I meant to post this yesterday but got all wrapped up in heading out for a work trip to make headway on my book...but how many of you saw the "60 Minutes" segment Sunday where Leslie Stahl interviews the head of Bank of America, Ken Lewis? Here is the priceless question from Stahl, relating to the bailout:
"So this is a question everybody wants answered: Is this Socialism?" Stahl asked. "Have we now taken a huge step away from the free-wheeling Capitalism that we’ve known for the last 30 or so years?"
I practically gagged when I heard Stahl ask that moronic question. In your world, Leslie--that would be the world of the industry leaders, financial manipulators millionaire pundits and media stars that you pal around with and mingle with at those elite parties--you might think of anything that restrains your beloved so-called "free market" as socialism. But, let me reassure you, Leslie--this ain't socialism.
Nope, in some ways, dear Leslie, it's saving your beloved capitalism from its own stupidity and its captains who are so greedy and obsessed with their own wealth that they can't see straight (that would, by the way, include your friend Andrea Mitchell's husband, Alan Greenspan who helped make all this happen). Think of the bailout and the government's involvement as a Designated Driver for Capitalism--we've taken over the keys just a bit so your friends won't drive over the cliff.
And while you and your elite friends are asking that stupid question--is this socialism?--trust me...most working Americans are not asking that question that seems to plague you and your elite friends.
They are asking whether the stupidity of your friends has lead them to lose their 401(k)s, which is another invention of your brilliant capitalist friends--a poor substitute for a real pension. You see, your friends, Leslie, were so obsessed with padding their own bank accounts that they invented the 401(k) so they could show bigger profits at their companies, and allow a systematic looting of corporate treasuries (also known as CEO pay and benefits).
No, Leslie, most Americans are worried about just saving their homes. Not the McMansions or multi-million dollar penthouse on Park Avenue. No, basic homes that people bought so they could raise their families in relative comfort.
No, Leslie, most Americans are worried about whether they have enough money to pay their bills. You see, your friends, Leslie, made sure that wages of most Americans did not rise, that the companies they worked for did not offer them health care--a real health care--so they were forced to leverage themselves to the hilt just to get through. And, now, Leslie, thanks to your friends, most Americans now have no more cash because your friends cratered the economy.
No, Leslie, most Americans are asking whether your friends have sent the economy into a severe recession which could cost 2 million good-paying manufacturing jobs.
Most Americans are worrying about whether their kids and their grandchildren will face a very bleak future--a crushing thought because every parent wants to believe that they are making a better future for their children.
So, rather than ask a stupid question, Leslie, maybe you can ask this question: given the record of your elite friends, why should Americans trust them, ever again, to run the economy?