Our current financial crisis reminds me of a scene in the movie “It’s A Wonderful Life.” When rumors start to fly about the soundness of bank deposits, George Bailey tries to keep the investors in his humble building and loan from selling their shares to Mr. Potter and the big bank. George explains to his investors, mostly working class folk, that Mr. Potter isn’t selling, he’s buying. Here today, the Mr. Potters are Bank of America, JP Morgan Chase and Citigroup. The three behemoths will emerge from this crisis controlling a huge chunk of the entire planet’s financial assets.
This entire situation is too complex to believe that just buying up the toxic loans will restore equilibrium to the system. However, it’s also irresponsible to suggest that no action need be taken. The financial system that the greedy Wall St. barons control also consists of things such as my (and many others) retirement account and union pension funds and small business loans. You can’t tell Wall St. to go jump in the lake because they take those things with them when they go.
Fund the full $700 billion (maybe more!) bailout and add the prior bailouts of securities and insurance businesses (not to mention 2 never-ending wars) and we may be foreclosing on the needs of ordinary Americans to receive health care, education and improved infrastructure. This is a delicate situation that calls for careful reasoning and artful cooperation.
The House Republicans (and Nancy Pelosi’s) flagrant politicizing of this issue is exactly what we don’t need. Instead of attempting to restore confidence in a system that, financial misdeeds or no, runs our economy–these idiots treated it as just another political spin job. Republicans blaring about socialism and Democrats blaming G.W.–both of them jumped on their political hobby horses and proved that the representatives elected by the American people are incapable of dealing with the tough and unparalleled events that are confronting our nation.
Throw ALL the bums out.