Two things this Coronavirus exposed
by Sami Jadallah
1) Wall Street and all the hypes about the stock market is not the economy and 2) the fraudulent “War on Terror” which so far costs trillions in “productions of intelligence and other research” but geared toward public controls and limiting for freedoms is not national security.
Both Republican and Democratic administrations pushed through the substantial financial package to support Wall Street institutions and their corrupt incompetent if not criminal management during 2007-2008. And again, they are doing the same thing this time around with already $1.5 Trillion to Wall Street.
President Obama, who presided over the 2008 financial recovery, did not push for any formal criminal investigation over how this collapse can place and no prosecution of a single executive.
Worst he allowed the “Crooks of Wall Street” to use $100 Billion of tax dollars to support legal funds for these corporations to defend against lawsuits by the very people who lost everything to these crooks from pension funds to lost stock values to retirement accounts and lost homes.
Recently on March 12, once again, the Federal Reserve comes to the rescue and injects $1.5 Trillion into Wall Street to prop up the Dow Jones Industrial average, with no impact whatsoever on the economy at large. It changed nothing to the economy of “Main Street.”
Coming to the rescue of Wall Street does not and never did translate to helping the national economy as we are finding out with tens of millions out of jobs.
With more than 17 million workers out of jobs, with no health insurance, no paid sick leave leaving tens of millions of families at significant risk of being out on the streets, with no income to pay the rent, utilities, car insurance, even mortgage.
The $2 Trillion coronavirus stimulus package is a giveaway, directed toward corporations, investment and hedge funds, saving investors of big corporations such as the airline’s industries from collapse.
Many of the targeted companies for support took advantage of the collapse of Wall Street to buy back their shares on the “cheap” like the airline’s industry while leaving hundreds of thousands of airline employees without or hardly any benefits.
The food and restaurant business took the brunt of closure, with losses estimated at $225 Billion, leaving tens of millions of hourly workers out of a job, out of income hitting the most venerable segment of the labor market and threading millions of small family-owned business of going out of business.
What the Coronavirus told us is that the long time reckless decisions of both administrations and Congress, giving incentive to manufacturers to relocate to “cheaper production” zones, left the country venerable. Such unwise decisions exposed the higher risk we face, making the country critically dependent on the imports of the primary hospital and health care needs from foreign sources—something as simple as a surgical mask we must import.
With trillions invested in “War on Terror” and over 500,000 engaged in the business in research and think tanks since 9/11 working on and researching the safety and security of the nation’s ignoring what we are facing now.
Lost manufacturing of crucial health sector, loss of public hospital in all regions of the country, unavailability of essential health items such face masks, ventilators, and protective clothing, among others. All these trillions proved the “War on Terror” is a fraud, more to control the civil rights of citizens with hardly any benefits to the health and public safety of the nation.
Hardly any lives were lost to terrorism since 9/11 with trillions in investment when only in two months we lost more than 20,000 lives and more than 500,000 infected persons with estimated death rising to over 100,000 if not more. What did we get out of the trillions of dollars “wasted” on the study of terrorism when we found out a simple virus is capable of not only killing tens of thousands but able to force our economy to a standstill?
What we can conclude from all of this that Wall Street is not the economy nor is the tens of thousands of “security” institutes, and experts are the guardian of our national security.
Time to wake up and smell the coffee. The “War on Terror” shifted the national priorities and financial resources from rebuilding our dilapidated infrastructure to abandoning primary industries such as textiles, furniture, among others, to a hyped-up self-created foreign enemy while neglecting other issues of national security.
Time to channel all the funding destined to the “War on Terror” to rebuild the nation’s manufacturing sectors, rebuild our entire healthcare industry from hospitals, clinics, nursing schools, medical schools, drug manufacturing and putting the trillions of profit by private healthcare companies into affordable universal healthcare for all. The “War on Terror” did not create security for the country; it undermined its security as we see now.
Sami, a Palestinian-American and a US Army Veteran (66-68), recipient of the “soldier of the month award and leadership award from the 6th Army NCO Academy, is an international legal and business consultant with over 40 years of international experience, in construction, hospitality services, conservation and defense, in the Middle East, Europe and North Africa. Sami is a holder of BA, MPA in Public and Environmental Affairs, Jurist Doctor from Indiana University. While at IU he was elected class president, student government president and chairman of the Indiana Students Association,
Active in peace movement as a co-author of the pre-amble for the One State for All of its people and voluntary service program SalamNation. A frequent contributor on national and international affairs. He resides in the United States.