I know as much about economics as I do about rocket propulsion. All this mess we keep hearing about in the financial markets has me glazed over and looking like a deer in the headlights. From Lehman, to AIG, to God knows who, everyone is having money problems, through every fault of their own. So, I get this memo today that tells me I have to pay to make things right in everyone else’s world. Hmm. Something “not-quite-right” about that. But what do I know?
As I try to sort it all out, I’m taken back to the Social Security bailout President Bush attempted to enact, and the complete vilification he and his were made to endure for even suggesting people be allowed to invest their own money based on their own assumption of risk. Also, as I recall, the Democrats insisted that we should entrust our retirement futures to the Federal Bureaucracy because they promised our money would never be allowed to be put at risk. Why is an AIG bailout more important than my Social Security nest egg?
[Update: And by the way, I blame both parties equally. Y’all remember Bankruptcy reform laws that Congress passed back in ’05? Yeah-THOSE reforms. The ones that made it much harder and much more expensive for the common folk to file Bankruptcy while providing for a more favorable environment for the lenders and creditors that feed on said common folk? Well, the GOP-led Congress delivered that master stroke back then, and now, the Democrats are ignoring it while kissing “big-Finance” butt and giving them our money so they don’t HAVE to file bankruptcy. Am I missing something here?]
This trip down memory lane leads me back to two quick questions:
If the Federal Government can pick and choose which big companies to bail out with our money in order to keep the stock market calm, why couldn’t they have planned for a similar “market malady” were we to have been allowed a 2% private investment portfolio? After all, if nobody ELSE needs to assume risk in the markets, why would they have allowed the individual taxpayer to actually shoulder the burden of a bad investment choice? They DO work for us, after all…yes?
Second, and I might have this wrong, if we can pony up a trillion large to keep all of our big-dollar campaign donors afloat, why are we fighting over chump change in trying to fund the new GI Bill, tax cuts for the poor, new refineries, nuclear plants, and expanded drilling? Have I gotten this right?
Our Government leaps into action in full-throttle crisis mode when a multi-jillion dollar corporation is faced with going bankrupt for being stupid with their money, but we can’t scrape together a couple bills to prop up the people that actually make this place hum (when the Federales stay the hell out of our way, that is)?
I think I am missing something when my Congress can’t be bothered to even TRY to fix this mess because they don’t even know what to do about it and one of the candidates to be my next President doesn’t want to talk about it just yet because he hasn’t gotten his speechwriters to come up with anything messianic on the subject so far.
As the Founder and CEO of AMAWG, Inc. LLC (that would be “Angry Middle Aged White Guy” to you newcomers) I have the simplest of answers for Congress and Senator Obama:
Don’t do a damn thing. Let these clowns clean up their own mess. Every time you actually DO something, you drive “we, the People” further into the ground.
Stop helping. You’re killing me.