Charlie Morgenstern 11 a.m., June 25
- Community Blog
Well, the USA election process is underway and it appears that people are heeding the advice to get out and vote. In fact, the people who are in charge of using numbers to make conclusions, are predicting a record voter turn out. So, I congratulate each and every voter for taking this election seriously.
This year has been one of confusion, uncertainty, and GREED. Several executives at big, failing, financial firms lost their jobs. No need to feel sorry for them as they managed to get million dollar "bonuses" for leading their companies into a financial quagmire.
In testimony before Congress, Alan Greenspan stated that he made a mistake in his assumption that Wall Street could police itself. The problem, it seems, stems drectly from those who saw an opportunity to enrich themselves while "screwing" average American homeowners & investors.
And then there are the attorneys. We should have listened to Shakespeare when he advised, "First, kill all the attorneys". A big chunk of the bailout $$$$ will go to the big shot lawyers representing investment banks.
We, as individuals, need to make it clear to our Congressional representatives that this AIG crap will not be tolerated. Taking money from the government (tax dollars paid by us) and then spending a huge amount for a retreat is a slap in the face. Can't you just picture these guys dancing around a fire pit chanting, "we got the money".
So, I need some extra money in November to pay for my Padres season tickets. I intend to write to my Congressional representatives asking for bailout money. In fact, I would encourage every single one of you to do the same. I know we all could use a hand out for Holiday shopping. Once the bailout is approved, we can spend the money on a vacation, new clothes, redecorating, whatever we want.
The trickle down of business failures only compounds
the problem. Many retail operations are closing stores (even Starbucks), thereby moving workers into unemployment lines. Every day there is a new list of companies in trouble. Even Amazon, the online shopping channel, has been hit by the mess created by Wall Street.
Merrill Lynch needs to donate that golden bull statue in New York City to the American taxpayers. They can put it in a traveling road show where their executives explain why they are still rich & how they managed to "song & dance" their way into the financial mess. That could be entertaining.