Day after day it seems more bad economic news follows leading off in both the headlines of newspapers and the evening news. For a while Hillary stole the front page but the rush to tell us just how bad off we really are has regained dominance, and the line up of brokers and banks who need to be rescued from their own financial mismanagement grows. By the way did anyone mention they caused this economic meltdown? While flying around on corporate jets, buying and racing down our highways in their new Lamborghini's, and able to afford richly furnished and catored box seats to all the top sporting events while you and I sit half a mile up in the freezing cold (if you are a football fan that is).
Soon though, they are getting their just deserts right? After all we the people elected a President and Congress that promised to level the playing field right?
"Not so fast there buddy", seems to be the new phrase we are hearing from our incoming leadership including our President elect. Though Congress and the current Administration seem eager to get our tax dollars and spend that money on the most direct emergencies facing this country, the first class needs of the same SOB's that got us here in the first place through their reckless greed and ignorance.
Case in point, the Big Three came to town last week hat in hand begging Congress for a paltry twenty five billion to help them get through the year. Considering the billions we have spent on AIG who still insists on spending tax payer money on exclusive conferences at luxery resorts. Then Citigroup who just got billions more, they needed the money to help them pay the New York Mets to keep their name on the baseball field for twenty years to the tune of $400 million dollars. Many of the Wall Street banks and brokerages after coming to D.C. with hat in hand and getting taxpayer relief are using the money to pay out dividends to shareholders and their executives are getting nice bonusesdespite the dire straights their companies are in.
But as we started out this paragraph asking, what about the Big Three?
I am not all that sympathetic to their cause, for the most part it is self inflicted, and contrary to what the American public wanted. Have they learned their lesson? Time may tell. Obviously the brokers and bankers haven't. This is the third economic crash they have caused in a century. Pelosi and Reid not wanting the American taxpayer to be taken for $25 billion sent them home with a note to their parents telling them come back with a sound plan of what you plan to do with this money. Oh, and BTW leave the corporate jets at home. When looking at this quickly it seems the Congress is watching out for us, but last night Rachel Madow asked an interesting question. "Is there a difference between standards for rescuing white collar positions and rescuing blue collar jobs?"
Let's face it, the Big Three represent and are responsible for 3 million jobs, most of them blue collar. Congress has decided those executives cannot get bonuses with taxpayer dollars. Yet the bankers, brokers, and traders that caused this financial melt down can keep their bonuses (well almost all of those bonuses), pay share holders dividends, and pay for their names to be engraved on fancy sports stadiums. Does anyone see the hypocrisy here?
President Elect Obama seems to be following the lead of Congress as well. After promising to reverse the tax breaks the rich were given and help the working man/woman, he all of the sudden as of yesterday seemed to say well because of the economy I may have to hold off until 2011 when those tax breaks expire to do anything. WTF, this is change? Here's a clue Mr. Obama, since you and Congress want to spend our tax dollar you'd better be able to replace it. A good place to start is straightening out the disparity caused by the last eight years of Republican give aways to the privileged few. That was YOUR promise, and I will hold you to it. There needs to be accountability across the board, most of it starting with Congress, but apparently moving up. For all I've seen, the two Americas John Edwards so insightfully described are standing out in greater contrast then ever.
It was enough that those responsible want me to foot the bill for their lavish waste and reckless party life, but damnit I wanted at least one Twinkie and the fat bastards are taking that too. Folks wake up and just demanding accountability now!