As a part-time musician, I always have a song in my head. Maybe it fits the mood of the evening news, or maybe it's the last song I heard on the satellite radio in my car, but someone's always whistling up there.
My song today, in the wake of a Republican federal government that won't accept open markets failures without passing the costs on to taxpayers already hurting in this economy, my song for the immediate future is "We're Not Gonna Take It" by The Who.
Uncle Ernie guiding me to my very own machine is replaced by Hank Paulson, a former CEO of a Wall Street firm like the ones he so desperately wants to prop up with the money I send to Washington on a biweekly basis (with a few Chinese dollars thrown in for good measure).
I'm angry, I'm slowly morphing into violently angry and I really don't care how many time George W. Bush sings "See me, feel me, touch me, heal me". They can't have my money.
We all feel powerless right now, for today's delay is tomorrow's shiny happy hand in our pocket, with leaders of both parties skipping toward home to campaign for reelection with "I'd Like To Teach The World To Sing" following them off into the horizon.
I have my own plan.
I have a five-figure sum in a money market account at my local bank. If one dime of taxpayer money is spent propping up companies that deserve to sink, I'm taking it out of my local bank and holding it on my own. I may even do it anyway on Saturday morning with or without a deal. I'll be happy to sacrifice the anemic money market interest rates I'm getting just to show the powers that be who's really in charge.
With the sudden uptick of bank failings this year, the FDIC is well below the desired level of cash on hand to cover deposits if multiple banks failed on the same day. The Wall Street bailout being asked for by Paulson would be better aimed at shoring up the FDIC. Instead, Wall Street is going to get a check if it's the last thing our government leaders do before the election.
The power to truly get the attention of our elected leaders is to run the banks before the surprise of an FDIC that can't cover deposits becomes a reality. Even if it's a one-day draining of all available cash just to send an extremely pointed message, at least I'll have it in my hand. I find it hard to believe that anyone thinks that the economy won't continue on its current downward course even with the most generous of white collar stimulus packages. We're currently involved in a two-front war, remember?
Let's do it to them before they inevitably do it to us.