Here we sit like the proverbial ducks waiting to be picked off by a government so totally involved in the current fraud and financial meltdown that its first order of business is to try and figure out a way to shift the blame.  How is it that Bernanke didn’t know, Paulson didn’t know, the SEC didn’t know, the House and Senate finance committees didn’t know…in fact no one that should have known seemed to be sounding the alarm that things were going very wrong in this so-called free market?  How could none of these people have known this would happen?  Everyone out here in taxpayer land who was paying any attention at all knew that this day would come.

 

After more than twenty years of hearing how supply side economics, trickle down economics, free markets and unregulated free trade were going to produce a booming economy, we see that the only thing that exploded was the financial markets.  Wall Street, gigantic mortgage and insurance companies all imploding under the weight of corruption, executive abuse, and less than ethical business practices has finally succumbed to its own misbegotten theories on economics. 

 

While free trade and no oversight and even less regulation may have looked good on paper, not one of those economic theorists gave a moments thought to the greed, the elitism and the inevitable downward spiral brought on by individuals easily consumed by corruption which is exactly what no oversight and deregulation brings on.  The fact of the matter is, that without effective oversight and regulations these individuals who operated these companies did the inevitable.   In this case there will be no punishment of any consequence.

 

And here is how supply side, free market economics trickle down for us on the receiving end of these policies.

 

  • Not one CEO who cooked the books, or who failed to file necessary corporate statements in the last five years will be forced to forfeit the millions in unearned executive bonuses, perks and pay. (Some surpassing the 90million mark)

 

  • Not one company or corporation will be held liable or accountable for its corruption and mismanagement.

 

  • US taxpayers will be assuming the burden of bad debt…. NO ONE buys bad debt except a fool.

 

  • Our taxes will explode regardless of who takes the presidency as a result of what has happened in the last few weeks.

 

  • The wealthiest 3% will still enjoy their special no-tax to speak of plan, while the rest of us labor under a tax burden so huge we can never pay it off. 

 

I find it odd that the greatest promoters of this great American giveaway known as free market capitalism have been quite silent this last week.  Those champions of anything to make a buck no matter who gets hurt in the process seem to have gone mute.

 

I found myself wondering where were, they?  Why weren’t they out there shooting off their mouths about letting the market work? Why weren’t they advocating loud and clear these financial institutions should be allowed to fail?  Isn’t that what happens in free market capitalism without oversight and regulation?  Apparently not.  Obviously the only time these free market capitalists want no interference is when they are making a huge profit.  When they are losing their collective asses they run to their buddies in our government and shift their losses to us. 

 

Why are we being forced to nationalize the losses incurred by privately owned

corporations that privatized their created profits?

 

I don’t buy the argument that it would destabilize markets around the world.  All that means to me is that the selling off of America is far greater than we are lead to believe and our debt being carried by countries such as China is so huge that not bailing out these companies would expose the extent of that debt.

 

Its time for all those who still cling to this unregulated free market theory admit that it has done nothing but destroy our economy, devastated the middle class, and brought us to the brink of financial ruin. 

 

Personally, I believe the assets of all the party’s involved should be seized and the proceeds used to shore up these companies if that actually needs to be done.  Then all the house and senate members who are putting this bailout plan together should forfeit their salaries and any other assets of value for the same purpose.  I also believe that the massive fortunes of the Bush family, and the Cheney’s should be seized and used to offset this monstrous debt; after all they were two of the greatest promoters of free market capitalism and both profited immeasurably from it while American families lost their jobs and their homes.

 

There are lots of places these people could go to get the financing needed to bail out these companies.  The only reason we are being saddled with it, is because we are the easiest marks.

 

© 2008 Marti Oakley