Gee whiz, the companies and special interests groups that are demanding part of the “rescue” package continues to grow each day and seems to be expanding exponentially. The auto Big Three, American Express, some counties and cities are now joining in and of course there is the continuing chorus of clammers from those underwater homeowners who are not current on their mortgages. They are literally elbowing each other now trying to get to the head of the line and grab what they can. What next, Airlines, hi tech, agriculture? It really reminds me of that scene in Steve Mcqueen’s movie about Nevada Smith when he joins up with the outlaws just so he can kill the leader. That leader had murdered his family several years before. He pretended to be one of them. While planniing their robbery of the stage coach he asked the leader how the loot would be shared after the robbery. The leader, played by Karl Malden, told him that there weren’t any “shares” just everyone would grab everything they could and then head for the hills each man for himself. That is pretty much what seems to be occuring in Washington now.
I feel especially angry because I have already been hurt really badly in my retirement savings due to the flim flam of others on wall street and yes on main street. Those idiots who bought those houses they couldn’t afford are now hurting everyone with their extragance. You no doubt have been hurt too. We have already incurred a very significant loss. Now to add insult to injury the pols in Washington are expecting us to get hit again. This bailout isn’t free anymore than a lunch. We are going to pay for it with our taxes. It is our money the Feds are spending. Even if the Feds borrow the money in the market place it is still hurting us. The credit of the US is OUR credit. The US has credit to borrow from around the world only because of our individual work, effort, assets, labor and creativity. That money is our money and that credit is there only because of us, not the Government. Those borrowed funds have to be repaid and guess who will be asked to foot the bill. The income tax payers. Not those who only pay social security or medicare taxes, but those who pay income taxes. Under the new administration that is only going to be about half of the workers and income earners in the country. Do the math and you can make your own estimate what that means for you. I wont’ presume to do it for you. Maybe it seems like chicken feed to you but I wager it won’t to most of you.
When did we decide no one and no entity could fail? I can understand somewhat the need to keep banks functioning. After all we do want to be able to write checks and use our credit cards, but all these others. Exactly what good is it doing me and you? Try to be specific as you can and think it through. You’ve worked hard, paid your bills, tried to be prudent with your decisions and now you are being asked to help out the profligate among us. Why do their deserve this special treatment. Maybe it all started several decades ago when we changed the rules at school and the workplace so that no one would be deemed a “failure”, they merely achieved differently so everyone got at least a C no matter the worth of the work they produced. Social status or lack of it became more important than merit and industry in effort. Hey, failure is very valuable if for no other reason than to set a bad example of what not to do.
Bankruptcy can revamp and revise the Big Three, it is just that management and the unions will have to downsize their piggish appetites and salaries and wages and along the way build cars that sell and people want. I don’t like subsidizing failure and greed and that is what we are being asked to do here. That is not only morally wrong but stupid to boot. The market can sort these matters out much more efficiently and fairly than any Government program or Government bureaucrat. It needs constant reminding that only about 6% of homes are in default and all those won’t be foreclosed. We are letting the tail wag the dog for sure.
When the British invaded Washington during the War of 1812 it was Dolly Madison who made a point of removing some of our most valuable and historic documents from harms way. She suprervized the removal and loading of the wagons and escaped in the nick of time before the capitol was put to the torch. What killed and injured more British soldiers during that foray into our capitol was not any armed opposition but a very severe thunderstorm that blew up and hammered them with high winds and hail and lightening that scared them to death. It upset their supply system and this emphasized the need to withdraw back to Cheasepeake Bay.