Da Hawg Frog Blog

They’ve done it again. The administration rushes to help big business while the citizens foot the bill for bad policy and foolishness. Bear and Stearns is one of the largest and oldest financial institutions in the United States. They have been doing business for 85 years. They are supposed to be some of the greatest business minds the country has to offer. They spearheaded the subprime mortgage movement. Now the rent is due and they have run aground. For years their share holders grew rich on the pyramid scheme that fueled the greatest mortgage foreclosure rate since the great depression.

So what is the Bush administrations response? Pump billions of taxpayer dollars into a private business whose failure is based on the very programs they’ve been touting, free market. Well when you and I suffer from bad investments we don’t get bailed out, we face the consequences. But these titans of free trade fall on their face and we end up footing the bill for their ineptitude.

It was the likes of Bears Stearn that brought about the disaster in the mortgage industry. They pushed the subprime loans until the faulty reasoning caught up with them and destroyed our credibility globally. If this government had any sense at all they would be bailing out the people who are loosing their homes to this inherently flawed system put in place by the likes of Bear and Stearns. Those billions we are paying this private corporation should be sent to the citizens facing foreclosure. If they could pay their bills then these financial institutions that conned them into buying beyond their means would be getting their mortgage payments.

Don’t get me wrong. I’m not saying the predicament we find ourselves is all the fault of big banking institutions. It is also the result of a lot of greedy people who saw the subprime market as just so much free money. They were encouraged by this borrow and spend administration to seek more than they could afford. Now the entire global market is staggering from the fiasco.

Global economy is another crock of shit. It is NAFTA, CAFTA and SHAFTA that have destroyed our economy. Big business has outsourced all the jobs traditionally held by the middle class to third world countries and in the process turned us into a banana republic. All the economic pundits today are blathering about the global this and global that and how it is inevitable we are moving to a global economy. Bullshit. What we need to do is go back to protecting our jobs and industries by imposing stiff trade tariffs and forcing those businesses who want to do business here either employ Americans on American soil or pay the consequences. The major corporations that operate in the United States should be paying their way instead of outsourcing everything to cheaper labor markets. Look at Walmart and all the stuff they import from Communist China. The goods they are importing should be taxed to death. This would bring many of the jobs back to our shores. And perhaps as a side effect we wouldn’t be getting poisoned by the Chinese every time we turn around. Lead in baby and pet toys, lethal ingredients in foods and more would no longer be a concern. The only people gaining by globalization are the big companies who are filling their coffers at the expense of the American worker.

It is time we did something about protecting our own. Discourage companies from going overseas for products we have made here for decades. Tax the hell out of those that do. Cut off corporate bailouts and tax breaks. If everyone, human and corporate, were paying their fair share we wouldn’t be in the mess we are in today.

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