Tag: The Bailout

Reading Between The Headlines

2/7/2009

In the last few days there have been a number of unusual headlines that have got me wondering what’s really going on in America today.  The backdrop of course is the economic “crisis” which if not fixed fast will lead to “catastrophe” which is why we have to give the banks all the money.  At least, that’s what I’ve been getting out of the latest talking points. 

I could be oversimplifying but I’m probably not alone.  In a scathing NYT piece “Slumdogs Unite!,” columnist Frank Rich refers to a “tsunami of populist rage” which is how he described the mood of America with regard to the shenanigans of the rich.  Addressing the Daschle debacle specifically, Rich suggests that the Obama administration, as well as most of Congress, is a bit out of touch when it comes to the views of so-called “ordinary” Americans — those of us who don’t have limos and mansions to forget to pay taxes on.  And he says that this disconnect could cause trouble for the governing class later on. Read More

Banking and Me

9/30/2008

My problem with the bailout is manifold but at least part of it is personal. Being a person of relatively low income, I’ve had a lot of opportunity to deal with the less friendly side of banks. At times, it seems as though they really do want a pound of flesh given the outrageous rates they charge on their credit cards — up to 33%, if you can believe it — and the fees on banking services generally.

I have a little bit of history with banks. As a young woman, I worked for banks and savings and loans for almost ten years, right through the financial crises of the early 1980s. One of my employers went under while I worked there and was taken into receivership by the federal government. I still remember the auditors marching in in their black suits. And hey, guess what the problem was? Worthless mortgage-backed securities, a measly $48 million dollars worth. Read More