The Newest Golden Rule

Larry Sommers and the other big shot economists on Obama's team are expressing "foot stomping" rage that the Wall Street institutions that we have given Billions of dollars to have been using a good percentage of that money to pay bonuses to the same financial wizards that got us into this mess.

But they are powerless to do anything about it. They tell us we are a nation of laws. A contract is something that is sacrosanct. It can't be messed with or changed by a third party.

This will come as news to the hundreds of thousands of working people who have seen their pensions, healthcare and wages slashed. Just a matter of weeks ago, the government was threatening the jobs of tens of thousands of people whose jobs depend on the domestic auto industry. Given an ultimatum by the government, the auto workers were forced to accept wage cuts to put them more in line with what non-union workers receive.

What makes a contract between millionaires sacred and those between corporations and millions of workers profane?

Could it be the golden rule? He who has the gold makes the rule?

The Government to the Rescue

Isn’t capitalism great! Tens of thousands of us are losing their homes due to unscrupulous sales practices of financial institutions. Our standard of living is plummeting. But Government is coming to the rescue! Not for you and me but for the very financiers who scammed us from the start. The Federal Reserve’s unprecedented offer has made available tens of millions of tax payer dollars to insure that these giant Wall Street investment companies won’t lose any more money and that the corporate customers of the financial giant Bear Stearns will not suffer needlessly. The capitalist’s mouthpieces tell us that Bear Stearns’ management will not be getting any of our tax money. Nobody is talking about filing fraud charges against them. Instead, their criminal acts will leave them “busted“. For example, the Wall Street apologists point out that the Chairman of Bear Stearns is really taking a hit. A month ago his stock in his company was worth over one billion dollars. But when the value of his stock plummeted from $171.50 per share to $2, his stake plunged to about $27 million. JPMorgan took pity on their criminal cohort’s management and raised their offer to $10. Now his stake is well over $100 million. You wouldn’t believe the changes he has been forced to make to live within his means. Wouldn’t it be nice if that concern for the fat cat’s wellbeing bled over to concern for the rest of us.