Friday, March 21, 2008

I wish I was an investment banker...

...since our government, in its finite wisdom, has decided that firms whose sole contributions to life are shuffling paper and rewarding their executives with seven-figure (or more) annual compensation should get cut-price loans to "help the economy."

"...large firms averaged $13.4 billion in daily borrowing over the past week from the new [taxpayer-funded] lending facility..." says an AP story on the latest giveaways to big business.

What did they do? They screwed up, is what they did. They let greed trump any kind of sound business sense, jumping into (among other things) mortgages for stupid and unqualified homeowners. They manipulated stocks to increase their own incomes. In short, they did the kinds of things that would bankrupt you and me. Or land us in jail.

But they get easy access to our money to keep their Ponzi schemes and snake-oil sales activities afloat. None of them will lose their private jets, fleets of expensive cars and multiple homes.

Moreover, idiots in the government are now talking about ways to bail out the greedheads who went out and got mortgages they couldn't understand or pay for so they, too, could live the unearned good life.

Now I am as big an idiot as anyone. Just ask my creditors and all the women in my life. I'm not alone. A lot of working people are sinking under the weight of debt, high prices and jobs that pay poorly. But the government has no plans -- besides a stupid "rebate" scheme that will, in the end, cost us far more than we'll get, since it is financed by borrowed money -- to help us out.

I don't even need billions. A couple hundred thousand scoots would give me a chance to get back on my feet and even take the vacation I've been putting off for 20-plus years. With a million bucks, I could do all that and own a house.

But I haven't seen any offers to bail out my poverty-stricken butt.

It's bad enough to be me and contemplate paying off all my mistakes and bad moves. It'll take a long time, if I manage it at all.

Now I -- and you -- are expected to jump in and bail out the people who made the current economic mess in the first place.

Gotta love the politicians and "economists." When it's time to leave the sinking ship, they have control over who gets the lifebelts.


Anonymous said...

In complete agreement. To my way of thinking, it has passed the tipping point, and nothing is going to save the Middle Class, and perhaps the entire nation.

It is profoundly depressing.

John0 said...

only one way out, and the public won't do it--tax strike

Justfly said...

And to think I bought a small house that I could afford with a fixed mortgage and never thought to sell it and get something bigger that I could not afford.
The government never ceases to amaze me.