When it comes to sports teams, I’ve always been cursed with a severe case of monogamy. For example, even though I’ve lived in the Denver area for nearly two decades now, and one of the NFL’s best-run and most successful franchises is just around the corner, I’m stuck rooting for the team of my childhood affections, the indescribably awful Detroit Lions.
On behalf of the National Society for Creative Irresponsibility, of which I am a charter member, I wish to congratulate the Bush administration for the projected $700 billion bailout of the Wall Street wheeler-dealer community.
Does sexism pay? One study out this week says "yes," especially when the ones falling behind in the pay gap are so-called egalitarian men.
The rollout of the proposed $700 billion bailout package was accompanied by all of the least attractive characteristics of the Bush administration in action.
The package was sprung on Congress and the public suddenly and over a weekend and with a bare minimum of details. The initial proposal, vesting immense powers in Treasury secretary Henry Paulson, was only three pages.
There is no way Congress is going to go home to the voters at the end of this month and be open to the charge that they did nothing about the financial meltdown in the credit markets.
Ironically, Betsy Hart’s column entitled, "Government doesn’t need to bail out working moms" was released on Thursday, at the very moment that the government was bailing out Wall Street, giving AIG access to possibly more than $85 billion in taxpayer dollars.
The extended Wall Street turmoil resulting from the housing and subprime lending crisis contains major challenges, reinforced by the current media propensity for scare headlines and alarmist editorials.
Political leaders have helped to feed public anxiety.
America’s financial crisis is a political crisis, too. In the course of just 10 days, the Federal Reserve propped up ailing mortgage giants Freddie Mae and Fannie Mac, refused to bail out the investment bank Lehman Brothers and balked at aiding mega-insurer AIG before coming through with a $85 billion loan in exchange for an 80 percent stake.
Everyone has a right to own a home whether they can afford it or not. It says so in the Constitution — well, actually the Declaration of Independence in the part about inalienable rights like the "pursuit of happiness."
Politicians have been selling us on that privilege nearly since the Founder’s wrote it all down. All they charged us was our vote.
To think a week ago we were fretting about pigs and lipstick!
Strange as it seems, the collapse of Wall Street (coupled with pure fear for our own futures) is not the most serious long-term problem that should worry us.