25 September 2008

The feeling of being robbed

The vitriol regarding the bail-out, in this little corner of the internets, has been caustic. Jodi over on I Cite recently weighed in:

It feels like we are being threatened. Pay up or else. Or else what? We lose our houses? Our jobs? Our life's savings? Hasn't that already happened to hundreds of thousands, even millions, of people in this economy? It reminds of what the executives at American Airlines pulled on their pilots: if you don't take a salary cut, the company will go down and you will be out of a job.Then the executives got bonuses. So now Wall Street says: give us more money or you we will all go down. When was the last time Wall Street spoke in terms of "we all"? Probably the Bear Stearns bailout. It doesn't have to be this way. It's an unpopular, lame duck president. It's a treasury secretary who used to be head of Goldman Sachs. There are millions speaking out against this too quick move. It's almost as if they want to take the money and run. No wonder it feels like we're being robbed.

I agree. Personally, I've already lost my money. Now I'll lose more in order to bail-out some "system" that screwed me over in the first place--a system that isn't going to be dismantled or fundamentally changed.

2 comments:

wunelle said...

There's "moral hazard" for you.

The spoils of the market and housing sprees of the past decade have accrued mostly to a very small segment of the population; but the responsibility for fixing the system they broke in the process will fall to the vast majority of us who had not benefitted.

This is quite by design.

I agree with Jodi. At the very least, we need to know EXACTLY what's at stake, and the whole business needs time to settle. If the economy is in that much peril, this band-aid will not fix it.

I remember that everybody in the administration--the W and Paulson and Bernanke and everyone else has been saying all along that everything is fine. Well, you were lying then or you're lying now. Or you're misinformed.

I vote for all three.

Karlo said...

This administration has been so deceptive and corrupt that it's hard to trust them with anything. It's really too bad. I'm sure that we are at a juncture where decisive action is needed, but how can you trust these kleptocrats with 700 billion of our money?