I promise I won’t write about this every day, and I don’t know if anyone caught Real Time with Bill Maher this past weekend, but he had New York Times Columnist and Economist Paul Krugman on who voiced his concerns about the condition of our financial system:
“When I heard news about this plan my first thought was “Kommisar Paulson is seizing the means of Production”. This is the most socialist move we’ve seen by any administration in God’s knows how long, and it’s coming from the Bush Administration”
“Quite Seriously, Like, I was looking at the numbers on Wednesday and I thought “The World is coming to an End”, and apparently the people at the Treasury Dept. thought the same thing. This was – boy – this was the worst thing I’ve ever seen.”
“The best scenario is that the economy’s probably going to get worse for another year, and the housing market is going to get worse for another two years.”
I thought it was pretty telling that an economist finally came forward and called it as is – it’s the last 8 years of deregulation that has caused all of us to lose our shirts while simultaneously being called upon to bail out companies that created their own demise because of their greed. These CEO’s are walking away with millions and millions of dollars in their bank accounts, (The Bear Stearns CEO walked away with $61 million, Merrill Lynch’s top three are looking at a cool $200 million for the fire sale to Bank of America and now Lehman, the company that supposedly was on the rocks, now has a $2.5 BILLION bonus plan.) while their workers are being sent packing with little more than a useless letter of reference to try to find another job. So who wins when the banking industry is deregulated and we have nothing to sell the world except fraudulent, made-up bank notes? Not you and I, that’s for sure. But heaven forbid we have health care or education programs that benefit the millions of Americans that don’t run for these companies, right? Besides, where is my bonus for bailing these idiots out?
Also, I will note that all of the commenters who were deriding me for talking about socialized health care have not come back to comment about how bad this bailout is…why is that? Why is a taxpayer bailout of a public company (the didn’t benefit most people) that dug it’s own grave OK, but we cannot provide a fraction of that amount of money to help people pay medical bills? To give a better education to children? To pay our teachers and police officers more? If our government can afford (and us, in return – without a choice, of course) $1 trillion dollars to bail out companies that should be left to fall apart – but we let poor kids suffer without an education or health care – where are the priorities in this country?
As Mr. Krugman said this weekend:
And now back to your regularly scheduled programming.