Can anyone blame Americans for their complete lack of confidence in the country’s financial system? AIG now says the $85 billion it’s getting from taxpayers in the form of an emergency bailout is not enough. The company now says it needs another $30 billion to try and get out of its financial mess. And why shouldn’t they ask for more? Didn’t Treasury Secretary Paulson say they are too big to fail?
The latest boondoggle deal passed, oops, we mean rescue plan, passed by Congress, is sure to have many more companies crying they need more.
There’s no doubt that deregulation has allowed the greed and recklessness, and deep pocket padding to go unabated. You were told that it would be good for the economy, drive prices down, increase corporate investment, and create jobs. Gee, we guess they overstated their promises.
We believe that Americans have allowed their government and Wall Street to believe that anything they do in the name of Capitalism is good. It’s almost become a religion in the market. The congress, the President’s administration and sadly Americans have fallen for it.
And last week when the Senate and the Congress had an opportunity to tighten controls and protect the public, they instead decided to write a $700 billion dollar check to those who created the economic mess, and hope it all turns out okay.
So now we have a hangover from all the spending and still many refuse to face the truth. First, we are still not prepared to run our government and our own line of credit in a more austere manner. We prefer to spend $700 billion to save profligate financial institutions, and in case that’s not enough, we’ve got more money ready to dish out.
And, instead of admitting that our excesses have put us in a deep dark hole and its going to take time to figure out how to get out, our so-called leaders believe if all else fails, lie.
And as the cookie crumbles, state governments and, yes, local governments too, continue to go on spending binges, and in the November election, they will continue to ask poor over-burdened tax payers to ante up more money: “We Need it!”
Haven’t they ever heard the old fairy tale about killing the golden goose — taxpayers that is.
What really makes us laugh (maybe we should be crying) is all these pundits who go around telling taxpayers that we need to save. They mean them, not us.