Too Much To Ask
My dismay with the Geithner finance rescue “plan” metastasized fiercely yet again this morning reading James K. Galbraith of the Washington Monthly as he sketched out the most basic mechanics Treasury “toxic asset relief.” A bank has an asset that may or may not hold its value, if eventually it doesn’t Joe Taxpayer makes up the difference as cash flows to the bank from that “asset” anyway.
Except many, many times the decline in value of that asset wasn’t from wanton market wanderings of mysterious musky animal energy, it occurred because crooks committed fraud—real crimes—and are now exposed, but the US Government will still fork over the cash. So?
How could Geithner and Bernanke do this to the little people of the United States? They must see the enabling of malfeasance and abuse of citizen, yet they’ll do it anyway. I, like 99.5% of the citizens residing in the Republic, have absolutely no shield whatsoever to the consequences of my actions. I have paid, often brutally and continually over the span of decades, for the mistakes I’ve made and there has been no one—nor will there ever be—to financially bail me out if my errors threaten to wipe me out.
Little people who commit crimes go to jail and prison, but somehow our Wall Street folks have the chutzpah to expect taxpayer money to save their jobs—along with their bonuses—after committing fraud. The rich are different, yeah.
Too much to ask that criminals be prosecuted (again). Yet the Obama administration still asks service of and commitment from me, it’s time to make the call, the Inbox often says. That’s asking for a lot after these Treasury shenanigans, my fellow liberals.
How desperately I want to be a good citizen, a loyal liberal foot soldier doing the right thing on a Democratic team so all may prosper here. I hate being critical, it gets freaking lonely, and it’s not as if my life is some grand yardstick of accomplishment and behavior, my path is to serve in tiny ways, not judge, yet the truth of what Geithner and Bernanke are doing leaves me no choice.
Performance of cheerful duty this day isn’t a choice either, there’s a lot to do and I shall do it well, and again, there’s nothing at all unique in my American experience with that. Almost all of the time the Obama administration is in alignment with my political frame of reference, yet they seem completely blind to the laws of reality and accountability when it comes to rescuing Finance. If the little people don’t come first or are even given basic dignity this can’t work, and I’m hurt and a little bewildered Geithner and Bernanke don’t see that.