Here we go folks, we're about to bail out the top 0.1% with over $1,000,000,000,000 (yes that's $1 Trillion) of our working class taxes to shore up an economy that left us behind eight years ago. Now I keep hearing that if we don't do it there'll be massive job losses and foreclosures, but I keep wondering why they didn't bother to do anything for all the previous years of massive job losses and foreclosures. It seems to me that there wasn't really a problem in these people's minds until the ultra wealthy started to feel the pinch.
So I guess we're stuck with this plan to pay off the the Rockefellers and the Trumps for their own failures to the tune of $3500.00 each (that's man, woman and child) but if that's the case then I want to know a few things that I'm worried about being hidden down in the fine print.
***Are the CEOs and the directors of AIG, Freddie Mac, Fanny Mae, etc... going to get "retention bonuses" and "golden parachutes" for their hard work in staving off failure with our money?
***Will these corporate executives take a pay cut in line with the massive layoffs that they will inevitably force upon their workers?
***Now that the US government will own 80% of AIG and who knows how much of all these other corporations, can we, the taxpayers, expect to receive our own dividends when/if these companies return to profitability? Or will the government ignore us and sell back our shares at heavily discounted prices to "help the flow of the free market"?
***Since the US will be the majority stockholders in these companies can we demand that the jobs they have shifted overseas be brought back to our shores to help offset layoffs?
***Lastly, will there be any changes in the regulation of business to ensure that this does not happen again or can we expect to go through this every few years after the pigs have finished feeding at the trough?
To be honest, until these questions are answered none of us should be supporting any sort of bailout for these corporations and their executives. They have spent years getting fatter and fatter at the expense of the middle and lower classes and now they want yet another handout. Yet, without safeguards we are doing nothing but abetting corporate irresponsibility and greed. This will only embolden the ultra wealthy to continue the cycle of corporate welfare and make the divide between rich and poor ever greater.
So this time it needs to be our turn to draw up the contracts, leaving out the fine print.