Transparency

Our money, $750 billion of it, went out without a thought about how it would be spent or how its use would be reported back to Washington.  Hopefully when reports got to D.C. they would share that information with the people who paid for it.  Those people are us, the U.S. taxpayers.

Now we find that billions have gone out in bonuses to stock traders, and it is lamented that they couldn’t pay more of our money out to buy Ferraris and other minimal luxuries for these workers while others are laid off and the banking industry is in chaos and has to depend on taxpayer money to survive.

This is an insult to tax-paying Americans.  Billions in TARP money (our money) was used for bonuses.  Please, new Administration, get your priorities straight.

IF more aid to banks is needed, there needs to be transparency, a cause for any funding and quarterly reporting to their lenders (us, the US people).

A real plan for jump-starting our economy is required.

No funds should be expended for insurance companies – AIG was a huge mistake – unless they agree to be regulated federally (as are the banks). Insurance companies don’t exist to pay out when someone hits your bumper, they are investment companies who invest our premiums for money and never reduce premiums when we reduce their payouts (witness seat belt laws).  Same for reinsurance companies.

As to the Big Three auto-makers, they should have made themselves more competitive in the 1970’s.  Forget about the give and take of fuel prices, look to the next step and do it!  They deserve to fend for themselves and not have any more bailouts.  Management blames it on unions, unions blame it on management.  Let those folks on the board earn the perks they get, for once, and make things right.  And let the engineers and workers do what they do best, build cars.

You’re spending our money here, Mr. President, Senate and House.  We elected you and expect you to act in the best interests of your constituents, not your lobbyists.

Perhaps the White House and House and Senate cafeterias should start offering only franks and beans or the stuff that’s in their freezer or walk-in frig.   That way they can feel like we do when we’re laid off.  Cheers, Dee.

p.s. We thank the banks that didn’t invest imprudently and didn’t need taxpayer assistance, same to the auto manufacturers.  May you continue your prudent work and investments in the future.