By Jack E. Lohman
We might just as well, they are going to be paying this bill for decades to come.
We call this the free market, or more accurately, “whatever you can get away with.” Cheat where you can, hope you get away with it, and get out before it crumbles. Or if you get caught, hope that your favored politicians look after you.
The greedy CEOs extracted the money, the taxpayers will repay it, and the CEOs will keep their booty.
It’s a matter of scale. Start a company and take a massive salary. If you get rich, it comes either from overpriced product or underserved customers. Normally the market forces will correct for these little transactions. A competitor will intervene and people will stop buying the overpriced product or service. Here only the bad guys get hurt.
But today’s crisis impacts even the innocent guys – their families and friends – with the CEO and executive perpetrators well protectected by political friends.
Yeah, with the free market system you may be on the receiving end some day, if you’re not already. And there’s nothing wrong with that, to an extent. That you could be taking assets from someone less fortunate is, well, their tough luck. They should have been more aggressive. Smarter. It’s a race, don’cha know? Dog eat dog.
It’s not a happy race. While I like our capitalistic, free-market system, I’d like a more regulated market. With oversight earlier rather than later, and even more so when the masses are affected.
I’m most disturbed with the politicians that were supposed to protect the public, but were in on the deal. They’ve been taking bribes from the banking and credit companies they were supposedly regulating. And then repealed key regulations with the public paying a heavy price.
The solution must be multi-pronged, two of which:
- First and foremost we must fund our political system with taxpayer rather than special-interest dollars. It must be obvious the heavy price we’ve paid for the corruption and conflicts of interest in our current political system. This would not have happened had we not allowed the bribing of politicians.
- Secondly, the rich are the only ones that can get us out of this mess. A tax increase on the wealthy, retroactive to January 2008, is necessary. We should create a government bond that allows them to buy in early and avoid a higher tax increase in 2009. (Saving this country from economic collapse should be worth a lot to them, so it’s time to call in some of the chips.)
Finally, we need a complete turnover of our politicians in both the state legislature and Congress. Maybe without political bribes flowing some of these guys would be pretty decent, but few of them have lifted a finger to stop the corrupt cash flow. It’s time for them to go.
Does Henry Paulson not understand “root cause?”
There is but one root cause. Campaign cash causes politicians to spend money, or it wouldn’t be given. That drives deficits out of sight, causes high and unnecessary taxes, and regulations to be lifted and markets to crash. That’s pretty sad. These jokers’ kids will pay the price too.
Have they no shame?
And please don’t tell me you don’t want to spend taxpayer dollars for political campaigns. We already are. This bailout will be 1000 times what public funding of campaigns would have cost us.