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Johannesburg, Cape Town, Lagos, Abuja, Port Harcourt, Accra, Cotonou, Port Novo,
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Muslims of Burundi and Muslims in Burundi <> Islam in Cameroon
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Islam in Cape Verde Muslims or Capean Muslims | Muslims of Cape Verde and
Muslims in Cape Verde <> Islam in Central Africa Muslims or Central
African Muslims | Muslims of Central Africa and Muslims in Central Africa <>
Islam in Chad Muslims or Chadian Muslims | Muslims of Chad And Muslims in Chad <>
Islam in Comoros Muslims or Comorian Muslims | Muslims of Comoros and Muslims in
Comoros <> Islam in Congolese (DRC Kinshasa) Muslims or Congolese
(DRC Kinshasa) Muslims | Muslims of Congolese (DRC Kinshasa) and Muslims in
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in Ethiopia Muslims or Ethiopian Muslims | Muslims of Ethiopia and Muslims in
Ethiopia <> Islam in Gabon Muslims or Gabonese Muslims | Muslims of
Gabon and Muslims in Gabon <> Islam in Gambia Muslims or Gambian
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Islam in Guinea (Conakry) Muslims or Guinean (Conakry) Muslims | Muslims of
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Bissau Muslims or Bissauan Muslim or Bissawean Muslims | Muslims of Guinea and
Muslims In Guinea <> Islam in Ivory Coast Muslims or Ivorian Muslims
| Muslims of Ivory Coast and Muslims in Ivory Coast <> Islam in Kenya
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Islam in Lesotho Muslims or Lesothian Muslims | Muslims of Lesotho and Muslims
in Lesotho <> Islam in Liberia Muslims or Liberian Muslims | Muslims
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Madagascan Muslims | Muslims of Madagascar and Muslims in Madagascar <>
Islam in Malawi Muslims or Malawian Muslims | Muslims of Malawi and Muslims In
Malawi <> Islam in Mali Muslims or Malian Muslims | Muslims of Mali
and Muslims In Mali <> Islam in Mauritania Muslims or Mauritanian
Muslims | Muslims of Mauritania and Muslims In Mauritania <> Islam in
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Islam in Sao Tome Muslims or Sao Tomese Muslims | Muslims of Sao Tome and
Muslims in Sao Tome <> Islam in Senegal Muslims or Senegalese Muslims
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Islam in Sierra Leone Muslims or Sierra Leonean Muslims | Muslims of Sierra
Leone and Muslims in Sierra Leone <> Islam in Somalia Muslims or
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<> Islam in Sudan Muslims or Sudanese Muslims | Muslims of Sudan and
Muslims in Sudan <> <> Islam in Swaziland Muslims or Swazi
Muslims | Muslims of Swaziland and Muslims in Swaziland <> Islam in
Tanzania Muslims or Tanzanian Muslims | Muslims of Tanzania and Muslims in
Tanzania <> Islam in Togo Muslims or Togolese Muslims | Muslims of
Togo and Muslims in Togo <> Islam in Uganda Muslims or Ugandan
Muslims | Muslims of Uganda and Muslims in Uganda <> Islam in Zambia
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importance to Muslims unfolding Muslim perspectives and Da'wah:: The Muslim
World :: African Muslims :: African American Muslims :: Caribbean Muslims ::
European Muslim :: African Muslim Portal
AwqafAfrica is in association with www.esinislam.com, www.islamafrica.com, and www.islamicafrica.com <<>> African Muslim Directories <<>> If you reside in the UK, the US, Canada, France, Germany, Ireland, or Australia and require FREE Islamic ritual services including Marriage, Newborn Baby Ceremonies, Funerals, etc. send your requests to: ritualservices@esinislam.com <<>>> Free Muslim visits in Johannesburg, Cape Town, Lagos, Abuja, Port Harcourt, Accra, Cotonou, Port Novo, Freetown, Abidjan, Dakar, Khartoum, Nairobi, Addis Ababa, Harare, or Kinshasa visits@esinislam.com <<>> FREE Translations English-Arabic-English and French-Arabic-French are available for mosques, Islamic centres, and Muslim organizations based in Africa or serving the Africans abroad: translator@esinislam.com <<>> Free Islamic And Arabic Studies For The African Muslims And African American Muslims <<>> Islam In Africa <> Islam In America <> Islam In Europe <> Islam In Asia <<>> Join