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Golden Parachutes vs Pennies from Heaven

September 24, 2008

I am getting so aggravated over this bail out scheme with AIG/Wall Street which is slated to provide “Golden Parachutes” for the ones who have created an economic disaster for our country . I will first say I do not profess to be a financial genius but I do feel I have good common sense. I also think the average American is getting snowed under with all the talk surrounding whether “we” should or should not bail out bad business. And to me this is what the bail out proposition is all about – rewarding and protecting bad business. Common sense tells me our government should not loan astronomical sums of money to people who have proven they can not be trusted to manage money, even if “guidelines” are attached. There were already guidelines, and laws, that were designed to keep this entire mess from happening but the financial wizards of Fannie Mae, Freddie Mac, AIG and others sidestepped or just plain ignored financial common sense and entered into their now admitted “risky decisions.” The definition of “risky” is “attended with or involving risk; hazardous.” Now “we,” with “we” meaning all Americans, are being led to believe it is in “our” best interest to bail out the hazardous situation our country is now in. I do not believe it is my best interest, and if I could I would vote no, unlike both candidates seeking my vote for the Presidency who do not plan to even show up and cast their vote.

I have an alternative plan to the proposed bail out plan. I say we do not bail out AIG but use a fraction of the proposed $700 billion – $2 trillion and cover all retirement 401(k)’s and IRA’s of all Americans that would be lost in the aftermath of the fall of Wall Street. The average working American has invested their hard-earned money in good faith to secure their retirement because our government has promoted the idea of self-responsibility by saving for retirement. Retirement funds in 401(k)’s and IRA’s should be protected. Part of the bail out money could also be used to pay the government guarentee of monies deposited in our local banks if the banks did fail.  All other investments made in the stock market or in excess of $100,000 in banks are just that, investments made knowing there is a risk of loss.

I have not always used my good common sense throughout my life and I have and am paying the price now. Our government has not provided me a “golden parachute”. Why should greedy corporate giants receive one? I made bad financial choices over the years and learned from them because I lost money. Wall Street will not learn anything if “we” bail them out. I have said it before but I believe it bares repeating, America has evolved from the land of opportunity for all to the land of opportunists for a few. I completely agree with Glenn Beck, a political commentator on CNN, who presented the analogy of the current state of our economy to an airplane that is going to crash. Our economy and the airplane are going to crash, although a few things can be done to prolong the inevitable, they are going to crash. “We” all need to wake up and stand up and accept the pennies from heaven in the aftermath of our inevitable failed economy.

Pennies from Heaven by Bing Crosby

A long time ago
A million years BC
The best things in life
Were absolutely free.
But no one appreciated
A sky that was always blue.
And no one congratulated
A moon that was always new.
So it was planned that they would vanish now and then
And you must pay before you get them back again.
That’s what storms were made for
And you shouldn’t be afraid for
Every time it rains it rains
Pennies from heaven.
Don’t you know each cloud contains
Pennies from heaven.
You’ll find your fortune falling
All over town.
Be sure that your umbrella is upside down.
Trade them for a package of sunshine and flowers.
If you want the things you love
You must have showers.
So when you hear it thunder
Don’t run under a tree.
There’ll be pennies from heaven for you and me

One Comment leave one →
  1. September 25, 2008 7:44 am

    What an excellent suggestion. If only your advice would be followed it would alleviate the stress many people are currently experiencing.

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