What don't they get?

I just was catching up on some of the news of the last week and discovered that all those bailed out financial/investment corporations are still giving excessive bonuses to their executives that have failed in keeping the companies solvent. And Citibank, that credit card company you love to hate, is going to buy a new $42 million corporate jet.

How many people did they kick out of their homes for this? And how many Citibank Credit Card holders are now paying 26% interest and $35 late fees? Or better yet, how much of my taxpayer money is funding this joy ride?

This new toy of the CEO's carries only 12 passengers and a crew. Twelve! And just where do they travel on this gold plated luxury ride? Isn't this the day of the Internet? Conference calls? Live video streaming that allows you to hold a meeting with nobody leaving their conference rooms?

And shouldn't Citibank and all these "on the brink of failing" companies be cutting back on expenses and frills and bonuses like us middle class (rapidly becoming lower class) members?

I am sorry you managed your companies so very poorly but in true capitalism you should be allowed to fail. I say take the remaining TARP funds and open a government bank to provide loans to people getting foreclosed on or in bankruptcy themselves. No more for banks and investment companies. Zero. Zip. Nada.

They just don't get it. Literally!

Write your congressmen and President Obama Today.

Things are Going to Get Worse

Obama, sound more presidential than our president, said in his weekly address to the nation that things are going to get worse before they get better. I got that. I don't like the news but I am glad we are not being lied too. I was getting really tired of that, "the underpinnings of our economy are strong" shit. I'm not economist and I knew GW was wrong more than a year ago.

He is against the auto bailout. I am frankly against all the bailouts starting with Lehman's and moving on to AIG and then to Citibank. But I own a GM car and I would like to be able to get parts for it. But bailout or no most economists believe none of the big three auto makers will be around in 5 years. Wouldn't it be wonderful if we could say that about the tobacco manufacturers? Or the porno industry? Notice how they have not asked for a bailout. Nor has Jack Daniels.

But as I was digesting all this news and commenting on a friend's blog it suddenly occurred to me that one of the reasons 9/11 targeted the World Trade Center buildings is that Bin Laden wanted to bring the United States to financial ruin. He could have kept his terrorists home. GW Bush has done it for him. That, as they say, is the bad news.

The good news is as goes the US so goes the World so probably nobody can afford to invade us and take over our country - like who would want it now?

But what really worries me is the vast amount of time till Obama really is president. It is over a month! And we do not seem to have anyone reliable at the helm of the sinking ship of state. How much harm can Paulson and Cheney and Bush do in 42 days?

A program I was watching on the Internet about stress reduction during these trying economic times says don't think about it. Obviously that is what the current White House is doing!

What does sit take to swear in Obama and his team tomorow!

Who knew?

Who knew we might have avoided this economic crisis with more bridges to nowhere. Or somewhere. There are certainly lots of places that need new bridges or repair of old bridges. It is called an investment in our infrastructure.And the United States has not been making any. Has not made any for the last eight years at least. Thirty if you look at our interstate freeway system.

We are all focused on instant gratification: the big screen TV, the new Hummer, the larger and bigger house, the war in Iraq. But our failed economy is not just the people with the bigger and better house they cannot afford without the fancy but vaguely illegal mortgage, or the huge credit card debt (some accumulated no doubt because of the instant gratification of Exxon). Who knew how quickly instant gratification would mean a tank of gas so we could get to work.

There is an ever dwindling middle class. Their incomes have not risen in proportion to prices. And not since 1928 has the United States seen such a huge concentration of wealth. The top 1% has a full 20% of the income. In 1980 that 1% only had 8% of the income. Incidentally, those are the people GW Bush and John McCain do not want to tax.

But it is not just the people (and politicians) that have been short sighted in this. The United States has made no "investments" in its schools, infrastructure, health care and alternate energy sources. Earmarks put people to work. And, said this one panel of economists, the oil companies have blown it too, choosing to try and force a relaxation of EPA standards on new refineries instead of taking the money they had (more than adequate) and just building. The same can be said for many industries.

I have made a huge investment in my infrastructure with the studio (admittedly because of a cheating contractor it was bigger than it should have been) and there is more I could do if I had the money - like stain the whole house, build that deck, etc. But at the moment I am more focused on the "immediate or intermediate gratification" like firewood for the winter and a shed to keep it out from under the snow because those top holders of wealth are holding back on spending (including art). Which points to the "emotional" and psychological reasons for the bailout which may be the whole reason on some level. Investment companies were in mid-panic. Sp is the government.

I think because of this bailout we are all being forced to "rethink" our economic plans. And the government needs to do that too. And not in pulling back and not moving forward on health care and infrastructure. To put people back to work it needs to invest in infrastructure. The $700 billion bailout would have built 4,500 bridges to nowhere. I am sure we could all think of places we would like to see those bridges - could use those bridges or a new road or an adequate school or a working train/rail system for transport. And friends in the construction industry that could use the work building them. Then we would have money to invest in our personal infrastructures.

So the key here for the fat cats and companies and for the government is not to pull in on your spending but refocus your instant gratification (the war in Iraq for GW) to investment in the United States. And the long term view of your company's and our countries needs.