This crisis underlines the excesses and uncertainties of a casino capitalism that has only one logic — lining your pockets. It also shows the bankruptcy of ‘law of the jungle’ capitalism that no longer invests in companies and job creation, but instead makes money out of money in a totally uncontrolled way.Martin Schulz
German lawmaker; chairman of the Socialists, EU assembly
I am an independent multimedia communications consultant and active citizen living in the state of Kansas. Philosophically, I believe that Ella Wheeler Wilcox was correct when she said, "To sin by silence, when they should protest, makes cowards of men." Politically, I defy labels. Profesionally, I'm currently freelancing. More? Read on.
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[...] On the chance that the Senate is going to plunge us into the reality of being the world’s largest, stupidest socialist state this evening, I thought it might be wise to listen to a bona fide socialist like Herr Schulz. [...]
The “Financial Rescue Bill,” I prefer not to call it a bailout, is in my opinion necessary to preserve some semblance of the way of life we have become accustomed to. I wish this did not have to happen, but, I believe it is necessary to flush the toxin from the financisl system, not just of this country but worldwide.
The impact of Wall Street on demanding quarterly performance instead of long term profitability and the greed of some in corporate offices to make sure that we always grow faster and bigger rather than maybe slower and smarter, is also a part of the issue. It goes to a lack of meaningful regulation and a lack of enforcement of regulation that exists. Corporate Boards, management, auditors, and the stockholders are all at fault for not holding those responsible accountable. This Rescue must put in place the mechanisms to ensure that this does not happen again. And, the only way that will happen is for all of us to ensure that we make ourselves heard. Not just in Washington, but in the corporate boardrooms as well. When you get those proxy statements, read them. A good many have activist shareholder proposals. Evaluate them and vote. I guarantee your vote will count there.
Again this is a painful tourniquet that must be applied so that we can fix the whole body. Let’s just make sure that once the bleeding stops we do not forget that the rest of the body is very damaged.
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October 1st, 2008 at 2:05 pm
I completely agree that shareholder action and regulatory change are both essential. I just don’t agree that the bailout, which is really what is, is necessary and you didn’t make a compelling case for it.
“Because it will disrupt our way of life” just isn’t good enough. Our way of life is untenable and unsustainable. Better we take out lumps now and get on with the difficult task of figuring out a way to live with the world as it is, not as we wish (or pretend) it to be.
I, for one, am not willing to accept one more day of backwards movement. We need progress immediately, painful or otherwise. It is time for the United States to grow up. Acceptance of this bailout is regressive at best.
[Reply]