The culprit financial products, subprimes securities and derivatives, were bought and sold by many in the financial industry, including the firm formerly headed up by the Secretary of the Treasury. Why should we trust any of them to decide who gets bailout money or how the firms receiving it are managed?
The debate in Congress is shaping up to be one over style rather than substance. Both Republicans and Democrats agree that some sort of bailout bill needs to happen. But the Democrats want oversight and monitoring, as if that will change a single thing. The Republicans want centralized control by one person, the Secretary of the Treasury, with no review of who gets how much corporate welfare.
Here's a message for the grossly irresponsible politicians, regulators, and financial firms.
Don't tell us you're going to do it right this time when you're the people who got us into this mess.
Don't tell us you that your interests are the same as ours. You haven't been able to have just one vote to eliminate the loophole that allows oil speculation responsible for high gas and home heating oil prices. Why should we trust you now?
Don't tell us that we can't survive without these decadent financial entities.
This bailout makes no sense. Listen to people with alternatives to financial blackmail. Find solutions that impose a minimum of harm to the innocent and that create opportunities for all citizens. Talk to some smart small business owners, union people, and a variety of citizens. Deliberate in the open with all assumptions on the table.
Who will stand up for the people and say, let the failed firms bail themselves out or let them do what every citizen does in this situation, declare bankruptcy.
Why is it that the greater your failure, the greater your chances are for a debt canceling rescue? The vast majority of citizens aren't getting that option.
This is the first of many bailouts to come. The time to say no is right now. No bailouts. No socialism for the rich with survival of the fittest for the rest of us. And stop pretending you're doing something by arguing about details when you're doing nothing more than rewarding failure while you set us up for the next take down.
END
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Previously in The Money Party Series
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