Mumpower shares views on financial rescue plan
Published 5:25 pm Thursday, October 2, 2008
How does a spouse react when they discover their partner is having an affair? Much as you and I are reacting to Wall Street&39;s meltdown. The broken trust can last a lifetime.
Stopping an economic melt-down is much like recovering from an affair. You begin the process by implementing restraint – stopping the bad stuff.&bsp; Progress will not continue without an accompanying willingness&bsp; to take the heat that goes with transparency and honesty. Both provide a foundation for action in the form of accountability and amends. The whole process is dependent on a sincere commitment to something bigger than your own needs and pleasures. It is a bit like having a child – things are messy at first, but something good comes with time. &bsp;
You will notice that our current bail-out process lacks most of these crucial ingredients. Unless one believes in fairy dust and borrowed dollars as a foundation for a sound recovery process, we are not likely to see a quick return in public trust for our economic structure or government. Historically, when trust is lost for both at the same moment, hard times follow.
Now that the long run of American corporate greed has hit a wall, Fed and Treasury representatives are trying to keep a straight face as they explain why families one week away from being broke have to rescue the big guys. Liar loans cloaked by corporate con men are being propped up by more liar loans cloaked by government con men. We are witnesses to the greatest middle class fleecing in America&39;s history.
Those of us counting on the reliability of our meager retirement plans better start redefining the word &uot;meager.&uot; Baby boomers created most of the mess, but you can bet that true to form we are going to push the hardest for handouts. Our children and grandchildren will one day wonder where our social conscience was, but by then most of us will have exhausted our earthly opportunities for self-indulgence.
History tells us that panic usually compounds harm. Instead, this is a time to pay attention, build some personal cushioning, and look for opportunities to stay ahead of the fleecing. One thing is certain, giving this adulterous behavior in Washington and on Wall Street a smile and a pass is not in our best interests. Betrayal absent of accountability is us