My Gripe With The Government
by SoSickWitItYo and ICECrush
I know that it has been a long while since I did a real good opinionated piece, so I figured I would share my piece of mind on the current state of the Government, and what is currently aggravating me to no end. The current economy, as we all know, is pretty much down the crap chute. There is no way that the economy will be getting significantly better any time in the near future, and life here in America/Canada and the rest of the world is getting worse each and every day. As a American living in the U.S.A., I find it really scary that there truly is no solution to the current housing crisis that is going on throughout the country. Sure, Obama did give us his plan to save the economy before he was elected, and then there was the Bailout plan that was set in place... But where has all this money gone!? There has never been a time in history when people have been given free handouts to save their mortgages; a lot of the money that has been, or is in the process of being, allocated is just going to waste.
Out of all the dumb moves the Government has made, giving money to A.I.G. is the by far the dumbest! Now I know how much I (SoSickWitItYo) supported our current President before he was sworn into office on January 20th, 2009, but I am beginning to wonder if my fellow blogger (ICECrush) was right when he said that Obama really won't be able to help the economy, and that McCain would be better suited for a situation like the one that the majority of Americans are facing. Why is my opinion of President Obama changing? Well I know he really is not all to blame for the misuse of money in the U.S. Government, but he is the leader of this country, so if blame must be placed somewhere, it might as well go to the person who is in charge.
Obama and the current government that is running America decided that it would be a great idea to lend A.I.G. (a banking company) a very large and hefty sum of money to help stimulate the bank, and allow for them to get back on their feet. They gave money to A.I.G. twice, the first time, the money was misused and again, this past March, the money was misused a second time! It is hard for me to stand by a government that lends out money to banks and insurance companies like A.I.G., especially when they make the same mistake twice.
The first time A.I.G. got their paycheck from the government, they decided that work was just a bit too hard for them, so why not spend this hefty paycheck inked by the government on a relaxing vacation away from the office. Let me tell you all something. There is nothing like taking $440,000 and putting it towards a corporate retreat at the St. Regis Monarch Beach resort in LA, California. This little trip of theirs occurred during the week of September 22nd, the week that the Federal Reserve made an extended $85 BILLION emergency loan to A.I.G. in order to keep the insurance group afloat and working properly.
Picture a long laundry list your mother gives you as a child. That sheet of paper is filled to the very bottom with stuff that you have to do, and chores... You know, the usual stuff! Now picture that long list, but instead of it being chores, it is the tab that you ran up with the governments loan money... The receipt that we were able to get our hands on featured a total of $139,000 spent on hotel rooms. Now add $147,301 to the banquets that they threw (which must have featured some pretty amazing food if it had cost THAT much). Then you can tack on another $23,380 spent on spa treatments (very quintessential for the hard workers who are ruining the economy. There is just too much stress in their lives... seeing as they have ruined the economy!). Then feel free to slap $6,939 on numerous golf matches and another $9,980 on room service/food/drinks that were all purchased in the hotel lounge.
Wow, that was just the first time they messed up. You would think that after the first time someone messes something up, that they would learn from their mistakes and not let it happen again (especially something that big). I guess you can't teach an old dog new tricks, but even old dogs are smart enough to not make the same stupid mistake a second time. On March 3, 2009, the Senate Budget Committee had a testimony that was brought before them in which the Federal Reserve Chairman stated:So it is not just the average American that is noticing that A.I.G. has no idea how to use money correctly... It took the Chairman of the Federal Reserve this long (March 3rd) to make a comment about it and make it apparent to the government that A.I.G. is not to be trusted with cash. Why is it that the people who are smart and give the warning are never listened to? During this month (March 2009), A.I.G. decided that going on fancy vacations warrants that their executives deserve bonuses. "Yes, you guys worked so hard drinking you butts off, playing golf, and wasting the governments money that we thought we would reward all you executive with a little something something."
"AIG exploited a huge gap in the regulatory system,” ... & "to nobody’s surprise, made irresponsible bets and took huge losses" - NY Times
Obama stated: "It’s hard to understand how derivative traders at A.I.G. warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?" also, "In the last six months, A.I.G. has received substantial sums from the U.S. Treasury. I’ve asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole." - NY Times
Now, I respect the President for recognizing that this company can't really control money... BUT WHY DID YOU VOTE IN FAVOR FOR THEM TO GET A BAILOUT WHEN YOU WERE A SENATOR? Why is this all clicking now for our President? He is leading over a group of Americans that are well aware of the current economical state their country is in, and are not idiots when they hear about A.I.G. misusing government money. The way things are going, A.I.G. could be up for another loan in the next couple of months... Who knows!? This time they might go on a cruise, then afterwards, decide that their hardworking executives who screwed up the company and put a sweat in on the cruise ship deserve a raise and bonus! I guess only time will tell, and who knows if A.I.G. will be able to milk the U.S. Government for more money.
Well this is a very long post, so I am going to end my comments right here, and they aren't pretty. A.I.G. is a company that should not be trusted by the American government. Why should hard working tax payers money go towards the bonuses of executives who sit around and go on vacations that are being payed for with their money? Why, as Americans, should we stand around and watch as the American economy deteriorates right in front of our eyes!? I don't know how many teens or high school students are reading this blog (or how many adults are reading this blog), but as a young adult who is about to take the step to going to college, I am legitimately scared for what is in store for both myself, my family, my friends, and my fellow Americans. If I were to sit down and have an interview with President Barack Obama, there would be nothing that he could tell me to make me become more confident in him, his government, or the current economy that looms over many American households. I am still a Barack Obama fan, and I think he can lead the American people to do great things, but he needs to find a way of restructuring the government so that this never happens again. When America faced The Great Depression, the government bought out houses of Americans, and then sold them for cheaper money. This then jump started the economy, and while I know it is not a original idea (and was done the last time we were in a Recession/Depression), Obama should give it some serious consideration.
Personally, I feel as though no matter how much I blog about the current problems with the government, the economy, and President Obama, things truly won't change. Who Am I? What affect do I have on the current situation in America? To tell you all the truth, I sadly don't have an affect on it at all. But Hey! At least I am getting my opinion out there, I am hopefully educating others around the nation and globe about the current problems here in the U.S., and who knows, maybe I will organize some ideas that I think could help "jump start" the American Economy. Then again, I am only a Young Adult, Right? What good can I do?Print this post