Even those who understand the need for the bailout are expressing their displeasure.
The $700 billion plan would empower the Treasury Department to buy bad mortgages from banks. Treasury would then negotiate prices and resell those mortgages (a risky proposition) freeing the banks that backed the poor loans to start lending money again.
Of course, those whose homes have been foreclosed get nothing. The big guys on Wall Street get a pass. And that's what's frustrating so many people.
News Talk Online political correspondent Alan Jasie took a walk down Wall Street after the show and spotted a guy getting into a Cadillac Escalade. Not a Lincoln Town Car. A Cadillac Escalade. Whose driver whisked him away, presumably for a luxury ride home.
With the rest of us parking even our efficient cars in favor of public transportation in and out of the city, the Escalade is, arguably, a symbol of the excesses of Wall Street that got us into this mess in the first place.
Partisanship was set aside today as callers to News Talk Online on Paltalk.com expressed their frustration over the mess we're in today. Democrats, Republicans and independents all asked why those who are responsible seem to be escaping retribution. Several want to know what Congress plans to do to ensure that this doesn't happen again. And caller after caller asked, why are the corporations being bailed out while individuals who are suffering from their decisions are being left to fend for themselves.
Jasie notes that it's really more than $700 billion in taxpayer's money here. He calculates that it's costing $85 billion more to bail out AIG. Another $25 billion to save Fannie and Freddie. And $29 billion in assistance in the JP Morgan absorption of Bear Stearns. But what's another $150 billion or so among friends?
The other question is, of course, have the people who play with other people's money learned anything? If the guy taking the Escalade limousine home from work on The Street is any indication, maybe not.
3 comments:
I found caller reactions to this very interesting, and on the whole very honest.
What came over strongly was the feeling that this was not a time for partisanship, but for doing the best for the country, regardless of your party affiliation ( wasn't that the theme of the Republican Conference?). But I also agree with Dan when he says that this is not socialism at work, but good old fascism! Some weeks ago Gary you were calling on your audience to get their voices heard, for the ordinary citizens to let their voices be heard - has there ever been a greater cause than this for them to lobby their representatives and let their thoughts and fears be known?
For your caller who tried to insert China into the equation, think again. If it were not for the leaders of commerce wanting higher dividends then they would not be prepared to sell their birthright and give emerging nations an opportunity to cash in on what we developed nations now feel is beneath us. This is not just an American problem, it's a problem throughout the developed world. We need to look at our own structures and practices before we start castigating others.
Gary please please please please stay on top of this story for us.
Of course there's resentment.
Where's the punitive action against those who put this nation and its people in this mess?
And what's being done to insure that this never happens again?
As ususal, the fat cats get protected while people who are out of work and ocmmit petty crimes just to get by are treated as common criminals and sent to jail.
I'd rather be a common blue collar criminal than an uncommon white collar thief. At least, if I'm stealing to feed my family and myself I can look myself in the mirror. Can the thieves of Wall Street say the same of themselves?
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