Financial Execs toast public for early Christmas bailoutThis was the headline I woke up to this morning. Ain't life grand for the execs that head these financial institutions? Not only do you bank millions in personal income, now you get public funding to save you from the mess you dug yourself into! If an individual makes poor financial decisions and can't make his payments, he's a deadbeat looking for a handout. If a corporation makes poor decisions and can't meet its financial obligations, it's a entrepreneurial institution in need of a bailout. Where's the accountability in all this? I don't mind the "too big to fail" idea behind bailouts, but why do these people get to keep their profits?
While I'm wondering why I can't be waking up to headlines that read Bush wants OK to spend $700B to forgive student loans, fund social security, health care, or veteran's benefits, the overpaid execs of the next financial institutions to fold must think it's Christmas morning! And what does Santa have for all the good boys and girls? Why it's privatized profits and socialized risk! How about the rest of us, Santa, what do you have? Ho ho ho, you get something special! Oh wait... wait... Hmm, looks like all that's left in my bag is raw capitalism and the harsh realities of free market discipline. High five, Santa!
At some point, the deregulators have to admit that when it comes to profit, there is no incentive for free markets to regulate themselves. Proper regulations are good and necessary - otherwise we'd be like China with lead in our toys, poison in our dairy products, and 16 of the 20 most polluted cities in the world. But what do they care? They're getting the same freebie bailout they hate other people for getting.
At least we can still console one another.
