By Webster G. Tarpley
Slap A 1% Tobin Tax On Wall Street Speculation To Keep Our Hospitals Open!
The health care controversy in this summer’s congressional town hall meetings is unreal. Obama and the Republicans are both hiding the obvious fact that, in this world depression, most US health insurance companies are bankrupt because of derivatives – the toxic assets you’ve heard so much about. AIG is the largest insurance company, and it is bankrupt. The Hartford just took $3.5 billion from the Treasury and is bankrupt. MetLife just lost $1.5 billion in three months, all because of derivatives. The other insurers are in varying stages of bankruptcy, which is why they now support Obama’s “corporate state” health care plan, even bringing back Harry and Louise to help dupe you. Republicans and assorted right-wingers accuse Obama of wanting a government takeover of health care. Obama’s goal is quite different: he’ll make sure that there’s no single payer option, and no public option, thus betraying the Democratic base. Instead, everyone will be forced at gunpoint to buy insurance for lousy care from the bankrupt private companies, giving them a colossal permanent bailout – a windfall bonanza. Medicare and Medicaid will be looted and destroyed in the process. Seniors will be told to die early to save the bottom line. Obama’s plan comes straight from Wall Street, where the bankers are already getting a bailout of $24 trillion under his administration. This is why Obama has brought out his goons to beat up protesters who don’t want euthanasia and genocide. Desperate Republican demagogues think they can hijack the backlash against Obama to ride back into power. The loudmouth Republican operatives you see chanting against Big Government are part of this effort. Their goal is to wipe out Medicare, Medicaid, and Social Security through privatization and send the money to – you guessed it – Wall Street. If you’re lucky, you’ll get a “medical savings account” with a few thousand dollars in it – maybe enough to pay for your diagnosis with some dread disease. When the money runs out, you’ll be on your own – free to die in the street for the greater glory of the “free market” under President Mitt Romney, the asset stripper and hedge fund hyena who might be even worse than Obama. It’s time to say no to Obama’s SEIU and ACORN goons, and to the GOP’s Brooks Brothers goons as well. They’re all working for Wall Street.
Under Obama, Detroit is bankrupt, and California and other states are collapsing into barbarism as the liberal Republican Schwarzenegger shuts down hospitals and clinics. It’s time to stop bailouts for Wall Street, and to make the bankers pay for the depression they have created. In most states, working families pay a sales tax of 5%, 8%, or even 10% on clothing, shoes, and back to school supplies. These are regressive taxes, the worst kind, since they hit the poor and the middle class hardest. But every year, between $1 quadrillion and $2 quadrillion (one thousand trillion) of speculative paper – derivatives, futures, options, stocks, bonds, foreign currency, commodities like oil and gasoline – pass through the markets of New York, Chicago, and other cities. Not one red cent is paid by the bankers and hedge fund operators on this colossal turnover. If we are told of shared sacrifice, it’s high time the bankers paid their fair share. A Tobin tax or securities transfer tax (STT) – a sales tax on Wall Street bankers – would initially provide between $10 and $20 trillion for federal, state, and local budgets – enough to maintain Medicare for the elderly, Medicaid for the poor, hospitals, schools, police, fire, and other vital services. This kind of tax would also discourage speculation in derivatives and other toxic paper, which is threatening to destroy the dollar in an orgy of super-inflation or hyperinflation. Without building 1,000 new fully equipped state of the art hospitals in rural America, the high plains, and the inner cities, talk of health care is a fraud. A 1% sales tax on Wall Street speculators would give us the money needed to rebuild the health care, which is the inalienable right of the American people. Anybody who opposes a Tobin tax is likely to be a Wall Street stooge. Find out who your congressman is working for!