Feb. 20, 2009: When is enough, enough?
(Part of the series of older FB notes I had written and weren’t posted here.)
UBS is being forced to release the names of hundreds of Americans guilty of tax evasion by using Swiss bank accounts. Bernie Madoff is still walking around after swindling billions of dollars. The Bank of America CEO is being subpoenaed. A billionaire was hiding from authorities after figure-heading a $9.2 billion dollar fraud scheme.
Auto companies fail at making quality products for over 3 decades and gets bailed out by the government. Then has the audacity to ask for more money and still threatens to lay off more people. The Dow stumbles to a 6 year low. Petrochemical companies who were making record profits in the last decade are now laying off massive of amount of American workers while filing for bankruptcy.
A $787 billion dollar stimulus bill is passed primarily on party lines.
Corporations are still being enabled by our government and not being punished for their pathetic actions. The market put American autos out of business because they were pushing a poor product, but we rescue them? Americans complained about President Bush’s spending, but are scared to call out President Obama for not living up to the bipartisanship in fixing the economy when a giant stimulus bill is passed along party lines. The rich are still dodging taxes.
The Republicans and businessmen who pushed for deregulation knew the risk of it. If you deregulate, the market can punish you swiftly and abruptly. The moment it did, they went running with their tails tucked in between their legs to Congress for a bailout. You live by the sword then you die by the sword.
Our banks took unnecessary risks and allowed high risk low income people to take out loans for homes they couldn’t afford. They also enabled higher income people to purchase homes far beyond their means. The real estate problem built from the ground up. And when it exploded in their face, they ran with their tails tucked to the government.
Our government is allowing companies to have it both ways. Don’t regulate us, but save us if we fail.
You know how this all happened? First, average Joe wanted more than he could afford and spent himself into debt. Average Joe wanted a large SUV and a huge suburban home. Average Joe wanted season tickets to sport teams who operate at a deficit because they pay their staff, administration, and athletes too much. Average Joe wanted every consumer good from every country. But average Joe and the company he works for didn’t make enough quality products to send to other countries and our trade deficit got larger and larger.
Second, this happened because the average Joe doesn’t care about politics. Because the average Joe is indifferent to what his city council, county commissioner, state representative, House rep, Senator, governor, and president does. The American people allowed that to happen.
After Obama’s election in November, I made a comment about how the job wasn’t done and that we are responsible to hold all our elected officials to some type of accountability. Is America doing that?
Nope. We need to quickly realize the best way to support America… is not to put magnets on our cars… but it’s to hold our government accountable for all its actions. Otherwise, this recession will last far beyond our generation if we don’t make intelligent decisions.