Worldview Item of the Day
The current bailout plan will fail–all of it–because it relies on one specific element to be true to succeed: the good intentions and will of the people running the companies that receive the bailout. FoxNews is reporting the latest reason we should all be skeptical of that good intention and will in the form of the arrest of Bernard Madoff, former NASDAQ chairman and, apparently, swindler who may have cost his “investors” as much as $50 billion.
I understand that people are flawed and prone to greed, but I wonder why so many people are so willing to ignore the avalanche of evidence over the past several years that many people in positions of power and wealth in the United States are basically self-serving autocrats seeking to take advantage of us all as they take our money from us and dump it into deep dark holes. How can any self-respecting American taxpayer be in favor of a bailout whose ultimate cost may likely reach into the tens of trillions of dollars when the evidence is so clear that a significant fraction of that money will go to line the pockets of people whose ethics and morality in no way reflects his own?
Yet, somehow a lot of Americans are ignoring this fact and even encouraging the system that is so clearly failing them to continue. Meanwhile, the nation is accruing a debt in dollar deficits and morality that it will take generations to pay off, and when that debt comes due, many people will act like they had no idea it was coming. From my point of view, they will deserve every consequence that occurs when it does.