Sunday, October 12, 2008
Wall Street Fat Cat
This photograph was taken in 1913, and shows a Wall Street Fat Cat. Well, I sense that you all are getting tired of my ranting about the economy and the Government's feeble attempts to address the issues that are causing what is perhaps the greatest financial collapse in history. Because of this, I am trying to limit my commentary on the economy to my Sunday post. So, I have been pretty good all week to spare you my opinions, but as today is Sunday, here goes.
First off, I should say that I am not poor, and blessed enough to not be struggling financially. My family has always worked hard, been generous in our giving, responsible in our spending, and diligent in our saving. I do not resent people who have become successful by creating, building, making, or otherwise providing useful goods and services. That is the American Dream, and I am the first to congratulate those who have been able to make it big. The thing that gets me though, are the Fat Cats who amass huge fortunes by gaming the system, and providing no real value to society. When I look at the Wall Street guy above, it is as if he has some sort of smug smirk on his face. I see that same smirk on the faces of Fat Cats today, and it really, really annoys me. A case in point is the Government's recent bailout of AIG. Through gross mismanagement, AIG executives drove the company to the point of bankruptcy, while at the same time collecting huge bonuses for themselves. Rather than let the company go under, the Federal Government bailed the company out, and provided $85 Billion in financial support for the company. This was my hard earned money, your hard earned money, and the money of our children and grandchildren. After providing this emergency bailout, the executives at AIG decide to have a retreat at the posh St. Regis resort near Los Angeles. Total tab for the retreat was over $440,000. What the . . .???? We bail out AIG to the tune of $85 Billion, and then they decide to treat themselves to a little Junket to the St. Regis? The resort bill included over $23,000 in spa treatments for the executives.
My question for you is, where is the outrage? Am I the only one livid over this? I fear we are reaching the point that the voice of the common man is no longer being heard.