Wootopia.net

It’s been hard to not pay attention to the proposed $700 billion bail-out that has been discussed so much in the last couple of weeks, and will very likely be passed by both houses of Congress and signed into law by President Bush.  People from many different educational attainments, economic backgrounds and political ideologies have weighed in.  The media has framed the subject as a necessity, despite fierce opposition by the public, and various government officials have made claims that there is essentially no other choice.  

 

I don’t begin to understand the entire issue; and I don’t know how the ramifications of passing this $700 billion bailout are going to play out.  I’ve heard opinions that this bailout is necessary to allow consumers to continue getting credit, and I’ve heard opinions that too much easy credit is a fundamental problem, not just in our financial sector but as a social/political issue, and less credit is probably a healthy thing.  I’ve heard opinions that no matter what we do, we’re in for a recession.  I don’t have a good response to any of these claims.

 

However, something I do understand is pissing me off.  There’s an endless parade of talking heads, assuring us that there is going to be “No golden parachutes for top executives!”  - and the more I think about this, the less sense it makes.  

 

Those golden parachutes make up, at most, what, $100 million?  That’s chump change in light of $700 billion.  I expect the way to understand this is that it’s basically sugar to help the medicine go down.  The taxpayers are stuck with a $700 billion bill, but hey, Congress sure did stick it to those greedy Wall Street fat-cats!  

 

Excuse me, Marie says I’ve got to go eat cake.