Read Lucia's bio and previous columns
September 22, 2008
Wall Street Bailout:
Let’s All Rescue the Privileged
Bailing out Fannie Mae and Freddie Mac: $14,000 per household
Bailing out AIG: $726 per taxpayer
Hearing politicians say that deregulation will not raise taxes:
Maybe it’s the drainage, but the tax cuts to the wealthy have been
taking their sweet time trickling down. As we patiently wait for the
money that’s probably propelling Asian economies by now, we are going to
have to make some unforeseen expenditures.
Famous for fighting tooth and nail to keep those nasty feds the hell
away from their God-given right to laissez faire practices, no
one made a peep when the Federal Reserve acquired 80 percent of AIG to
save it from collapsing. Maybe because the Fed is going to get that
money from regressive taxing practices that already have people
struggling to stay afloat – Republican, Democrat and in-between.
all the current election and economy excitement, we seem to have
forgotten how our military presence in the Middle East factors into the
equation. As things stand now, we do not have a clear deadline for
withdrawal, lots more to do to keep the promises we made and one hell of
a budget deficit as a result. While busy solving the problems on the
other side of the world, we ignored domestic policy to the extent that
the past two weeks has been witness to three biggest bailouts in U.S.
Now those who did not reap the benefits of corporate and speculator
greed are the ones who will be paying the price for it – paying with
their children’s educations, their retirement funds, their access to
medical care. And if any one of you pauses to say, “Wait a minute, I’ve
been getting ripped off on my mortgage for years, now I have to pay for
it again?” you will be called unpatriotic.
will our congressmen if they reject the package the administration is
ready to put up for a vote. No matter the party affiliation, they are
all stuck between a rock and a hard place. If they say yes to it, they
are rising taxes. If no, they are ruining the American economy. The
focus is on the symptom, not the cause of Americans bleeding themselves
dry to counteract corporate thoughtlessness. If, like before, the
Congress rubberstamps the administration’s plan fearing election-year
repercussions, what we’re going to get is high taxes and more of the
This is particularly frustrating when compared to how the scenario
translates for individuals. When you or I miss a credit card payment, we
get a $50 late fee. Get a few months behind on the mortgage payments?
The foreclosure letter is on its way. No one has compassion for the
American people when financial mistakes happen, intentional or not. This
is a nation of independence and freedom, which is to say it is a nation
of responsibility. It’s time big business got with the program.
commit generations of American people to pay for the lavish yet
predictable mistakes of the private sector is a betrayal of our public
schools, failing Social Security system and lagging national disaster
response agencies. Leaving Fannie Mae and Freddie Mac to their devices
may prove to be impossible if our housing market is to survive. But if
we each have to pay thousands of dollars for their mismanagement, the
government owes us a major change in regulation practices so that money
that should be going to Teach for America does not bankroll another
disaster like this.
© 2008 North Star
Writers Group. May not be republished without permission.
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