I agree whole heartedly with Brian Kirwin on something. And I actually have to capture the moment. I know it won't last. In fact, I am certain that we'll be disagreeing shortly on the nuts and bolts of a plan to shore up the markets and maybe end the financial crisis, but he is on target in what he says in this post on Bearing Drift.
I’m convinced people don’t mind government stepping in to shore up credit markets to make sure the economy doesn’t free-fall. No one’s thrilled about it, but letting the nation crash so it may eventually rebound sounds great on a blog, but this isn’t like sweating out a cold. People will be hurt badly in pursuit of some ultra-libertarian pursuit of economic purity. But in the same day that newspapers report about the bailout, newspapers report this.Here, Brian shows that he thoroughly gets it.Circuit City Stores Inc.’s departing chief executive is receiving at least $1.8 million in a severance deal (AP)
Circuit City, a company that’s lost money every quarter but one since early 2007, who fired loads of employees and offered to hire them back at lower salaries, whose stock fell to a 22 year low yesterday, can cough up millions to the guy who led the way to the basement?Brian then goes on to suggest that spending $700 billion to invest in energy development in this country could lead to an economic boom. But saving golden parachutes and bonuses for the very executives who led us into this mess is a deal breaker for both sides.
Regular folks hurt by a slowing economy don’t get 1.8 million when they’re fired. Folks, that’s the base of Reagan Democrats who have union jobs and conservative values, and they just want to work.People have no problem with rewarding those who do well. Millions for fatcats who did horrible jobs will destroy this bailout.
Now, if Brian and I agree on something either it's because it's really true and we're close to a solution, or it's the unleashing of the four horses of the Apocalypse and the end is very near. Or maybe both!