Distraction

I'm not sure if this happens in other fields - I'm guessing it does - but I find that an awful lot of what goes on in the world reminds me of the primacy of communication. Then, when I think about communication, I think about the importance of being logical. Which leads me to the enormous hoopla about executive bonuses, namely, those unfortunately paid by AIG to its people.

It would be easy, speaking of logic, to feel a need to comprehend why AIG sallied forth with a plan that (in retrospect) looks a lot like a greedy company hurling toxic waste at already angry taxpayers. But let's not look back. This is now, and AIG brass have in their fists very nice bonus checks (which some may be loath to return because - of course - they've already committed them to a new vacation home or liposuction for the whole extended family). American taxpayers are madder than wet hens as they gaze at their household bills, their unemployment checks, oh, and let's not forget their 401 (k) statements, now printed on post-it notes due to the reduced number of digits in the account balances.

It's the present that worries me. The new U.S. administration has a lot to do. Most likely (!) we should REALLY tighten up our bonus rules for companies taking tax dollars from annoyed citizens. But we should admit (if sourly) that the estimated $218 million (gulp!) in AIG bonuses is a trifle in comparison to the $XXXXXXXXXXXXXXXXXXXXXX* in total loans, bailouts, offerings to the gods and whatever else we're throwing in the fires of the Great Recession. *(I'm looking for a total dollar figure but there are so many choices I'm getting terribly confused). And because we are v-e-r-y busy with important matters, surely we shouldn't act draconian and transparently political and impose a retroactive 90% tax on this AIG bonus money. Pul-eazze. What if these were working class people? Or union members? Who the heck gets taxed 90% on ANY form of income? Sure, we must address the gaping holes we find in our new recession-fighting programs, and there will be plenty of those. I'm saying that this done-deal-already-contracted-already-paid AIG bonus is a foolish distraction at best and a damaging misuse of our government's, news media's and public's valuable focus at worst.

I like the idea of highly bonused AIG executives graciously returning the money. But whether that happens or not, let's move forward with the business at hand. Let's not spend too much energy and time chasing a couple of hundred million dollars that, even though it sounds like a lot, in the end will mean Very Little in the face of the Very Much we need to fix.

Shall we throw them out?

To all the representatives who voted against the bailout plan... thanks for nothing.

We're watching the market drop now. We know you didn't want your constituents to be angry with you right during - you know - your election campaign. Why? Because you need your job. But your constituents - not all of whom have vast economics knowledge - need their jobs, too, and there's a good chance many of them will lose those jobs during the next year or more.

Here's the roll call for today's vote, so each of us can decide whether our specific elected officials deserve to get on the unemployment lines or toddle back to their seats in Washington.

Meantime, the rest of will redouble our efforts to pay for fuel, put our kids through school and maybe start (once again) saving for retirement.

This is the opinion of a voter, business owner (generally a bit of a free-market capitalist, but I know when to make exceptions), parent, investor, and citizen. And in each of those roles, I am sad, disappointed and, at the moment, disgusted with the House of Representatives. I wish we had heroes. I wish we had good leaders.

"This is the time to remember..."

[caption id="attachment_135" align="alignnone" width="128" caption="Prescient words?"]
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"... because it will not last forever." Billy Joel wasn't singing about the U.S. financial system in that melancholy song. But I'm guessing a few investors and small business owners are biting their nails this morning. We're watching history happen, and the few who rule and get extraordinarily rich hold a big piece of our future in their fingers. As Congress votes on a bailout, voters continue to barrage their elected officials with angry, anxious calls and emails begging them not to reward greedy Wall Street, and not to allow financial CEOs to collect huge golden parachutes as they depart their floundering firms. Many people don't want this bailout, thinking it "rewards Wall Street." So now our elected representatives, who to their credit have been hammering away to create a passable plan, must fear for their jobs if they vote for it.

Our grandchildren will read about this crisis. Will they say that "ordinary Americans" and elected representatives were unable to stomach helping out the fat cats and thus led us to a depression? Will our grandchildren learn that citizens weren't able to understand that when financial institutions crumble, one after one, legions of jobs are lost, retirements are ruined, families can't get loans for homes or college, and we experience a deep recession or even depression - the kind we've all hoped won't happen in our lifetimes?

Or will we face up, pay the piper (sure, with oversight and safeguards in our plan) and start cleaning up the mess created by the financial wizards and Gods of the Universe? I opt for the bailout. Painful as it is.