SEARCH BLOG: POLITICS
Home prices have dropped by a third around here. Investment portfolios by 20% depending on the mix. Jobless rate is around 9%. Manufacturing is trying to survive. Energy costs are much too high for many people to afford.
Now the President comes on television and tells us that things could get bad. Well, I suppose they could get worse. So, what's the plan? From what I could glean, the plan is to have a plan... and then buy off a lot of shaky investments from some big companies so that we can get back to business-almost-as-usual.
We're going to put $700 billion into the hands of the Secretary of the Treasury to fix things as he sees fit... no second guessing. Excuse me, but by my calculations, we should be getting a new Secretary of the Treasury in about four months. Does he get the same deal? And what if he doesn't share the same ideas about what constitutes a "fix" of the system.
Hey, but don't worry. The government is much more patient than some investment banking firm. We might get our tax money back in 5 or 10 or 15 or 50 years. Who knows?
But let's say, for the sake of bi-partisanship, that what the President proposes meets the test of logic and political "rising to the occasion." Our politicians will set aside their petty political objectives and do the "right thing" for America. All of the money will be used in the most honorable fashion... and none will be shunted aside for pet projects or buying future favors. We, as citizens and taxpayers, owe it to our politicians to trust them to do the right thing... to prove they have only our financial futures at heart. Let's say we take that leap of faith and no one who screwed the system gets anymore personal benefit.
When do the businessmen and politicians who milked the system and caused the crisis come to their day of reckoning? Making millions of dollars in "bonuses" for meeting goals at Fannie Mae or Freddie Mac or Bear Stearns or AIG when it was all based on subterfuge and deception seems an awful lot like theft and embezzlement. And now they can "sell" those shaky investments to the government [us] and move on.But let's not dwell on the past. Let's just come together and solve the problem... no questions asked... with trust.
via Pat Dollard