us celebrating Islam in Africa Muslims or African Muslims | Muslims of Africa and Muslims in Africa Islam in Angola Muslims or Angolan Muslims | Muslims of Angola and Muslims in Angola <>Islam in Benin Muslims or Dahome Muslims | Muslims of Benin and Muslims in Benin <> Islam in Botswana Muslims or Boswanan Muslims | Muslims of Botswana and Muslims in Botswana <> Islam in Burkina Faso Muslims or Burkinan Muslims | Muslims of Burkinafaso and Muslims in Burkinafaso <> Islam in Burundi Muslims or Burundian Muslims | Muslims of Burundi and Muslims in Burundi <> Islam in Cameroon Muslims or Cameroonian Muslims | Muslims of Cameroon and Muslims in Cameroon <> Islam in Cape Verde Muslims or Capean Muslims | Muslims of Cape Verde and Muslims in Cape Verde <> Islam in Central Africa Muslims or Central African Muslims | Muslims of Central Africa and Muslims in Central Africa <> Islam in Chad Muslims or Chadian Muslims | Muslims of Chad And Muslims in Chad <> Islam in Comoros Muslims or Comorian Muslims | Muslims of Comoros and Muslims in Comoros <> Islam in Congolese (DRC Kinshasa) Muslims or Congolese (DRC Kinshasa) Muslims | Muslims of Congolese (DRC Kinshasa) and Muslims in Congolese (DRC Kinshasa) <> Islam in Congo (Brazzaville) Muslims or Congolese (Brazzaville) Muslims | Muslims of Congo (Brazzaville) and Muslims in Congo (Brazzaville) <> Islam in Djibouti Muslims or Djiboutian Muslims | Muslims of Djibouti and Muslims in Djibouti <> Islam in Equatorial Guinea Muslims or Equatorial Guinean Muslims | Muslims of Equatoria Guinea And Muslims in Equatoria Guinea <> Islam in Eritrea Muslims or Eritrean Muslims | Muslims of Eritrea and Muslims in Eritrea <> Islam in Ethiopia Muslims or Ethiopian Muslims | Muslims of Ethiopia and Muslims in Ethiopia <> Islam in Gabon Muslims or Gabonese Muslims | Muslims of Gabon and Muslims in Gabon <> Islam in Gambia Muslims or Gambian Muslims | Muslims of Gabia and Muslims in Gambia <> Islam in Ghana Muslims or Ghanaian Muslims | Muslims of Ghana and Muslims in Ghana <> Islam in Guinea (Conakry) Muslims or Guinean (Conakry) Muslims | Muslims of Guinea (Conakry) and Muslims in Guinea (Conakry) <> Islam in Guinea Bissau Muslims or Bissauan Muslim or Bissawean Muslims | Muslims of Guinea and Muslims In Guinea <> Islam in Ivory Coast Muslims or Ivorian Muslims | Muslims of Ivory Coast and Muslims in Ivory Coast <> Islam in Kenya Muslims or Kenyan Muslims | Muslims of Kenya and Muslims in Kenya <> Islam in Lesotho Muslims or Lesothian Muslims | Muslims of Lesotho and Muslims in Lesotho <> Islam in Liberia Muslims or Liberian Muslims | Muslims of Liberia and Muslims in Liberia <> Islam in Madagascar Muslims or Madagascan Muslims | Muslims of Madagascar and Muslims in Madagascar <> Islam in Malawi Muslims or Malawian Muslims | Muslims of Malawi and Muslims In Malawi <> Islam in Mali Muslims or Malian Muslims | Muslims of Mali and Muslims In Mali <> Islam in Mauritania Muslims or Mauritanian Muslims | Muslims of Mauritania and Muslims In Mauritania <> Islam in Mauritius Muslims or Mauritian Muslims | Muslims of Mauritius and Muslims In Mauritius <> Islam in Mozambique Muslims or Mozambican Muslims | Muslims of Mozambique and Muslims in Mozambique <> Islam in Namibia Muslims or Namibian Muslims | Muslims of Namibia and Muslims in Namibia <> Islam in Niger Muslims or Nigerean Muslims | Muslims of Niger And Muslims in Niger <> Islam in Nigeria Muslims or Nigerian Muslims | Muslims of Nigeria and Muslims in Nigeria <> Islam in Rwanda Muslims or Rwandan Muslims or Rwandese Muslims | Muslims of Rwanda and Muslims in Rwanda <> Islam in Sao Tome Muslims or Sao Tomese Muslims | Muslims of Sao Tome and Muslims in Sao Tome <> Islam in Senegal Muslims or Senegalese Muslims | Muslims of Senegal and Muslims in Senegal <> Islam in Seychelles Muslims or Seychellois Muslims | Muslims of Seychelles And Muslims in Seychelles <> Islam in Sierra Leone Muslims or Sierra Leonean Muslims | Muslims of Sierra Leone and Muslims in Sierra Leone <> Islam in Somalia Muslims or Somali Muslims | Muslims of Somalia and Muslims in Somalia Islam in South Africa Muslims or South African Muslims or Southern African Muslims | Muslims of South African Or Muslims Of