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.
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?
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.
Taking the $700 billion we send overseas to pay for energy and developing our own energy here would launch an economic boom. Taking a $700 billion bailout for millionaire severance packages will launch an economic revolt.