Wednesday, January 21, 2009

The Bailout needs Bailing Out

Timothy Geithner, PRESIDENT Obama's Treasury Secretary nominee, said today during testimony before a Senate panel that the bailout measures passed late last year needed serious overhauling:
"'Many people believe the program has allowed too much upside for financial institutions, while doing too little for small business owners, families who are struggling to keep their jobs and make ends meet, and innocent homeowners,' Geithner said."

I don't think bailing out big financial institutions was a mistake. After all, look what the collapse of Bear Sterns and Lehman Bro's did to the economy as a whole. But I find it refreshing that a powerful government official is actually concerned about helping individuals. Not out of charity, but out of necessity.

That's something that the Bush administration and the rest of the neocons refuse/d to acknowledge. Helping individuals helps everyone, including the Fat Cats. Only helping the Fat Cats doesn't necessarily help anyone else out. Trickle down doesn't work. It didn't work in the 1930s and it didn't work in the 2000s.

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