The more I mull the idea that a bunch of completely irresponsible corporations who through default credit swaps and other exotic finance derivatives managed to crash their businesses are getting a potential $1.7 trillion bailout infuriates me. I was wondering if any of our representatives were not towing the
Corporate Party line?
Well, yes and we have a great speech from Senator Bernie Sanders (I-VT):
Where is the bailout for workers? Where is the stopping of displacing U.S. Citizen workers with foreign guest workers? Where is our single payer universal health care?
When it comes to doing anything for US citizens, for the middle class we hear Oh no! That's Socialist! Where is the rebuilding of the United States manufacturing base? Where is the outrage at constant layoffs, of treating workers as if they are disposable, simply to boost quarterly profits? Where is the outrage over corporations with outrageous executive pay while age discrimination runs rampant? Where is the emergency meeting over our trade deficit and eroding standard of living? Nope. For years now the middle class and working American suffers and at worse we are told these inane policies do the opposite of what we know they do and at best, we get silence.
Even Jim Cramer quipped it would simply be cheaper to give every American $50,000 dollars to pay for their mortgage than this.
Is there anyone else at least pointing to the risk of Wall Street? How these very institutions lobbied, bought off and cajoled our government to enable them to go out and hang themselves with their new lack of regulation?
Because of the vital role Fannie Mae and Freddie Mac play for home owners and housing in America, we could have made it clear the government will back them against market speculators, while protecting tax payers at the same time. Unfortunately, this bill is set up to extend credit without reform or restriction, putting tax payers at risk unnecessarily
That brings about irresponsible financial management, irresponsible corporate management. We should have learned something from Enron. Twenty years ago something should have been learned from the savings and loan bail out.