Congressional investigators found last week that the Bush administration overpaid more that $78 billion for the assets it received from the country's banks that benefited from the windfall billed at the time as a recovery plan. Given that the economy did not recover, shouldn't we the public recover some of that money?
I'm not going to bother quoting extensively from those reports, as everyone has read them and knows exactly what I'm talking about. We was robbed.
This reminds me of a horrible story I once heard about a young man who've become addicted to heroin. After ruining his life, his relationships, unable to keep a job, he ran back to his mom, asking to be taken back. Mom's love is eternal and virtually unconditional and she took him in.
A widow, living on a fixed income, with few possessions, she found a way to feed him, nurture him, provide him with all the love and support he'd need to get back on his feet. Knowing how lonely nights can seem, she'd stay up with him, holding his hand. Her love was bountiful.
One day, when she saw what she considered some improvement, she went out to get his favorite food, prepare it just the way he liked it. It would be a great surprise for her son, rescued from the hell hole of an addiction.
Her first thought upon returning home was that she'd walked into the wrong apartment. It was so cold and empty. Gone was her color TV, her stereo, some decorations that meant more to her than their market price. And every appliance. Gone was also her jewelry (mostly sentimental value) and her savings.
You get the picture.
Brokenhearted and betrayed, the widow thought: "I sould have known better than trusting an addict".
Wall Street historically has shown little more than contempt for government. When unable to buy public officials, it has made abundantly clear that government should stay out of the way of business: after all, they are performing a service and wealth will trickle down to the public. Now that they are in trouble, when their greed has created unprecedented damage to society, like the addict in the story above, they've come to Mother Public.
We're now nurturing them back to health. Shouldn't we have some protection? An Independent Oversight Committee, separate from government and the business sector, that makes sure we don't get ripped off, like the Mom in this tale and the final act of the Bush administration?