Where was the welfare plan when we needed it?

The list of things I wish my tax money did not pay for is so long, war in Iraq, Afghanistan, most of the defense department, most of the corporations that work for the defense department, etc. What I don't mind paying for, public education, road repair, social security, medicare, and welfare, are the things half the country seems to hate paying for. My question now, as President Bush himself warns of economic disaster, is do I really want my tax money paying to bail out these huge investment firms. I do not. Having read and listened to other significant economic thinkers on the subject (like the wonderful 9/19/08 program on Bill Moyers Journal), I am not certain our tax dollars can actually save the faltering financial system. Oddly, I find myself sounding like a more traditional Republican, we should allow them to go out of business because the time to use the $700 billion has passed. Where was that money when ordinary people were losing their homes? Where was corporate welfare when it could have saved ordinary people and not Wall Street? A year ago we could have saved this financial system if we also brought in tools for greatly increased regulation. But since we have a deregulated financial system, it should be allowed to fail in a deregulated fashion. More than that, I am certain that several people have done some illegal things somewhere, so CEOs and other prominent executives of these companies should be arrested, their assets liquidated, and all that money should be put toward bailing out the industry they screwed up with their idiocy and greed. But greed is human nature, which is why some people aren't libertarians - human greed cannot be trusted to moderate itself. The time to pass this sort of reformation on the finance industry also has passed, and as Ron Suskind reminds us, the warning bells were Enron if only we had had an administration who would listen. But at least their colossal screw-up allowed me to be amused by this phony spam message.


If we do bail out the financial system, as we inevitably will since both political parties are owned by Wall Street, let's hope it's with careful government oversight that builds in safeguards against corporate and government greed. This government must do more than bailout the current financial system; it must rebuild it as something other than it has been.

By the way, I bet you wish we hadn't gone into Iraq now because where are we going to get $700 billion? China. And then we are in debt to a not-very-nice rising superpower, throughout our generations forever.