Tuesday, September 23, 2008

Bailing Out Financial Firms

There has been a great deal of coverage in the news concerning the impending crash. People who fear it the most are those with lots of power and money and those without any. That is my opinion. Those people involved in creating the mess understand NOW full well the consequences of their deeds. I wish they had thought ahead before their contorted financing schemes led to this moment in US history. Perhaps they will accept--although it seems they do not want to--elimination or reduction of their pay and bonuses. According to the article BailoutFuror in the NYT they are actively lobbying against such cuts and oversight changes.

Those without power fear loss of retirement funds, money market account values and are powerless to effect changes. I called a Senator from my state hoping to make an impression. I hope it works and that reason rather than rash support of ideas from the people who had a good deal to do with this financial debacle will prevail.
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