Southern Africa Or Muslims in Southern Africa <> <> Islam in Sudan Muslims or Sudanese Muslims | Muslims of Sudan and Muslims in Sudan <> <> Islam in Swaziland Muslims or Swazi Muslims | Muslims of Swaziland and Muslims in Swaziland <> Islam in Tanzania Muslims or Tanzanian Muslims | Muslims of Tanzania and Muslims in Tanzania <> Islam in Togo Muslims or Togolese Muslims | Muslims of Togo and Muslims in Togo <> Islam in Uganda Muslims or Ugandan Muslims | Muslims of Uganda and Muslims in Uganda <> Islam in Zambia Muslims or Zambian Muslims | Muslims of Zambia and Muslims in Zambia <> Islam in Zimbabwe Muslims or Zimbabwean Muslims | Muslims of Zimbabwe and Muslims in Zimbabwe <> Islam in African Muslims || African Mosques || African Muslim Organizations || African Muslim Colleges || African Muslim Businesses www.esinislam.com <<>> ALL SERVICES ARE FREE :::::: AwqafAfrica is in association with www.esinislam.com, www.islamafrica.com, and www.islamicafrica.com <<>> African Muslim Directories <<>> If you reside in the UK, the US, Canada, France, Germany, Ireland, or Australia and require FREE Islamic ritual services including Marriage, Newborn Baby Ceremonies, Funerals, etc. send your requests to: ritualservices@esinislam.com <<& :: Articles And Writers :: Palestinian News ::: Muslim World News ::: Middle East News ::: International News ::: Saudi Arabian News ::: Afghanistan News ::: Internet Newspapers ::: Do Something Wonderful! :: :: Regional African News ::: Al-Maghreb News ::: Nigerian News ::: Sudanese New ::: Somali News ::: Egyptian News ::: South African News ::: Articles And Writers ::: Awqaf Africa Press Release ::: Simply Thank You! :: Qur'an Translation ::: Qur'an Transliteration ::: Sahih Al Bukhari ::: Sahih Muslim ::: Muwatta` Malik ::: Sunan Abu-Dawud ::: Qur'an And Hadith Divan ::: Donations Options :: : As-Sirah Biography ::: The Final Prophet ::: The Four Caliphs ::: The Companions ::: Muslim Profiles ::: Our Sheikh Abu-Abdullah Adelabu ::: Articles And Writers ::: Do Something Rewarding Now! :: Muslim Briefcase ::: Ad-Duaa - Prayers ::: Hajj And Umrah ::: Figh us Sunnah ::: Names for Muslims ::: True Muslim Woman ::: Ash-Shirk [i.e. Polytheism] ::: Donate To African Muslim Communities! :: Arabic Dictionary ::: Directories A - Z ::: African Muslim Directories ::: Middle East Directories ::: Arabian Gulf Yellow Pages ::: Awqaf Muslim Communities ::: Helping The African Muslims :: African Islamic education services and interactive Muslim World news network with insightful analysis and commentary on issues and events of importance to Muslims unfolding Muslim perspectives and Da'wah :: The Muslim World :: African Muslimsgt;>> Free Muslim visits in Johannesburg, Cape Town, Lagos, Abuja, Port Harcourt, Accra, Cotonou, Port Novo, Freetown, Abidjan, Dakar, Khartoum, Nairobi, Addis Ababa, Harare, or Kinshasa visits@esinislam.com <<>> FREE Translations English-Arabic-English and French-Arabic-French are available for mosques, Islamic centres, and Muslim organizations based in Africa or serving the Africans abroad: translator@esinislam.com <<>> Free Islamic And Arabic Studies For The African Muslims And African American Muslims <<>> Islam In Africa <> Islam In America <> Islam In Europe <> Islam In Asia <<>> Join us celebrating Islam in Africa Muslims or African Muslims | Muslims of Africa and Muslims in Africa Islam in Angola Muslims or Angolan Muslims | Muslims of Angola and Muslims in Angola <>Islam in Benin Muslims or Dahome Muslims | Muslims of Benin and Muslims in Benin <> Islam in Botswana Muslims or Boswanan Muslims | Muslims of Botswana and Muslims in Botswana <> Islam in Burkina Faso Muslims or Burkinan Muslims | Muslims of Burkinafaso and Muslims in Burkinafaso <> Islam in Burundi Muslims or 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Articles
By
Dave & Ariel Lindorff
Accredited
-
Associated
Beyond Boondoggles: Washington’s
manifestation Of Stupidity
Posted By Dave LindorffOctober 12, 2008
Critics of government get all worked up
when Washington spends money stupidly, or does
something manifestly stupid. There was a even
senator from Wisconsin, William Proxmire, who
used to hand out "Golden Fleece" awards for
such things.
