It is time for a little plain talk because everything is getting lost in translation regarding the financial crisis and subsequent high unemployment, and the worst recession since the "Great Depression" of 1929. While it is easy to blame greedy CEO's of FORTUNE 500 companies and the ever-shrinking membership list of "The Billionaires Club," the fault doesn't entirely rest upon the shoulders of the Titans of Industry. it does make for good theatre, like a Broadway show, to drag or subpoena certain corporate execs before a Congressional Committee and berate them in front of the television cameras and microphones; much to the delight of the people back home in the various political districts who elect these mostly self-serving Legislators.
While not wanting to exonerate these 'fat cats' from any of the well- deserved disdain and anger from Americans who are suffering through one of the greatest job loss and significant erosion of the value of their 401-k and Retirement income in recent memory, or ever, still, the blame for our pain must be spread to members of Congress as well. For nearly the last decade, what has both the Republican and Democratic leadership in the Senate and House of Congress done to regulate, monitor, and empower the FDIC, SEC, Commerce Department, The Federal Reserve, Treasury Department, The Department of Labor, and even the Justice Department to prevent this crisis from happening? It isn't about Bernie Madoff, Executives from the "Big Three" (General Motors, Chrysler, and Ford), AIG Executives, or the failure of Lehman Brothers, WA Mutual, and a few others.
Government watchdogs, or perhaps bloodhounds is a better analogy, should have sniffed out the clues of long ago with what happened with Kenneth Lay and ENRON, followed by the collapse of CountryWide Financial. Even before these companies sunk like the 'Titanic,' there was the failure of virtually all the Savings & Loan companies over a quarter century ago. Instead of threatening to sic the FBI or the IRS to seize the offending companies financial records, bank statements, and computers, why don't John Boehner, Lindsay Graham, Nancy Pelosi, Harry Reed, Barnie Frank, and other political heavyweights show solidarity with their struggling constituents and set an example by voluntarily taking a pay cut? After all, since they say they feel the pain of the average American ''Blue collar" worker (and some 'white collar' ones as well), then why should they have the exclusive right to criticize the privileged upper echelon of the 'Boardroom' and yet exempt themselves from sacrificing a little bit too?
Robert Randle
776 Commerce St. #B-11
Tacoma, WA 98402
March 18, 2009
pbks@hotmail.com
