Tuesday, September 23, 2008

Americans to Wall Street:: "Go To Hell!"

Catchy title, no? I like it. You know, I was doing okay about these investment bankers overextending themselves and - whoops! - sort of upending our entire economy until I heard something on NPR yesterday evening. And, before you start railing about how NPR is just a bunch of liberal hotheads intent on taking down the government, let me tell you that I was listening to Newt Gingrich, who was the Republican Speaker of the House back in the halcyon days of the mid-90's. (And, boy, aren't the days of the Monica Lewinsky scandal starting to look good?)

So, that's a first - I'm agreeing with Newt. In his interview with NPR he pointed out that these captains of the free market have some sort of nerve asking for handouts, not only because a buyout plan is against all the free market principles they have trumpeted whenever someone has tried to regulate their activities; but also because some of these captains have been walking away with salaries in the millions over the past few years.

Hello? That's a nice chunk of change. And maybe they should invest some of it in their own companies, don't ya think? I mean, before asking us to chip in?

Newt also wants to know why we are planning to buy their assets (if that is indeed the proper word for investments that seem to be going belly-up) at above-market-value prices. Why, indeed? Can you say "corporate welfare"?

Newt believes that, by approving this bailout, we would be buying a short-term fix with grave long-term consequences, and that it would be better to let the chips fall where they may now rather than face bigger problems down the road. I would like to add that some of that money slated for the bailout plan could go to help the people suffering most in the short term from the consequences of this gross betrayal of civic responsibility. And those people would not be the ones working at these companies.

Although I would be willing to give them tuition money to take some basic math and economics courses. Ethics, too - that might be helpful.

You know, this post of mine from July? It was prescient. Only, it's not funny anymore.

Okay, if you have read this far, you must really care about this subject. (Or else, you just have nothing else to do.) How about taking some action? It's simple. Go to this website, type in your zip code, click on your representative's name, and send him/her an e-mail. (Oh, and send one to Nancy Pelosi, also.)

Not sure what to write? Feel free to use one of these:

  1. "Make 'em pay!"
  2. "No money until we see some heads roll...lotsa heads..."
  3. "700 billion dollars? You're joking, right? You've got to be joking."
  4. "Why are we throwing good money after bad?"
  5. "Just Say No to enabling greed and mismanagement on Wall Street."
  6. "No blank checks for Wall Street - these people obviously need some oversight."
  7. "Stop stealing my money!"
Or, make up one of your own. Not mad enough yet to send an e-mail? Listen to Newt. (Incidentally, he points out that both the President's chief of staff and the Secretary of the Treasury are former Goldman Sachs people. Can you say "conflict of interest"? I thought you could.)

Speak up!

And spread the word...

[Added note: I fixed the link to the website that allows you to contact your congressperson. Go! Do it! Now!]

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27 comments:

  1. Brad and I were just talking about how funny it is (not funny haha, funny queer) that the R's and D's seem to have swapped philosophies here. Not that this is the first time that's happened...

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  2. This whole thing chaps me arse! What has happened to America?

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  3. oh yes this burns me up !!! i live in an area where many wall streeters live and they have kajillion of dollars, they have been making $500,000 to $1,000,000 a year for like the past 5 to 10 years, this means that their kids kids are FINE no matter what is going on in the economy. and the sucker who is lucky to make 100k gets screwed. it sucks.

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  4. maybe they should all give back their bonus they got last year and see how that stacks up

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  5. After typing and backspacing about four different comments, I think I will just say, 'Well said' and leave it at that. Anything else and I might get myself into trouble.

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  6. I have road rage on this issue like no other lately. Like Mrs. Smith, I best stop now before the profanity starts.

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  7. YOU are AWESOME. I'm all over this. Thank you for the link.

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  8. I say we bring you and Mrs. G in to straighten out this mess. It doesn't make much sense to leave it to the people that made the mess.

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  9. Great post. This one has me burning up, too. As any business, it is imperitive to make good, sound financial decisions. The housing market is such a mess and driven my 1) irresponsible consumer spending but moreso 2) irresponsible corporate lending. And it has snowballed into a humungous problem. I knew the issue would explode eventually and become an economic crisis, but I thought it would be more of a crisis affecting also existing and responsible homeowners in an inflated and overbuilt market. I REALLY didn't think it would turn into such a nationwide epidemic and consequentailly a potentially global meltdown. It sucks.

    KEEP BELIEVING

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  10. Learn something new everyday, eh? It bothers me that we trusted these businessmen to use some common sense, and they betrayed us. And now they want us to trust them again? Just give them 700 billion dollars and they'll fix it? I don't think so. If they want our money, they have to accept our oversight.

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  11. Thanks for the link, and the post.

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  12. Increasingly, this is like feeling outraged at a rock, this matter of being upset with the Bush administration. The rock may have flown through your windshield, given you a goose egg, and pained you enough that you drove off the road and into the side of a house, but the rock doesn't do much when you scream at it. It is not in its nature. Sigh.
    You know, it took the country more than 200 years to get to the point it spent more than $700 billion in a year. It took George about an hour to agree. Absurd.

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  13. But we are talking about a Democrat-controlled Congress here - they don't need to roll over and do whatever the Secretary of the Treasury says. If things are as desperate as Paulson is making them sound, then Congress should take advantage of this moment to demand oversight, regulation, etc., in exchange for granting his boon.

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  14. My head just exploded because I agree with Newt too. Pass the Tylenol.

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  15. I think my message is clear: "F*ck em". And don't you just love the part of the bailout plan where there's one guy in charge with no oversight? Ahhh...good times...goooood times.

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  16. This has made me despair! What difference can any single president make in the midst of a mess like this?

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  17. Thank you, SC. This fiscally conservative, socially compassionate registered Republican just fired off an email to her representatives, et al.

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  18. "700 billion dollars? You're joking, right? You've got to be joking."

    I used this one and emailed my Rep Tom Price.

    THANKS FOR THE LINK! Makes it so much easier and faster!

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  19. UGG..crazy stuff..war on terror and wall street..where people can meet in the middle.

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  20. When I read the whole sordid story, it raises my blood pressure. Must. Write. Now.

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  21. yuh-huh. i'm with you. corporate bigwigs should pony up for the corporate bailout. even if it means they have to sell their ponies. whatev.

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  22. Thank you for the links. I wrote. I get the impression from the press that there's been some backpedalling and thinking about it setting in, at least. There'd better be!

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  23. You know that when Newt Gingrich is talking sense on NPR, the apocalypse can't be far off...

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  24. I know I about feel over! 700 Billion WITH A B! The entire thing is NUTS. AND, AND, they want the money with no oversight! Now, isn't that what got us here in the first place. ACK!

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  25. This makes me so FREAKIN" ANGRY. Some of the CEO's were getting $15 million signing bonuses on top of their huge salary. Now, the people who can't pay for their mortgages can't pay the tax bill. So it falls to middle class america and guess what? It's going to be wiped out so these over paid CEO's can ride off into the susnset with nothing to worry about but whether their personal chef will serve lobster or fillet for dinner. Screw it, money is no object...have both! Man, it kills me.

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  26. I LOVE your suggestions for those who are unsure what to write.

    Talk about messy! What a nightmare.

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  27. The Democrats and the Republicans both think this stinks. I've never seen the country so united during an election year!

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