The wheelin' and dealin' taking place on Wall Street and in the financial sector is truly mind boggling. Sell offs, right offs, bail outs, buy outs and golden parachutes mainly at tax payer expense. And now we have the 85 billion dollar bail out of insurance giant AIG.
We are fighting and funding two wars in the mid east and losing our own cities to crime, violence and decay. The partisan eunuchs in Sacramento finally finalize a budget based on increasing California wage earners' state income tax by 10% and borrowing against the state lottery. Creative book keeping at its finest.
VP hopeful Biden says McCain is out of touch and it seems that McCain is not alone. A Federal Reserve Spokesperson said,"[A] disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance." So the hundreds of thousands of mortgage foreclosures were not "disorderly failures"? Were these individuals and families not significant enough to warrant Federal assistance?
What the hell is going on? Taxpayer money is being used to fund an unwanted, lost cause war, pay off greedy CEO's and bail out failing businesses all to avoid "disorderly failures". It seems that some failures whether disorderly or not are either more acceptable or at least more tolerated. Far too many of our elected wise ones have shown themselves to be legislative and administrative failures. Even the current batch of candidates are proving to be more than "out of touch"; but could be more appropriately described as "disorderly failures".
When and where will it all end?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment