I don't mean to sound negative, but after another 500+ point loss on the NYSE I just don't see things getting better anytime soon. As millions of families suffer through one of the largest losses of personal wealth in the history of this country, no one seems to have many answers...save for the government who is giving our hard-earned tax dollars to bankers who made terrible decisions about their businesses. Who is helping the little guy in this equation?
We send money to AIG, who after the bailout sends it's executives on a $500,000 retreat. I now read that some of the bailed out banks are stopping golden parachute payments to former executives. We all know in the end the guys or gals are going to get the dough. You don't stop payments that large without getting someone's attention...legal attention. These people were smart enough to have contracts...yes, something you and I never get. The company is contractually obligated to make these payments...so who are they trying to fool?
Just because the government tells the company not to pay them does not keep the company from honoring a legal and binding contract...unless the company files bankruptcy of course....which our bailout allowed them to avoid. A "Catch 22" I would say. Now we have an election coming up, and neither guy has an idea of what to do to help us out of this crunch. Maybe the best thing would have been to let the banks collapse, and then start over. Don't know many other inductries in this country that would get the sort of help that airlines, railroads, and banks get.
Yes, I know they are important to our country, but if they can't stand on their own two feet...well, maybe they are not meant to be around...capitalism right?
Aging Might Not Be Inevitable
6 months ago
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1 comment:
I thought the same thing about AIG. The ultimate loser in all of this economic struggle is the consumer. It bothers me that we are to struggle and pinch every penny but they enjoy a retreat after receiving bailout money. They should have to tighten their budgets too. I am interested to see what happens when people go Christmas shopping and the retail results from the shopping season. I would guess that spending will be low. I worry about my parents who are two years from retirement and they lost a lot of money due to the drop in NYSE.
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