One thing was painfully clear to me last night as I watched the BBC coverage of the House vote against the “bail-out”:
It seems that most Americans see the financial crisis as a national case – an us vs them, fat-cat vs joe 6-pack type situation. They do not see themselves or the situation as part of a much larger global market.
In my gut I felt “quite right” when I heard snippets from Nancy Pelosi. It does seem that the market “rules” – until there’s a colossal oopsy.
But who will suffer really, in the end? I fear that it will not be the members of the board of Lehmans….
What we should be writing to Congress now? Make sure that there’s something in it for us peasants this time! Off the top of my head: Caps on the ginormous salaries of board members and CEOs. More stringent regulation. Something to stop this happening again. And while we’re at it, can we all just stop believing that “the free market” is actually free?
I went to bed thinking, “what timing.” In yesterday’s post I finally received my absentee ballot for the November election.