The Pentagon's notorious $600 payments for
toilet seats that were $12 in local discount
stores, or $434 paments for hammers that were
$10 in the local hardware store were good
examples of this.
But nobody seems to be screaming about the
incredibly wasteful rescue of AIG, on which
the government has spent first $85 billion and
now another $37.5 billion.
Bad enough that the Treasury Department is
pumping an astonishing $122.5 billion into a
private company to prop it up, but what no one
has mentioned is that at the time of the
initial announcement of an $85-billion
bailout, the insurance giant's stock had
crashed so far that it could have been bought
outright by the government for a scant $7
billion! That's small change by today's
standards.
For $122.5 billion, the taxpayers have
gotten warrants that could, if exercised, end
up giving "us" 80 percent of the company, but
if the government had just gone ahead and
bought 100 percent of AIG right away, it would
have only cost about five percent of that
amount.
Talk about a "Golden Fleece" award!
The money is now flying so thick and
fast--$700 billion here, $37.5 billion there,
$25 billion to the auto industry, $900 billion
to buy up short term corporate debt, hundreds
of billions of dollars more to buy stakes in
failing banks--that we've simply lost sight of
what we the taxpayers are getting for our
money, or whether the government is even
bargaiining for good deals.
Treasury Secretary Henry Paulson reportedly
came up with the initial $700 billiion figure
for the Wall Street bailout off the top of his
head, with the only consideration being that
the number be large enough to "shock"
investors into feeling confident.
Before another dollar of borrowed cash is
spent on this binge, Congress should call
urgent hearings to look into what's being paid
and what the taxpayers are getting for their
money. Any deals--like the AIG
boondoggle--that were clearly bad should be
halted and reconsidered.
My suspicion is that with AIG, ideology
intruded. The Bush administration doesn't want
to be seen as simply nationalizing banks and
insurance companies--the kind of thing they
condemn Venezuela's Hugo Chavez or Cuba's
Castro for doing. But they are doing that
anyhow, and on a much bigger scale than Chavez
or Castro ever dreamed of--just not overtly.
And to avoid overt takeovers, they are
spending many multiples of hundreds of
billions of dollars just taking over the
liabilities of companies that they could have
taken over lock, stock and barrel for a
fraction of the cost.
Left out of consideration is the incredible
carnage this is certain to cause down the
road. Every penny that is being spent on this
rolling bailout is borrowed money. As an NPR
reporter quite accurately noted in a report
yesterday on Britain's colossal $900-billion
bailout of UK banks, that borrowed money will
have to be repaid by taxpayers over time, and
will come at the expense of other things that
the public wants, like Britain's vaunted
National Health Plan, education, etc.
We don't hear much about that on the
reporting, even on NPR, about the US bailout,
but it is equally true here. The bailout is
doing to the nation's public funding in a few
short weeks what Ronald Reagan and his budget
director David Stockman tried to do over the
course of two presidential terms off office:
bankrupt the government to kill off social
spending.
As of this point, if all these allocated
funds being thrown at financial institutiions
are spent, there will be no money left for
health care, education, infrastructure,
environmental protection, national parks,
Social Security, welfare assistance, or
critical things like consumer protection and
worker safety. Truth to tell, there won't be
any money left for the military
either--probably the only good thing you can
say about this mess.
It's enough to make one think that this is
all some final disastrous plot by the
Bush/Cheney administration to bring on a
collapse of what remnants were left of the old
New Deal and Great Society programs before
leaving Washington. And that's not such a wild
notion. The whole eight years of Republican
rule in Washington has been a giant wrecking
game.
If some KGB mastermind, back in the late
1960s (perhaps young Vlad Putin?), had dreamed
up a scheme to capture the child of a leading
American political family, and re-program him
to become a kind of "Manchurian Candidate" who
would return and work his way into the
presidency, from which high office he would
destroy the country, he could not have
accomplished more than President Bush has
done.
The financial fiasco and the subsequent
bailout boondoggle is the final blow--one from
which the nation may well never recover.
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