I’m no financial expert, but it seems to me that the Wall St bailout that’s going to cost taxpayers (that’s you and me) $700 billion dollars is little more than a marketing pitch. You can’t kid a kidder, and you can’t market to a marketer. I know spin when I hear it.
What do we get for our money? What’s really going to change? What say do we have? Remember the tagline of the movie, Wall St? “Every dream has a price.” Payment is now due.
The bailout is being sold with a heavy dose of fear the same way Washington has sold us its increasingly outrageous policies since 9/11. We’re told that a bunch of lunatics ran Wall St like it was a casino and now benevolent big daddy will fix it – just in time for the election.
“We’re deep into Alice in Wonderland’s rabbit hole,” said Alan S. Blinder, an economist at Princeton and a former vice chairman of the board of governors at the Federal Reserve.
Damn, I wish there was a candidate with some answers. I haven’t heard any yet that sound like they’ll actually happen.
Worse yet, Associated Press reports, $700 million may not be enough to save some banks.
Former Secretary of Labor Robert Reisch says the bailout is a bad idea that shouldn’t involve taxpayers’ wallets.
Jeff Jarvis points out
“We could be spending a lot less to get a lot more….”We’re spending $700 billion to bail out the idiots who got us into this mess and we end up with nothing to show for it but the bag we’re left holding and maybe a disaster averted (we hope).”
And, as other observers have also done, Jarvis lists some of the things taxpayers might get in exchange for bailing out Wall St, including
“we could give 4.4 million Americans free college educations at private institutions. We could give 23 million Americans free college educations at public institutions like mine. That alone would improve our competitive position and transform dying industries.
What we need: regulations to keep these bohos from running roughshod over our economy again, and an immediate end to the Golden Parachute the executives of failed Wall St firms are reportedly receiving for running their companies into bankruptcy.
What we’re getting instead: an urgent pitch by everyone from Democrats to Republicans saying that we better bail out the Wall St cowboys fast, before the whole world starts a tailspin. It sounds like marketing spin to me. What’s it sound like to you?
In fact, in the face of national elections, we, the people, have the opportunity to vote for change. To vote for an end to the crazy policies that got us into this mess. Umair Haque writes: “There will probably never – at least in our lifetimes – be an opportunity for total economic reinvention this tremendous.”