The irony is unmistakable and almost unbelievable.
As you watch and read the reports about what Wall Street people are saying the federal government should do to make the current economic situation better and avoid an even worse problem, you can't help but wonder what happened to their capitalist and free market credentials. The same people who, when times are good, not-so-politely insist the government must have as small a role as possible in the economy and criticize those who dare suggest that legislation and regulation are necessary, are now demanding that Washington get heavily involved because things aren't going so well.
Steve Forbes, who usually routinely rails against Washington involvement in the economy, yesterday became the poster child for this view when, during an interview on CNBC, provided a laundry list of things the government needed to do immediately.
For the record, at no time did he suggest that anyone who made bad decisions be allowed to suffer the consequences. Bankruptcy, foreclosure, etc. didn't seem to be an option.
Two things to think about.
First, if Forbes and others are inviting Washington in, there is little doubt that at some point it's going to join the party. Wall Street may think it can limit the involvement to the Federal Reserve and Treasury, but it's opened the door to legislative and regulatory actions as well. A Sabanes-Oxley-like bill for financial services should now be considered more likely than not.
Second, the Street may only be focusing on the current situation, but it is almost certainly creating a longer-term problem for itself by ceding the economic high ground on whether and how much policy makers should be involved in their day-to-day activities. While it is certainly understandable, their demand for federal action now is also an admission that they don't really believe in one of the what I have always been taught is a central tenet of capitalism, and entrepreneurship: the ability to fail. If they don't really believe that, or aren't willing to allow it to happen, then what we had been told is the last remaining bastion of free enterprise is really saying that what it really wants is a one-way bet with the odds always being with them.
Bail Out Fools - Let'um Sink, Greed fianlly Got'um
How can anyone feel sorry for these companies, their shareholders or anyone else that is attached to them. They are going under because of their GREED. Yes they will take several others that are a lot less innocent than them, but GREED breeds corruption & they are getting what they deserve. Many others, like me, deserve better of those that we trusted with our futures. People that had dreams of just being able to retire, dreams of travel & dreams of finally enjoying life. All taken away by a few GREEDY men & women that deserve nothing but condemnation for what they have done. May they loose all they have & have to live like the majority of us Americans that once had a dream.
And my story, not so much unlike many others:
I have been unemployed since Feb. 15, 2008. I am 61 years old & I beleive that this is part of why I can not find work. I have interviewd for several different companies but have yet to receive that all important call that I have been hired. I want to work, I need to work because I have bills that need to be paid. I have applied for all types of works even though my background is in engineering I will work at fast food resturant if they would hire me. NOW THE QUESTION: While the Government bails out big companies my question is will the government help me? Will the government bail me out? If I was an illegal I would get the help. I have served in our military, does that make a difference? I need help and I need it now! Is anyone listening! Hello? I am an American borne citizen. I have paid my taxes. I have done all that I can do. Where is my help when I need it or am I going to be another one of the FORGOTTEN? I have seen my 401K go from approx. $75,000 to $59,000. Any ideas as to what I am to use in my older age? Am I & my wife going to loose our home? Am I & my wife going to have to live on the streets? Is this the great life that awaits us? Go ahead check me out. I am not a liar or a thief, but I may have to become a thief for us to survive. Maybe jail would be better. Get fed, a bed, a roof over your head, a TV & if I got lucky I could go to one of the federal prisions where there is tennis courts, swimming pools. Isn’t that where they send all of the Congress & Senators that have been stealing from us for years. Oh that's rightthey have some sort of immunity or something. Am I upset? You might say so! Am I stupid? NO! Am I scared of what the future holds for me & my wife? You bet I am. Just wait your turn is coming! Who will care when you need help? Who will you turn too? DO YOU HEAR ME?
James P. Gray
Service Number 775-49-44
US Navy Reserve-Active Duty 1965-1967
P.O. Box 10484
Conway, AR 72034
501 450-7663
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