Walter Mencken 11 a.m., May 24
- Community Blog
More on Bail-out
Another day, another dollar. Got a Christmas tree. It is smaller this year, but it's s nice one. Hope to get it decorated today. Turkey soup (with rice) should be ready today. Then it's time to get to making cookie dough. The "choose your cookies" party is on the 12th. Cutting it close this year!
Many columnists are still talking about how the Republicans lost the election.
"What really happened to the Republican Party, and what should be done about it? What happened is this: Iraq, Bush and the economy."
And this from Bloomberg:
Unemployment Rate Rises to 6.5%; Highest Since 1994 as 240,000 Jobs Lost
· Ford Posts $129 Million Loss · Disney Profit Falls, Predicts Tough Times Ahead · Microsoft CEO Not Interested in Buying Yahoo · Crunch Time for The Auto Industry · Mattel to Cut 1,000 Jobs; Fidelity to Cut 1,300 Jobs With More to Come · Sprint Nextel Loses 1.3 Million Customers in Q3 · Money Magazine's Top Editor Departing
Seems like something needs to be done & done quickly. The financial crisis is worldwide, but let's stick to the U.S.
Understanding what is going on and how it reached this point is like computer-speak, a language & system of its own. The
loss of money in savings, investments, etc. is staggering. There are hundreds of stores being closed down. Credit card companies are lowering limits or suspending accounts altogether.
From Thelma Grimes, San Pedro Valley News: Finally something in understandable langusge: "In the sports world, it would take 25,000 baseball players making the same $28 million yearly salary as New York Yankees third baseman Alex Rodriguez to pay the bailout cost."
And then, from the New York Times Op-Ed, Thomas Friedman wrote this: "Some of our country's best paid bankers were overrated dopes who had no idea what they were selling, or greedy cynics who did know and turned a blind eye."
"This is the result of unbridled, unchecked capitalism. "What I most resent is the privatization of profits and the socialization of losses, they win, and we lose." This quote attributed to Congressperson, Julia Robinson.
Polls show that the American voters were overwhelmingly against the bail-out. Yet the very people being paid to represent the American voters, passed a bill amounting to "welfare for the rich". Is this representation of the people?
Did you get the letter from AT&T thanking you for subscribing to their wireless & DISH network? This was apparently an error, some glitch in the system, per a call to customer service. What do you think that error cost?? Consider time, paper, addressing, envelopes, postage. What a huge waste. Those unwarranted costs will most certainly show up on the bills to consumers.
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