A common Republican motif seems to be centered around the notion of a rugged individualism. And from around this core, several themes are extrapolated; namely, the ability to rely on oneself and provide for their family, using ones own bootstraps with which to pull oneself up (wtf does this even mean, btw?), and some fairy-land belief in an ownership society. And from these core 'values,' a legislative philosophy is derived in which one is burdened by one's own debt, past even the historical baseline for what would be called bankruptcy, one is responsible for one's own retirement/safety net beyond any contribution from the government (SS insolvency, ne1?) and employer (goodbye 401k). Expecting anything 'less' from the american people would be tantamount to socialism .... no?
But what strikes me as particularly odd is the utter acquiescence, nay, willingness for these same conservatives to provide this type of relief to those who in all respects deserve it the least.
Take the jump for some examples
I'll cut back on the commentary a bit, and let the numbers do their own talking. While CEOs absolutely pillage company funds on the backs of workers who face job losses and pension cuts, we see absolute bald-faced pleas for bailouts which the fed and like-minded republicans blithely handout.
Viz.
US Car Companies asking for bailouts to fund technologies that their competition has already R&D'ed. And instead of doing their own homework, they simply petition the congress for tariffs on the competition, and when that system inevitably fails, they simply petition congress for bailout money.
Only days after the federal government swooped in and took over mortgage giants Fannie Mae and Freddie Mac, Detroit automakers pleaded with South Dakota lawmakers and other members of Congress on Friday to lend them $25 billion to help build more fuel-efficient vehicles.
via argusleader.com
Ford CEO Alan Mulally: $21,670,674 in total compensation according to the SEC for 2007
And that leads us to the Frannie bailouts (hah, if hollywood celebrity couples can have a portmanteau name, so can mortgage underwriters).
Although Congress created the moral hazard that has become the taxpayer rescue of Fannie Mae and Freddie Mac, the Members plan to hold hearings to opine about it anyway. They should put themselves at the witness table. But since they won't, the least they can do is ask Treasury to explain its bailout for billionaire subordinated debt holders. We're referring to the holders of some $11 billion in Fannie and $4 billion in Freddie subordinated debentures. In structuring his rescue, Treasury Secretary Henry Paulson gave a haircut to holders of both common and preferred stock.
via online.wsj.com of all places
Freddie Mac CEO Richard F. Syron: $18,289,575 in total compensation according to the SEC for 2007
And next up in the pipeline? Lehman?
Now Lehman Brothers is tottering – raising the prospect of another US salvage operation. And the Big Three automakers are in Washington this week with hats in hand, asking for loans to finance development of more fuel-efficient vehicles. To some economists, actions taken so far have redefined the criteria for the type of firm the government considers "too big to fail." That's particularly true, they say, because the bailouts have occurred under a supposedly pro-free-market Republican administration.
via csmonitor.com
Lehman Brothers CEO Richard S. Fuld: $34,382,036 in total compensation according to the SEC for 2007
Not trying to create class war here, but c'mon!