Sunday, October 26, 2008


Well we know now that the Bailout was just another form of handout to the greediest of the greedy. According to today's WS Journal, the focus of this travesty has changed. No longer are we focusing on the purchase of toxic assets to free up credit and preserve homeowners, shore up small businesses, but we are now encouraging banks who managed to stay afloat without government help to take help so no stigma will be assigned to those troubled bank that really need help.

Case in point, PNC Financial not previously listed as in danger if failing because of toxic assets, receives $7.7 billion of bailout money. What does PNC do with money? It purhases National City Corp for $5.58 billion. Now some may say that PNC merely saved National City from failing which is what the government wanted and the timing was a mere coincidence.

Okay, how about Bank of New York Mellon Corp? This entity was hired as custodian of the troubled asset program. They would schedule reverse auctions to establish the lowest purchase price to guarantee the sale of these toxic assets. The Treasury Department also picked BNYMC to receive $3 billion from the program.

Oh and just to make matters worse, the insurance industry and the auto industry want in on the action too. Guess the $86 million to AIG and the recent $25 billion in low cost loans weren't enough.

Where does this leave the taxpayer? Right where he has always been, holding the bag. His retirement eaten up; his home, if he stills has one, worth less than his outstanding mortgage; his job, well who knows where the job losses will occur next. They should come at the management level of every company involved in creating this crisis. No golden parachute, no stock options. We should also eliminate the elected officials at every level who espoused tax breaks, help for the wealthy and return our great nation to the tenents of our founding fathers.

We have moved so far away from the simple truths that this country was built on, the truths that young men and women haved died for. With God's help, we can be that nation again.

Sunday, October 5, 2008

Bailout or Handout

Well the greed mongers got their bailout and once again the taxpayers will be left holding the bag. It wasn't enough to ship jobs overseas under the guise of improving relations with our neighbors or to save corporate America money. The thought being that if corporations could save money on salaries they would lower prices and/or increase wages to those employees still employed in the US. Also the removal of the expense of complying with various regulations would lower costs and here again allow for increased salaries.

Wrong, the old trickle down theory didn't work before, it hasn't worked and will not work in the future. People have lost their jobs and then lost their homes because of the greed that has been enabled by members of both parties. Now we are frightened into excepting this $700 billion gift to the greediest. Even now we are being told that they are not sure that this will work but they are sure that doing nothing would create an even worse situation.

As long as corporate America is not held accountable for their actions; as long as senior management is given 'golden parachutes' regardless of how their companies perform employees and taxpayers will continue to be screwed. This the same type of logic that people employ when they ask for federal help in rebuilding their vacation homes after they are repeatedly destroyed by hurricanes. 'I made a stupid decision not once but several times but I shouldn't have to bear the expense of this mistake on my own.'

Well I pay for my mistakes and when I can't meet expenses I get penalized, no one comes to my aid, at least not more than once. Yet as a taxpayer I am tired of repeatedly bailing out companies that should know better. The auto industry, the airline industry.

Ah, common sense, how I long for the return of good old fashioned common sense.