Got Greed? Government & Corporate America at their worst Other Topics, posted by Richard V, a resident of another community, on Sep 17, 2008 at 6:47 am
With the latest news of another government bailout in the financial sector, three things become clear: Corporate leaders, the 21st century version of Robber Barons, will never be held accountble for their loses under the current regulatory system; our own greed will be our un-doing - a once great nation is brought to its knees; our shame is the failure to realize that there are uses for government besides defense and sucking up to lobbyists.
We have let the free market drive us to the brink of financial ruin. International corporations have co-opted out national interests. But most interestingly, while we seem quite happy to cheer the Privatization of profits, we allow the Socialization of our losses.
If we truly believed in our own system of Free-Markets, Behr-Stearns, Fannie Mae & Mac, AIG should have been left to twist in the wind. I understand why we couldn't allow them to fall, but perhaps we should at least take away their CEOs multi-million dollar bonuses and stock options. If you lose that much money, there has to be some accountability.
If we, the taxpayers, are forced to bear the burden of corporate malfeacense and greed, then I demand restitution. No more golden parachutes and outrageous salaries/bonuses. No more revolving door between the financial lobbyists and government to set up regulations that weaken out economy and help only those at the very top. Lastly, if/when these companies finally do come back around, they must be tasked with directly helping the Americans who have suffered during this crisis to recover their homes, livelihoods and dignity.
Posted by Pissed Off, a resident of the Menlo Park: Felton Gables neighborhood, on Sep 17, 2008 at 9:36 am
I too can understand why we couldn't allow these firms to fall, but I don't understand why the next logical question isn't being asked by the media. Members of Congress and financial muckety mucks in the Bush administration are being asked: Should the taxpayer bail out (fill in the blanks)? Of course, the answer is, regrettably yes.
Why isn't the media asking what these so-called leaders are planning to do to protect the taxpayers from this sort of outrageous injustice in the future? After the Depression, legislation was passed to protect the economy from predators like those who are largely responsible for the current fiasco. When is Congress going to do its job and reinstitute those protections and better regulation in general?
Posted by Trying to Understand, a resident of the Menlo Park: Belle Haven neighborhood, on Sep 17, 2008 at 12:59 pm
With my limited understanding of the AIG bailout, I think I can safely say that AIG insured investors in the world of sub-prime mortgage loans. So, our tax dollars will be spent to shore up this company that protects these big greedy gamblers? Maybe I don't get it but, if I'm close, we are one sick country.
And maybe Washington Mutual is next? Deregulation, McCain's political mantra.
Let's give Barack Obama the opportunity to clean this up. What do we have to lose?
Posted by Check it, a resident of another community, on Sep 17, 2008 at 3:12 pm
AH, I believe that two of the very people that have been trashed here (deservedly so), specifically the heads of Fannie May and Fannie Mac are counted among Obama's economic advisors. Who should get the chance to fix things????
Posted by Curious, a resident of the Menlo Park: Allied Arts/Stanford Park neighborhood, on Sep 17, 2008 at 3:22 pm
Check it, I presume from your handle that you're encouraging us to check it out -- that is, your assertions about Obama's economic advisors. Could you provide a link to a credible source on this matter -- or even just cite your source without a link?
Posted by Check it, a resident of another community, on Sep 18, 2008 at 8:57 am
Curious-not knowing what you would consider a "credible" link, I'd rather suggest this. If you'll do two searches (1) James A. Johnson, Obama and (2) Franklin Raines, Obama you will get several links on each man to choose from which clearly verify the statements I made. I used Google, but I'm sure any search engine will get you there.
Posted by Ha!, a resident of the Menlo Park: Allied Arts/Stanford Park neighborhood, on Sep 18, 2008 at 12:30 pm
Don't worry, McBush and Palin will fix it. Have you heard? McBush is for CHANGE. He'll certainly have to change his tune on many of the slimey anti-regulatory positions he has taken through the years that have contributed to this morass -- if he's really serious about fixing things.
Posted by a bit of history, a resident of the Menlo Park: Felton Gables neighborhood, on Sep 20, 2008 at 11:55 am
Today they saying the cost of the bailout is $700 billions. I presume that is in addition to the 300 - 400 billions they have already contributed. It is a mess. The government printing presses are running full out now. For how long will anyone want to trade in dollars. Are we becoming a third world country -- will we soon have 10, 20 or 30% inflation?
I heard there were at some local banks, lines of people waiting to draw out their deposits.
Somehow, they think they can stop the avalanche. Good luck. They tried this during the 1930's all to no avail. The country never did recover from the Great Depression unitl the start of World War II. Please let us hope this is not a replay.
Posted by Gato Gordo, a resident of the Atherton: other neighborhood, on Sep 22, 2008 at 2:52 pm
How many catastrophes does it take to prove that deregulation isn't a good idea?
From the energy markets and Enron to the S&L debacle, the mortgage mess and now the wholesale meltdown of the financial markets, it just goes to show that the invisible hand of capitalism won't keep the economy running smoothly -- it will just pick taxpayers' pockets!
This is what happens when government hands over control of the country to corporate special interests.