Friday, October 10, 2008

Government Bailouts


Are you tired of the roller coaster ride?
Just like many baby boomers, my parents grew up during the Great Depression. Hearing stories from my mom about my grandfather losing his job, the lack of money and food, made me very aware of the value of money. It also made me financially responsible, so I’m tired of Government bailouts of corporate America. It’s like the Government is rewarding companies for being financially irresponsible and unaccountable to their stockholders. AIG was saved at our expense with an $85,000,000,000 bailout; now they want another 37 billion. And how about that AIG spa junket --- what a joke! Indirectly, we taxpayers funded that retreat. Like most retirees on a fixed income, I can't afford a trip to that exclusive California beach resort with its own spa and golf course. Now, other corporate executives feel entitled to a Government bailout! Some of them got mad because the Government refused and then started a probe into their financial activities. Take Lehman Brothers. I was furious when I saw Dick Fuld on CNN so smugly denying any wrongdoing. How could he sit there and refute so emphatically that he did not mislead investors? So, why haven’t those top corporate executives been forced to liquidate their assets, close out their bank accounts and give those funds to the Government before it bails a company out? The rampant fear and lack of trust created from these failures has driven down the stock market to the point where retirees have lost trillions of dollars in their 401K accounts, pension funds, and also face the loss of future Social Security benefits. Is that a cost retirees should have to pay for arrogant corporate executive’s gross financial neglect and misrepresentation? I don’t think so. Your thoughts?

1 comment:

brian said...

Rosie,

Great commentary. Couldn't agree more...

Brian