Remember the outrage when outgoing (YIPEE) Treasury secretary Hank Paulson wanted 700 billion to bail out struggling banks? That wasn't me. With a lot of other people, I took a passive approach--believing that so called experts knew better than I what needed to be done.
Read this article in the New York Times and ask yourself-what should we have done? Now I understand the anger--these banks are using the money, as I've said before, not to lend to worthy consumers, but to buy other companies and strengthen their positions.
This is welfare for the finance sector --affirmative action for the wealthy. I'm sure a lot of these guys who are folks who point their fingers at poor people and say they should climb out of poverty by their bootstraps.
If we'd left the smart men and women at these institutions to figure it out, would we have suffered? Well, apparently, most of the money went to healthy banks. And not a hell of a lot has been done to craft a plan to help investors or others who need credit.
I'll climb back off this soapbox -- until it pisses me off all over again. I think what infuriates me that most is that the scale of the suffering in this country is getting larger every day--while the wealthy continue to enrich themselves. They're good at it, aren't they?
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