Help Me Help You
I need a bailout. Someone help me please. I have a nice house and two cars, but a huge mortgage. Without a bailout, I can’t buy a Porsche or a castle. And if I can’t buy another car or a bigger house, the dealerships and real estate agents will go out of business. That in turn will cause other businesses to go out of business. The economy will sink even more and you’ll lose your job. Please help me help you. Bail me out. If you don’t help me, I’ll have to live within my means instead of on your hard earned money.
If life was a movie, I would expect the President to stand up for the rest of us. He would say something like, “Let’s find another way out of this mess. We’re not going to screw the American taxpayers because of a few greedy corporations.”
On another note, why do Wall Street executives get paid so much? The salary of the President of the United States is $400,000. Whether you support the President or not, I think most people would agree it’s the hardest job around. So why do executives in the private sector get paid millions of dollars? Shouldn’t there be a law that caps executive salaries to be less than the President’s salary? And why do executives receive millions of dollars in severance pay for running a company into the ground? Is failure at taxpayers’ expense something we really want to reward?
This post was brought to you by: Fannie Mae, Freddie Mac, Lehman Brothers, AIG, Bear Stearns, Wachovia, IndyMac Bank, and Washington Mutual.
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No! You buy ME a castle first! LOL! Am linking, ya nut.
In that case, I’ll need to ask for more money. Maybe $701 billion.
You nailed it, friend. The generations of “entitlement” mindset has really turned the screws on this country. Sub-prime mortgages - what a load of garbage. Since when did owning a home become a right instead of a privilege?
The proposed bailout doesn’t even help homeowners save their homes. It’s just makes it easier for corporations and everyone else to borrow more money.
I am totally with you on this - in Aussie no one here really needs more that $120k to live on very very comfortably …. there gets a point where the extra dollars don’t buy you happiness … BTW we earn about half that figure and make it work and so do people on far far less …
Back in school economics we learnt about opportune cost … being the cost of doing one thing is you can’t do another - learn the lessons wall street boys and suck it in.
Live the reality boys and leave the dreaming to the kids under 18 years old ..
cheers le
I remember opportunity cost in economics. Econ was one my favorite class in college.
I think the government should buy my mortgage, too. I am working hard to pay for it, not just ducking out of my responsibility. What is this teaching the college age kids? If you buy something and can’t pay for it then you shouldn’t have to wait long for “somebody” to come bail you out. It worked for the big companies, why shouldn’t it work for you too? No worries, no responsibility, no accountability.
Sorry, I’ll get off my soapbox now…..
Don’t forget about the money Wall Street made during the boom. Where did that money go?
LOL Ken, hubby and I were just having a similar discussion yesterday and I just shared thoughts on it on Carmi’s blog.
The government is still at large the PEOPLE. The problem now is media hype and hyperfocus is causing too many people to make more extreme/different financial decisions and that’s affecting everyone. This is a needed economic correction, painful but necessary in my mind. I think it would be nice if people were more capable of thinking for themselves.
Well written post! :)
Hugs,
Holly
I agree something needs to be done. I think the healthy companies need to step up and come up with a more reasonable solution to the mess than have the government take over the bad loans.
I worked with 35+year lifers a while back who lost ~$250k from their 401k plans right before retirement, thanks to the unscrupulous accounting acts of the CEO and other top execs. Do you think any of those can’t-retire-at-65 co-workers got a bail-out? Nope. But the CEO and his lapdogs sure made out like bandits with their golden parachutes…
Sometimes I think that these corporations are just fronts so that the top level of execs can “skim” as much money out of the company before rendering it insolvent. The idea of running a corporation to provide a service or sell a product is so 20th century.
Wouldn’t it be nice if employees could vote on executives salaries instead of board directors that are usually appointed by the executives.
Technically, that would be possible if enough employees owned company stock and could manage to find members of the board who actually looked out for their consolidated interest. Unfortunately, the board of directors are usually telling employee stock-owners what their stance should be, instead of the other way around.
Even if employees weren’t given the option of voting, it would at least be nice if execs were paid based on performance. In many cases, they walk away with multi-million dollar bonuses and severances after driving a company into the ground. Wish I could get paid that much to drive a company out of business….
You know I couldn’t have said better myself. Wait a minute I think I did. Seriously, we’re all in agreement that this is not good…
I think you actually stole my idea by traveling to the future. You probably won the lottery too.
Hee hee… this gave me a good chuckle.
I guess that means you won’t be contributing to my bailout/Porsche/castle fund.
how do i make these words clap? i’m applauding you over here…
I wish the Gov would buy my bloody morgage…maybe if I just toss it in the budget …they will never know !…
THANK YOU!! Millions in severence pay. ????? For leading them into a nosedive. Sure. Makes tons of sense.
=/
Good post! I think the salary cap is a great idea!
Fabulous post. I completely agree. It’s ridiculous the way accountability has become a foreign concept.