Thursday, January 21, 2010
Moneybaggers
Well, yesterday's post was a bit of a downer, I've been told. So today I'm in a more positive frame of mind. In fact, I actually have a solution for one of the problems that's being talked about re big financial houses and their excessive risk taking with our money.
A little background: Investment banking and securities firm Goldman Sachs, which received taxpayer money from the bailout, has reported stronger than predicted profits and is expected to give out breathtakingly high bonuses to its top executives. In a scramble to prevent bad press, the firm has talked about enforcing a rule that required those executives to give a portion of the bonuses to charity. President Obama also is trying to salvage his approval with an announcement of new banking regulations. (Story here)
Some people are on board with this. And I'll admit, it would be comforting to know that there still might be some crackers left when we eventually take our place in the soup line.
But pessimists (I consider us "realists") know that this is a slap on the wrist. Throw a little money out, sure. And it isn't even your money. Once it's paid, life will go on as usual, because those risky investments are just too tasty a treat to pass up.
In the meantime, America develops more and more similarities to 19th century Britain.
So....What would Dickens do?
Well, he'd take his characters from different social strata and introduce them to each other--perhaps forcibly. And if they proved too reluctant, he might give them a little field trip into each other's lives.
And...I've got it! Instead of requiring a contribution, why not make these executives go on the road for a series of town hall meetings. Just like during the health care debate. They could meet some of the people who've been laid off, lost their homes and health care. Experience some of the anger and despair up close.
Let's face it, these are the people who should have been doing the town halls last summer anyway, not the congressmen. It's the money guys who are pulling the strings in Washington DC. Sorry to sound like my grandparents, but it's true. So why shouldn't they be required to get out here in the hinterlands and see the effects of their lobbying?
It would do us all a world of good.
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