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  • Eyes on Trade is a blog by the staff of Public Citizen's Global Trade Watch (GTW) division. GTW aims to promote democracy by challenging corporate globalization, arguing that the current globalization model is neither a random inevitability nor "free trade." Eyes on Trade is a space for interested parties to share information about globalization and trade issues, and in particular for us to share our watchdogging insights with you! GTW director Lori Wallach's initial post explains it all.

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August 16, 2010

Your Tax Dollars Going to Foreign Banks? Lori Wallach Comments on CNN.

Cnn-logoThe Congressional Oversight Panel issued a report last week that showed much of the bailout money ended up going to foreign banks. Does that strike you as odd - or maybe even bad? If so, you should know that, under WTO rules, the U.S. has to give equal treatment to foreign and domestic banks.

As Lori Wallach put it, "Under the current World Trade Organization rules, the United States is pretty much required to take our tax dollars and, on the down side, bail out things that don't work. But the U.S. taxpayers don't get the profit for those risks on the upside when that globalization finance is profitable for the banks."

Click here to see Lori Wallach's comments on CNN's "The Situation Room."

Lori - CNN 8.12.10 small


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Comments

Twilight

Kill all the FTA's, WTO, & IMF. Put large stakes through their hearts. Break up the 95% media monopoly (Murdoch's monopoly). Take apart other monopolies. Put a moratorium on immigration into the US for 5 years. Wipe out all tax cuts beginning with Reagan's tax cuts up through the most current tax cuts. Eliminate the cap on Social Security yearly payment maximums. Re-impose strict regulation on all industy and commerce. Reciss non taxable status on all religious, charitable and other non profits that "preach politics from the various pulpits". Criminalize HSUS and PETA as terrorists along with all animal radicals who've advocated wiping out all pets and farm animals. Let's see some constitutional amendments passed. First one needs to be to wipe out eminent domain. A good second one would be to unequivocally state that neither animals nor corporations shall ever be considered as human beings with any rights human beings enjoy. Criminalize all local, state and federal corporate lobbying with federal mandatory 10 year sentences for CEO's and members of boards of directors combined with fines to lobbying corporations of 10 times their gross income of the preceeding 10 years. Bring back all regulations against false advertising. Make lying to congress a federal crime and attach a penalty of $10,000,000 and 10 years in jail without parole to everyone caught in any lie during congressional testimony. Congress needs to pass legislation leaving presidential signings illegal and to forbid the insertion of earmarks in any legislation. And let's go back to paper ballots. Haven't we had enough of elections conducted on privately y distored results?

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