By now, even if you live in a hole, you should have heard about and are hearing about United States' and the world's financial crisis. Within the last couple of weeks our President has got on the boob tube and pleaded with Congress and the American people for a $700 billion bailout for the fat cats of Wall Street. This had to be done as soon as possible meaning days, not weeks, giving no time to have hearings or research what the problem was, what caused it, or what would be the best way to go about trying to fix the economy.
Within days of Congress agreeing to spend $850 billion on the financial rescue (bailout), there has been hearings with the House Committee on Oversight and Government Reform where we are learning that high executives and CEOs of Wall Street financial companies have left these companies with hundreds of millions of dollars that were paid to them, some of these fat cats were paid such amounts as a million of dollars per month having them on retainers. On top of the already tens of millions they were already getting, they took home millions of dollars in bonus or a form of severance, or retirement packages. Then as some at the House Committee on Oversight and Government Reform heard yesterday and the day before, even as taxpayers were bailing these companies out, some such as AIG were holding week long events at posh hotels that charged up to $100,000.00 a night for rooms, spending $440,000.00 for these events.
I'm sure that the American tax payers are just happy that their representitives voted to bailout these Wall Street companies at the cost of over $2300 for every man woman and child to save companies that paid their officers hundreds of billions in salaries and bonuses as they left their jobs before pleading to the American people to bail them out. There are many families that live on under $20,000 a year, it is just wrong that some of these guys were making a million a month, no one is worth that much.
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