Although the Dow Jones continues to rise this week, news in the larger scene has been wholly disheartening. Amid confirmatioons that AIG used $165 million of the nearly $3 billion of taxpayer money to pay executive bonuses and prolong the pain of the insolvent institution, the financial bailout game is becoming farce. Many Americans are starting to believe that perhaps it would have been best to let the free market put AIG and others out of their misery.
But "bold action" has sought to put the dead man known as corporate mega-ank on a breathing machine indefinitely. It is simple to wonder why things are bad when the very executives and politicians who terrorized the public for cash and ultimately, their livelihood, hold press conferences condemning lavish executive compensation that they knew dominated the fine print.
The White House remains in the grasp of hte corporations and even worse receives its economic and political directives from the privately-owned Federal Reserve Bank and their special interests.
AIG is symbolic in that it was the first private company awarded federal bailout money. It began a processs that later culminated in a $700 billion banker takeover in October, a $350 billion Secretary of State dictation bailout in November and President Obama's recently passed $900 billion "stimulus". The last "rescue package" seeks to continue the same citizen to CEO payment transfer plan that has wrecked most Americans' savings.
It is laughable that the Preesident and Congresspeople are now whining to the American people about a measly $165 million out of a cool $4 trillion already taken by brunt force and manipulation.
It is especially a surprising move noting that they refused to consider such issues when the following bailouts were debated. But, alas they were too busy building a "safer America" via new economy to see beyond the long political memory of three weeks. Thus, average Americans will suffer and the President and Congress will continue to be mere pawns of the super-elite.