(9 am. – promoted by ek hornbeck)
Hat tip to Armando this morning…
Eugene Robinson writes in an op-ed piece at WAPO today:
Both the credit crunch and the reluctance of consumers to spend what money they have left are the direct result of Wall Street’s atrocious misbehavior. Yet the administration’s plan for rescuing the banking sector involves generous inducements, big subsidies and the opportunity for wealthy investors to become much wealthier while assuming very little risk. There are reasons for structuring the bank bailout this way, and there are reasons to take a get-tough attitude with the auto companies. But the juxtaposition is galling — and, for many autoworkers, potentially devastating.
“We cannot continue to excuse poor decisions,” President Obama said yesterday as he laid down the law to Detroit. But it’s hard to reconcile that declaration with policies that seem to excuse, if not reward, unspeakably poor decisions made on Wall Street.
I can’t argue with the administration’s decision to force GM chief executive Rick Wagoner to resign. It was encouraging, even, to see the White House employ that kind of muscle, given the fact that the president now has to oversee so much of the economy. But shouldn’t the first public flogging have involved one of the bankers who got us into this predicament? On Friday, the day when Wagoner got his walking papers, the biggest cheeses on Wall Street went to the White House for a cordial meeting. All still had their jobs when they left.
Our tough-love message to the banks: Would you mind, possibly, lending some of that money we gave you? If it’s not too much trouble, that is. And would you like another pillow?