The first bailout isn’t complete and we’re on to the next?
By Jack E. Lohman
When my wife experiments with a new cookie recipe, she finishes the first batch to see how they turned out, and if okay she moves on to the next. Not our politicians. While the first is cooking the next tray goes in. That’s what politicians are paid to do.
The banking and credit industry had a party and the taxpayers picked up the tab. They blew billions of dollars on CEO and executive salaries, bonuses, and commissions to unscrupulous mortgage salesmen, and we taxpayers made them whole. This came from the now-famous congressional bribery that took place in 1999.
Not to worry, Bush called on the US taxpayers and we bailed them out. After all, we can’t leave banks without money to loan, even IF the shortages were caused by their own greed. And we can’t ignore the CEOs and shareholders, who received about $15 billion of the bailout money to pay bonuses and dividends. They fund the elections, don’cha know.
You can say a lot about American taxpayers, but stingy we are not.
And the auto industry bribed their favorite congressman to fight stiffer CAFÉ standards that would have improved gas-guzzler mileage, and they refused to support health care reform. And, surprise, they got what they asked for.
Now they can’t compete with Asian manufacturers whose mileage is better and prices lower because of a more efficient health care system. Go figure.
So now the auto industry wants a bailout too, and they’ll likely get it. And a lot of other industries are standing in line, ready to cash in their chips. The taxpayers will pay again.
As bailouts go, here’s an idea that will help all citizens and all US industries at the same time, not just banking and not just GM and Ford. Implement a Medicare-for-all system that transfers health care costs from all businesses to the public. It protects the public and their children in the process!
It’ll reduce employee costs by typically $6000 per year, provide 100% health care to all Americans, reduce car prices by $1200-1500 each, save $400 billion in national healthcare costs, and make corporations more competitive with foreign product. It will save ALL corporations money and keep jobs in the country!
How can we afford not to do this?
The only industry that won’t like it is the insurance industry, and the business associations and politicians that take their money. Let’s hope they don’t win this battle and put the country further under.
Obama should put John McCain in charge of enacting solid ethics and campaign finance reform!
Folks, get this: CEOs and bankers drained the system, paying off the politicians in the process, and now the public must make the system whole. That’s you and your kids, and the disabled vets returning from Iraq. It’s everybody not in the top 5% of wealth. Only campaign reform will get your congressmen voting for the public instead of their own pocketbooks.