Bailing out Wall Street?
So, IF we the taxpayers bail out Wall Street, we are supposed to just hand over $700 Billion Dollars with no oversight at all??? (I am reading that it is between $2000 -$5000 per person in the USA, I guess depending on who counts as a "person"). That's what I am reading in today's paper, and online. NO OVERSIGHT??? WTF? My local paper states that such power has not been given since "Alexander Hamilton wrote the Treasury act to give him the power to borrow and intervene in markets" (Richard Sylla). Congress then quickly "clipped his wings" ad not even Franklin D Roosevelt during the height of the Depression had such power.
Why aren't we rising up and saying NO! Why should we, all taxpayers, conservative and liberals, allow such power to happen, and to one single man at that? I do not understand why such power needs to be given, and even with my business training and background, I am still having problems wrapping my head around this whole mess, mainly because I am used to old fashion commercial business, the kind where you buy and sell products or services... not just speculate on how well some company is doing, or how badly, and making huge money based on such speculations. And I know that is only a small part of what was going on, but it is the factor that has tilted my mind trying to understand it as a factor.
Chaos Theory, that's all I can say at this point. Why such relatively simple ideas as "trickle down" or "free market" which on paper, and as business theories, look so good, yet seemingly doesn't work as well as one expects it to. Or is it simply greed? CEOs making what... 300 times (or more) the pay of their regular employees, whether their company is making profits *or not*? Yeah, I will sadly admit, I am not able to comprehend the whole thing, all the factors involved, all the greed going on. It goes beyond risk factors and general economic theories. Which makes me wonder what the regular Joe on the street is thinking about all of this confusion, or does he even care?
http://www.huffingtonpost.com/robert-l-borosage/financial-crisis-time-for_b_128114.html
Sounds like some people want some rules, lest we all get fleeced.