OK, so I'm a smart guy. Every IQ test I've ever taken has put me in something ridiculous like the 98th or 99th percentile. Not to brag or anything, but I've got a pretty good grasp on the world around me. Having staked out that territory, though, even I have to admit to being pretty much clueless when it comes to trying to figure out the current global financial crisis. Oh, I understand credit markets and subprime loans and all of that wonderful nonsense, but what I don't get is how and why things got to where they are. And why will $700 BILLION save our collective bacon??
I suppose this is as good a time as any to unveil my latest pet peeve, eh? If I hear one more pundit or politician use the phrase "Main Street" (as in, "Why are we bailing out Wall Street while Main Street is suffering?") I do believe I'm going to indulge in some serious projectile vomiting. The reality is that no one cares about what happens to the middle class...except around election time. The rest of the time, both parties are chasing the money, which isn't found on...well, you know where. Every politician's a populist when they're chasing votes, but once an election has come and gone, the middle class can suck their salty chocolate balls (apologies to Chef from "South Park").
While I understand in general terms how and why the "bailout" is something that probably needs to happen. The last thing any of us want is to see this generation's equivalent of the Great Depression. Still, if we can use taxpayer money to bail out major corporations, shouldn't we also be able to provide some much-needed assistance to individual Americans who are also suffering. If you're unemployed and/or facing the loss of your home to foreclosure, this bailout has got to stick in your craw. If you're uninsured and up to your eyeballs in medical bills, you're likely not going to be open to throwing $700 billion at major financial institutions that made some bad phenomenally stupid and greedy decisions. Why not extend unemployment benefits? Why not assist homeowners in restructuring mortgages they can no longer afford? Why not create a system that provides universal, affordable, and accessible health care? If we're going to throw good money after bad, how after creating some benefits for those of us whose tax dollars will be thrown after that bad money?
Apparently, the prevailing theory here is that if we throw enough money at the problem, it will go away. And the same people who led us to this point are now the ones who are demanding that Congress give them a virtual blank check. Yeah, THAT oughta work....
In the meantime, can we PLEASE stop talking about "Main Street" like y'all actually care about America's middle class? Thank you...that will be all....
