A Closer Look Here, There and Everywhere
by Trish PurcellYES, there is a financial crisis and action is required to keep our economy from collapsing. NO, it is not necessary to make a hurried decision out of fear that is going to create a debt that burdens generations to come without some built in safeguards and punitive measures for those who caused this mess.
If taxpayers are expected to finance the bail out, then taxpayers should have a very big say in how it is structured. To leave that decision in the hands of people like Secretary of the Treasury, Henry Paulson, former Chairman and CEO of Goldman Sachs is sheer stupidity. Wall Street created these problems; Wall Street should not be allowed to design the fix without considerable input from those who will be footing the bill.
Our “representatives” in Congress, Democrats and Republicans alike, have shown themselves to be totally inept or unconcerned about representing our interests. They have a proven record of failing to do due diligence before voting on bills, of allowing themselves to be manipulated by fear and special interests, and of putting politics before the good of the country. NOT THIS TIME!
We need to be very careful with the government taking over failing banks and mortgage companies that we do not wind up with socialism for the wealthy and banks running our country. If the structure of this fix is left up to Wall Street, whose interests do you think will take precedence?
I am not an expert in finance but with a little attention and an ounce of common sense anyone can see that there are big risks on both sides of this equation. To do nothing is inviting a continuing downward spiral. No one wants that. But allowing our representatives to once again be rushed into passing legislation is the height of foolishness. What is done must be done with careful consideration and foresight lest we regret in hindsight.
We need to speak out, long and loud, insisting that Congress actually represent us and our interests in this fix. They need to make sure the government has an equity stake in every company we bail out so that any future benefits will come to us and not those who caused the problems. The CEOs and executives of bailed out companies should forfeit bonuses, stock options, perks and salaries. All future executive salaries at all levels should be linked to profitability. No more golden parachutes – if companies can take away worker pensions to reduce company expenses, then the same should hold true for the big wigs. No money from bailed out companies should be used for lobbyists or political contributions. Regulations and strict oversight should be implemented immediately and enforced. Bankruptcy laws should be changed to help homeowners, not creditors.
We have the leverage to demand these kinds of ideas be a part of the bail out agreements. If a company refuses to accept these restrictions, then there should be no bail out from us. Let them try to find their money some place else. If Congress even looks like they are allowing this leverage to be squandered, a great public outcry should arise and continue until Congress does what it is paid to do – represent the people.
For our part, we the people cannot sit quietly by and just expect things to work out. This is our country, our government, our responsibility. If we don’t learn from our mistakes, we will repeat them. Fool us once (the Iraq war) shame on them, fool us twice (this financial crisis) shame on us!
It appears that Congress just might think about this a little bit. We'll see.
It's typical to see McCain going back and forth. He's for something, and not for something, and proud to have been "the regulator" for twenty six years, and now he's for deregulation. This, even though he said he didn't regret his record on deregulation, believing it has stimulated the economy. I guess he is referring to before the economy started tanking in a major way? This is also the man that has been for earmarks, before being against them now that an election approaches.
Apparently McCain still likes Carly Fiorina, a member of his campaign team and the CEO that was fired from Hewlett Packard, even though he is against CEOs being rewarded for hurting a company. She received, I believe, a $45 MILLION golden parachute from HP all the while 20,000 employees were laid off. She is also the individual that said McCain was basically not qualified to be the chief executive of a major corporation. I guess she doesn't think it takes much knowledge to run the economy of the USA? She was certainly a failure as CEO of a company that had a long and proud record of success. You have to just love the people that McCain surrounds himself with, the same type of people that are responsible for all the ills befalling our nation.
Let's just hope the Congress is not dumb enough, or greedy enough, to allow a bailout bill to be rammed down their collective throats like they did with the Patriot Act. The plot is getting thicker and thicker!