the financial system, more than half the value of everything produced in the U.S. that year."

The national debt is a record $14 trillion. We knew the Fed and the White House were pawns of Wall Street. What's new is the scale.

Even the most jaded financial reporters were stunned at the extent of collusion: "The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn't mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed's below-market rates."

The bailouts were supposed to loosen credit to encourage lending, investment, job creation and consumer spending. It didn't work. Banks and corporations are hoarding cash. President Barack Obama, who promised 4 million new jobs by earlier this year, has been reduced to claiming that unemployment would have been even higher without the bailouts.

If the goal is to put more money into people's pockets, why not just put more money into people's pockets?

Bank executives used tax dollars to pay themselves billions in bonuses. We the people got 0-0-0. What if we'd gotten 7-7-7 instead? Every man, woman and child in the United States would have received $24,000. A family of four would have gotten $96,000.

New data from the U.S. Census Bureau shows that 100 million American citizens--one out of three--subsists below or near the poverty line.

"These numbers are higher than we anticipated," Trudi J. Renwick, the bureau's chief poverty statistician, told The New York Times. "There are more people struggling than the official numbers show."

These poor and near poor Americans are the majority of the uninsured, un- and underemployed, and foreclosure victims. If the 7-7-7 plan had gone to these 100 million miserables instead of banks, the IRS would have mailed 100 million checks for $77,700 each.

This would have paid off a lot of credit cards, kept millions in their homes and allowed millions to see a doctor and buy food. A lot of the money would have been wasted on new cars--all of which would have created a buttload of consumer demand.

If you're one of millions who have run out of unemployment benefits, it's 0-0-0 for you. If you're one of the roughly 20 million who have lost your house to foreclosure, you get 0-0-0. If you're a teacher asking for a raise, or a parent caring for a sick child, or just an ordinary worker hobbling to work in a car that needs to be replaced, all you'll get is 0-0-0.

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