Did the foxes help write the henhouse bailout?
September 23rd, 2008
Something I haven’t heard yet is how much input bankers and brokers had in the drafting of the bank/insurance/brokerage bailout plan. For that matter, Henry Paulson came from Goldman Sachs, so that puts an element of doubt as to whose interests are really being served. Newsweek has a feature article on Paulson that I haven’t read yet. If there will be further foreclosures, thereby punishing the borrowers, will the big money boys be likewise made to feel some pain?
George W. is pushing for approval of the plan. Isn’t he the guy who said if we did what he wanted with taxes and the economy — which we did — everything would be great? Well, things didn’t turn out so well. So why should we believe him now? I’m very pleased to see so much bi-partisan push-back on the bailout, but I wish I were hearing a more realistic assessment of its pitfalls from Barney Frank.
Filed under: Politics, Religion & Money
3 Comments Add your own
1. jeaniebeanie | September 24th, 2008 at 4:02 am
I was watching the whole thing on MSNBC yesterday, while trying to stretch out my body (I’m a mess right now, trying to get back into shape, even though my weight is good). The expression on the guy listening to the testimony was priceless: he had his face practically buried in his hands.
Tom came home from work last night, slapped down his lunch box and said, “We’re effed!” He says his employer “neglected” to tell him HOW MUCH of an earlier buyout of his pension went to AIG: more than a third, as they told them last week. Then there was a $200 monthly annuity nobody can touch, and it looks like retirement is just a pipe dream for him, and just about all the other senior staffers there. Tom has worked there since 1979. In the past week alone, TWO GUYS have had heart attacks over the stress. No major damage from them, but you can see how this is affecting everybody.
2. DOuG pRATt | September 24th, 2008 at 4:18 pm
You’re kidding. He carries a lunch box to work? Not the original Charlie’s Angels collectible, I hope!
3. Joan Stringer | September 25th, 2008 at 2:28 am
Geez, Jean, that is awful that Tom gets news like that after being there almost 30 years! It’s sad and I feel bad for you guys and the two men who had the heart attacks. I’ve been wondering overall with all this mess how much heart trouble, major depression, gastrointestinal, and other health problems this will cause. That should be a future study subject. I can just see a lawyer commercial: “Have you experienced….due to the 2008 economy collapse? A lawsuit has been filed against George W. Bush for incompetence in being president. To take part call 1-800-SUE-BUSH.”. Sounds like an idea to me!
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