Economic Disaster

I hadn't intended to include entries on the economy and finance but the present situation in the US, and indeed the world, is extraordinary. 

The Treasury wants the US taxpayers to bail out what has amounted to highroller bankers who took large risks for many years and who are now seeing those risks catch up with them. The situation amounts to thousands of bank executives and high ranking employees becoming multi-millionaires straight out of the pockets of the taxpayers. A transfer of wealth from those sweating to put food on the table of their families to people with vacation homes in the Hamptons. Those who took unreasonable risks are not the ones who will pay to bail us out of the situation. And because of the large amount of leverage they used even if the government could reclaim their salary and bonuses it would be a drop in the bucket compared to the carnage they have created. 

Dramatic action by the government is absolutely needed. But the Treasury has too many connections to these highrolling financial institutions and their proposal is too favorable to those who created this pain. Congress generally mucks things up due to its partisanship but this is one case where taxpayers have to hope and count on Congress coming up with a more reasonable plan. And curses to Congressmen/women who try to use the situation to score political points. Someone needs to make a Winston Churchill speech to cut through the crap and get everyone focused on what the "enemy" is and what victory must look like.

The government must act quickly but a few days spent in an honest effort to improve the proposal will pay huge dividends. I just don't know if we can count on politicians to put in an honest effort...