I've been distracted for about five weeks, caring for a man recovering from a traumatic brain injury, the victim of a vicious mugging. I'll have a post in the near future talking about the different types of love we encounter or exhibit, relevant to this topic.
But today's topic is about the $700billion dollar bailout that our Current Occupant has proposed to solve all the financial problems he and his cohorts created in the past eight years or more. And I titled it "Buying Another Iraq" because that's about how I see it: it hasn't been enough for Dubya to bury us in debt for a specious war, he has to double-down by rescuing Wall Street for the excesses he facilitated. The effects of this bailout will be felt for over 40 years.
Who benefits from this plan? Surely it must be the few hundred Wall Street financial leaders, aided and abetted by GOP-sponsored legislation that deregulated the financial markets. Surely those who supported Senator Phil Gramm's deregulation mania. These are the same people who benefited from the Bush tax cuts, during a time of war when we are all supposed to sacrifice. Sacrifice indeed. Now it is we, the middle class and below, who once again sacrifice. It is the wealthy few who get off the hook.
Who is being bailed out, who lives and who dies, financially? It is one of the tenets of capitalism that reward results from risk. This bailout should shout to all Americans that the free market system has serious flaws that only government can correct, through regulation and controls, assiduously applied.
The companies who are "bailed out" should be nationalized, no less than FreddieMac and FannieMae. The executives and boards should be fired for cause and their golden parachutes confiscated. Trust in our financial system will not be restored until we have people running it who are doing so for better reasons than their own portfolios.