Sense on Cents

I strongly believe Congress and the Obama administration know that the American public has no appetite for further government bailouts. This public demeanor presents a challenge for a government that has gotten used to writing big checks for Wall Street, the Stimulus, and automotive companies. 

What is the federal government to do for municipalities, insurance companies, commercial real estate companies, or others who may go bankrupt?

Secretary Geithner has laid the groundwork for government takeover of institutions deemed to present systemic risk. How that power is effected or implemented will be very interesting.

Why is the public so irascible? In my opinion, the political powers are conflicted between representing the public interest and the interests of those corporations which truly represent systemic risk but have also curried enormous political influence with campaign contributions and lobbying dollars.  

Let us not forget the rush to pass the initial TARP plan in the face of massive public outcry. Let us not forget the rush to pass the Stimulus Plan in the face of enormous public outcry. Let us not forget the rush to pass a Congressional amendment to address bonus payments included in the Stimulus Plan due to public outcry. The simple fact is neither Congress nor the Bush or Obama administrations have truly made the case to the public as to the depth or breadth of the issues confronting our economy.

Over and above the anxiety created by the bailouts, has any politician on either side of the aisle ever publicy accepted responsibility for failed policies and procedures that brought us to the current situation? Where are the politicians who defended Freddie Mac and Fannie Mae? Where are the politicians and heads within past administrations who have promoted failed policies?

Where are America’s statesmen, who will not only call out the opposition but simultaneously accept responsibility for their own shortcomings?

While the bulk of the media may massage the message to maintain their own preferred bias, the truth will out. The public disdain for politicians and a political process that does not listen to a large percentage of taxpaying Americans  is growing.

Taxpayer “tea parties” on April 15th are scheduled in a growing number of cities across our country. These revolts indicate an electorate that feels that politicians from both sides of the aisle are neither listening nor responding to their calls.

I do not hear much public pronouncements across regular media waves of these protests, but I do hear plenty of noise under the surface.

If the political pandering and political conflicts of interest were at a minimum, then the tea may remain in storage. However, The Taxpayer Tea Party Movement Is Growing with “parties” having already occurred or scheduled in 49 cities. 

Why is President Obama continuing his political campaigning? In my opinion, he is reaching out to his campaign troops to counteract the growing momentum within these Tea Parties.

LD

This entry was posted on Saturday, April 4th, 2009 at 4:45 PM and is filed under American Consumers, Economic Stimulus, Economy, General, Stimulus Plan, TARP, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.