I have expressed my desire to keep my political beliefs out of the pages of IDE many times in the past.  However, I received an email last week that I simply must address.  Jerry C. sent the following response to my article from September 22:

Dear Rick,

Everyone is blaming the mortgage market for this economic meltdown. I think it goes deeper than that. There would be no mortgage meltdown, if the working class had decent jobs at decent pay, because they would be making their mortgage payments. I am 67 years old and I have seen a conspicuous drop in real wages in my lifetime.

Year after year I have seen the international balance of payments go $billions into the red. I have seen the government debt go $billions into the red.

I have seen laws and regulations proliferate to the point where I cannot understand how any business can function without violating countless unknown laws and regulations. I have seen countless jobs shipped overseas.

I have seen the environmentalists shut down the oil industry, the logging industry and the fishing industry. I have seen them throw so many stumbling blocks in front of the farmers that I am surprised to find any food left in our market places.

Do you want me to point my finger at the culprits: It is the Democratic Party!

Jerry am I supposed to take you seriously?  How can you mention the national debt and shipping jobs overseas as problems and then blame the Democratic Party?  In the 41 years I have been on this earth, Republicans have been in the White House for 28 and Democrats for 13.  The three most recent republican administrations (Reagan, King George I and King George II) have added more debt to this country’s bottom line than all other Presidents combined.  How is the national debt a democratic problem?

I don’t agree with the Democratic view of handouts galore either, but the Bush administration seems more than happy to handout my money (and yours) to any bank, investment firm or insurance company that needs it.  The Democrats in congress are supporting the bailout as well, so I don’t blame the Bush administration entirely.  The reason these companies “need” our tax dollars boils down to one simple word: greed.

The head honchos at these firms used leverage to boost their bottom lines for years and collect huge bonuses.  The funny thing about leverage is that it works both ways.  When you profit, your profit is higher thanks to leverage.  When you lose, your losses are exaggerated because of leverage.  But the greedy SOBs didn’t know when to quit.  Treasury Secretary Paulson said he was shocked at how inadequate the financial regulations are.  How is that possible, before becoming Treasury Secretary he was at Goldman Sachs for 30 years?  He used these inadequate regulations to his benefit and now his personal fortune is estimated at $700 million.

Don’t think this is a Republican thing either.  Wall Streeters are known as being very giving when it comes to political campaigns, and they donate to both sides.  Now they are getting their payback by trying to keep things as status quo as possible.  They will take the bail out and use it to their benefit as much as possible.  Sure the year-end bonuses will likely be way down this year, but you mark my words, within the next two years the bonuses that Wall Street is known for will return.

The unfortunate thing is that we have reached the point where the bailout is necessary to keep our economy from sinking deeper.  Do you realize that the $700 billion bailout amounts to $2,700 for every person in this country? 

Sorry to pick on you Jerry, but I get tired of people from both parties blaming the other party for all the faults.  After the bailout was voted down in the House yesterday, Republicans and Democrats acted like two adolescent brothers—pointing fingers at one another “it’s not my fault, he started it.” 

These men and women are supposed to be the leaders of this country, but they are behaving like anything but leaders.  They are acting like a bunch of spoiled little brats and they need a good smack upside the head like my father used to give my brother and me when we pulled crap like this.

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