Buddy Can Ya Spare a Couple Billion?

Remember when Bush wanted to invade Iraq and Congress approved the invasion because Iraq had Weapons of Mass Destruction ? More recently Congress in another act of irresponsibility and gullibility approved "The Plan" giving former Wall Street Executive Paulson complete control over $750 billion dollars of bail out money. The Congressional procedure of "Ready - Fire - Aim" seems to always miss the mark. There were no WMD and the plan to spend billions to buy up toxic loans and allow the banks to once again offer credit did not happen.

The Bail Out Billions have kept the cesspool giant AIG afloat and will allow for continued upper level executive bonuses, rewards and compensation for jobs poorly done. Is this a form of merit Pay? U.S. banks who have been recipients of the billions have been allowed to do pretty much whatever they want with the money. It seems offering mortgages and freeing up credit are not on the short list; but using the billions to acquire banks is quite popular.

Now we have the auto industry. Unfortunately this is an industry run by CEO's who have seen the movie Wall Street far too many times. I imagine when Gordon Gekko announces "Greed is Good" these CEO's jump from their seats and high five each other. They are so out of touch, so arrogant and feel so entitled that they arrive in Washington, D.C. with hat in hand, not asking; but expecting billions of dollars in Bail Out funds having arrived in the luxurious comfort of their private corporate jets. If it costs $20k to fly their corporate asses from Detroit to D.C. one can only wonder how much has been spent on previous flights ... and to where?

The other day the Kelly Blue Book announced the top ten list of Green Cars for 2008 --- all ten were imports, not one U.S made car made the list. As I have written before ,in my opinion the U.S. auto industry has not had a creative ideal since the introduction of the Mustang in the mid 1960's. It would not surprise me to learn that there has been collusion between Big Oil and the Big Three of the auto industry.

The plan would be more palatable to many middle class Americans if there had been accountability built into the plan. Banks, financial institutions, insurance companies and industries that receive Bail Out funds should immediately be taken over by an economic control board to see that the top incompetent executives are immediately fired and the funds are used wisely .... not squandered on private corporate jets, retreats, end of year bonuses,and obscene salaries.

Now that a barrel of oil has dropped $100 in the past month why hasn't the oil industry collapsed? Will they be next to ask for Bail Out Funds? Better yet, maybe the oil companies who have racked up obscene profits quarter after quarter should be the source of auto industry Bail Out funds. They can afford it !!

And the Beat Goes On ......

Well, the dust has settled and both the cheering and the crying have somewhat stopped ; but the economic debacle and the financial chicanery continue. Citi Bank has apparently realized that it may be better (for the bank?) to put a moratorium on foreclosures while other banks continue with foreclosures. The giant septic tank of an insurance company, AIG, continues to suck up billions of dollars of tax payer bailout money and complain that the terms are too stiff and the interest rate is too excessive. As Bruce Willis said in the movie Die Hard .. "Welcome to the party, Pal !!" I am sure at AIG's next executive gathering at some exclusive resort there will be much complaining over the absence of top shelf liquor and the loss of Cuban cigars.

While billions of dollars are being doled out to the corporate needy the line of greedy open hands continues to grow. Now we have the U.S. auto makers, who haven't made a sound decision since the introduction of the Mustang in the early 60's, crying that their sky is falling. We have the daily batch of economic experts telling us that the auto industry must be saved as it is now described as a matter of national security. When will saving or just helping middle class homeowners become a matter of national security?

On the political front the intelligentsia of the news media are totally preoccupied with the really pressing questions of the day: where the Obama children will attend school?, where is Sarah Palin's $150,000 RNC purchased wardrobe?, and will the Obama's socialize more than the Bush's. Missing from this media saturation coverage is any report on the whereabouts or doings of the Maverick. It is like John McCain has disappeared. However; it appears that his aides and staffers have been quite busy. They are in what appears to be a junior high school drama event to soil the reputation and future political career of their choice for VP --- Sarah Palin, the next Senator from Alaska?

As San Francisco's greasy haired, big mouth mayor ("Like it or not folks") inadvertently did his part to pass Prop 8 , the McCain people did their part to defeat the Maverick --- they put forth the Queen of Alaska and her first Dude of a husband for the American public to consider. Rally after rally we were treated to the on stage site of the Maverick, his Stepford Wife, the Alaska Queen and her First Dude and to round out the court there was the smiling face of the court jester -- Sen. Joe Lieberman. Poor Joe ... where ya gonna run to now? You are not a Democrat, and you may be a Republican; but right now you are a dependent independent.

Maybe the national bird should have been a turkey.