Thursday, September 25, 2008

The boat is sinking! The boat is sinking!

So we're sinking. Well, no, Wall Street is sinking, and apparently, if I'm reading the news right, is doing it's damndest to take the Everyman down with it.

I'm not an economics major, although, apparently, neither are any of the executives working at the big companies that are currently falling, but I am uncertain as to why the 700 billion dollar bailout is necessary. Don't get me wrong, I'm all for a plan that will help, but so far, the only reason I can find that explains it, is to 'avoid financial panic.'

Bit late for that.

And, what about the Everyman? It's not like this is going to help the Everyman, bailing out these buffoon companies that, from the headlines this morning, may face angry mobs of protesters demanding pieces of their overblown compensation checks. Because lets face it, even with the bailout going through, and limits on 'compensation,' the checks are going to more than equal people's retirements, retirements that are currently being lost.

So, we need to pass on this great debt to our children and grandchildren, to avoid panic, and a recession?

Haven't we been in a recession?

And can't we, as a nation, come up with a better solution than having the Everyman pay a price the Everyman didn't exact?

I can hear the Everyman asking these questions:

Will OUR debt be forgiven? Will we keep OUR homes? Will we be able to find jobs? Can we relocate Wall Street to another part of the nation, and restaff it with competent people? THIS is what America has come to now? Making the Everyman who's already suffering in an economy of errors, who's already been watching the financial markets warily for some time, wondering why, if we weren't in a recession, things were hard, pay more money they don't have, to bolster the very financial institutions that caused the mistake in the first place.

For shame.


Boliath said...

Well said, for shame indeed.

David said...

Well, there's a view of American history that says that the reason we had the Revolution was because the Colonial ruling class didn't want to share the goodies any longer with the ruling class in Britain, and that everything since then has been regulated by the ruling class so that they'll benefit.

But that can't be true.