…Justified But It Will All Work Out
I was never a supporter of AIG’s bailout or anyone else’s bailout for that matter because it is just not right under a capitalist system. Good firms survive, poor firms die. It’s the way it should be. The argument that some business or corporate adventure is ‘too big to fail’ is itself a failed argument. However, I have every bit of faith that President Obama’s team will formulate and instigate an effective and constructive solution.
Many screaming hair-on-fire politicians and paid talking heads in the media are looking for scapegoats, pointing fingers. The louder they scream the more I believe it is only a distraction from their own complicity in this financial melt-down (I’m looking at you, Republicans and some Democrats). This whole AIG thing started back under Bush and a Republican Congress. Few cared and most ignored what was going on at AIG or other such corporations (I’m looking at you Paulson, Bernanke, Republican Congress, Bush/Cheney regulators, corporate media outlets). Greed was allowed to run rampant, oversight was virtually non-existent and that is a formula for disaster. The capitalist system can only work effectively and fairly if greed and criminal activity are put in check.
There is good news on the horizon, a solution coming. A repair of the entire system is about to be implemented to reinstate oversight and help put an end to the excesses so prevalent these last few years.
While President Obama didn’t instigate this problem, he will straighten it out. He is intelligent, clear-thinking, well-informed, and well-meaning. He has a plan. It is a plan that will work but not overnight. It will take time and I’m willing to give him the time he and his team needs to put it into action and make it work. It took years to get here, it will take years to climb out of the hole greedy corporate crooks and their co-conspirators put us in.
Meanwhile, sit back, relax and enjoy the media circus