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September 26, 2008 [ More archived home pages here ]
Americans Stick It To Wall Street Executives
My last home page was the start of this continuing discussion about my reluctance to support the bailout for Wall Street. On Wednesday I watched in its entirety the C-SPAN 3 coverage of the House Finance Committee Hearing on the bailout plan put forth by the Administration. I am proud that I wrote my Congressman on Tuesday night and informed him of my desire to not support the Administration's proposed plan and discovered that the overwhelming majority of Americans feel as I do.
One of the best things about the timing of all this is that every member of the House Of Representatives is up for election in November. Each elected representative from that side of the legislature better do what the majority of his/her constituents tell them to do on this or they may be voted out of office! This is great leverage at this time because otherwise our voices may not be as well heard on a issue like this.
Thursday night I watched Senator Richard Shelby indicate that nearly two hundred economists say the Administration's Proposed Plan is flawed. That's one more pretty impressive argument to not move forward so fast.
We may very well need to rescue our economy, but bailing out Wall Street is not a fair way to go about it. The Wall Street executives should in no way be excessively compensated for their mistakes. If those Wall Street executives don't agree, then let them fail! We Americans will pick up the pieces afterwards. There are plenty of people who can work to resolve the problems with a reasonable compensation package. No one needs to be paid millions in salary and/or bonuses that are receiving taxpayer money for bailouts.
Maybe this will be the beginning of the end of sky-high executive pay that is astronomical in scale to the average worker. I bet there are 100 million Americans that would work for 1 million dollars a year on Wall Street where those current Wall Street executives expect to be paid 50 million or more for causing a mess!
It's about time we Americans stick it to Wall Street executives! I love it!
I'm very happy to hear we will now be able to drill for more American oil. We still need to drill in more restricted American areas, but this is a good step now.
Found on the web links for September 25, 2008
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