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I do not agree with the government bailout. I know everyone has their own opinion, but every day the news regarding the bailout makes me angry. Since when should the super rich and wealthy be able to use our tax dollars to help make their road easier? No, life isn’t fair. However, we do not need our government making life even more unfair.

If I lost my job, business, house, car, investments, or shirt...I promise you, the government will not rescue or bail me out. And really, why should they? However, banks that made dumb decisions, insurance companies that followed the same logic, and car manufacturers that are not forward-thinking or prepared get a piece of our taxpayer's pie.

Today I read that 600 bank executives received $1.6 billion in salary and bonuses from the bailout money. AIG received their “rescue” money and their executives went on a resort getaway costing over $400,000. Could you use a resort vacation right about now? Did you get a bonus for Christmas or a “cost of living” raise? Do you even have a job?  

As you can tell I’m mad. The bailout doesn’t make sense. It will help the rich-stay-rich and the poor-stay-poor. I say let big business do like any other “common sense” business. When business is slow or not doing well, downsize, scale-back, reduce production, cut cost, eliminate wasteful spending, get rid of the deadbeats, and become a smaller and wiser company.

I’m not feeling this bailout thing, are you?

Sharman Lawson a columnist on Fabulously40, and a financial coach, speaker, and author of the book 12 Steps to Eliminate Debt Forever! Visit her website: [Link Removed]


Sharmanl, Your links have been removed, please consider upgrading to premium membership.



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Member Comments

    • 0 votes vote up vote up

      Vikki Hall wrote Dec 22, 2008
    • I don’t get the bailout either. However being a product of Detroit I can see where it may be needed to help the auto industry.
      Really it’s not the execs I would want to save but the jobs of all the people on the lines, or suppliers.
      It’s hard to say what is the right or wrong thing to do. But since it is my money that will be bailing I would rather help the auto’s.
      I currently live in Chattanooga, TN and was livid that Senator Corker wanted millions of dollars to get VW here. Now that would create 12,500 jobs in TN. However he did not want to support the auto bailout which would result in TN losing 110,000 jobs. Now I’m no mathmetician but...... 12,500 compared 10 110,000 is a huge difference.
      I believe concessions by ALL need to be made. The execs need to change the way they do business, their personal salary and bonus structure, quality of cars,pricing of vehicles. The UAW also needs to revise what they expect for the employees. To cut off a current retiree is wrong but to tell an employee that when they retire their benefits will not be there. At least they can plan for retirement. But to cut off current retirees as Corker suggested is just wrong.

      Ok now I’m all fired up.... time to expend that energy cleaning!



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    • 0 votes vote up vote up

      Julie Molner wrote Dec 22, 2008
    • I’ve tried to keep up with the reports and I am confused by it all.  From what I’ve read, the bailouts are actually loans and were needed to keep the economy afloat.  However, it does anger me that the banks and insurance companies received money without any restrictions and/or conditions especially when they are the ones who caused the failed mortgages and subsequent downturn in the stock market.  In addition, our own government is at the root of the cause since our government deregulated the banking industry thereby allowing them to do whatever they wanted—-which was to get richer at everyone else’s cost.  

      Now when it comes to GM and Chrysler, they have been given many conditions that they are expected to meet when given the loan money.  I do not know whether or not this money is going to keep these companies afloat.  I do know that this money is not necessarily going to keep the rich rich...  If the American auto makers fail, large numbers of regular workers and businesses in this country will suffer greatly.  Most people are not aware of how far reaching the American auto companies are with the businesses, charities, national events, etc. they keep alive. (GM alone gave billions to the Katrina relief.)  

      Yes, it’s true GM and Chrysler have wasted money and made bad decisions in the past...and that must change dramatically if they have any chance of surviving.  In their defense; however, the foreign auto makers in this country receive huge tax breaks (that’s why they chose the states they are in) plus they are regularly subsidized by their own governments.



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    • 0 votes vote up vote up

      Vikki Hall wrote Dec 22, 2008
    • Annie,
      Those are great questions. I wonder what the answers are?



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    • 0 votes vote up vote up

      Kissalicious wrote Dec 22, 2008
    • I am honestly dumbfounded by most of it...
      don’t know what the right answers are either...
      a lot of it doesn’t seem fair and just though...
      I have stopped watching the news as of late because it was making me terribly sad & very stressed.

      I’m glad that more families weren’t affected by loss of more jobs due to the pending bailout for the automakers but what next???



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    • 0 votes vote up vote up

      Vikki Hall wrote Dec 22, 2008
    • So how about giving us the bail out money so we can stimulate the economy?



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    • 0 votes vote up vote up

      Vikki Hall wrote Dec 23, 2008
    • Mrslorid that is a great way to use the bailout money. We would then have enought to buy a car, holiday shop, and pay our mortgages. Ummmm isn’t that what the gov’t wanted to begin with?



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    • 0 votes vote up vote up

      Mztracy wrote Dec 23, 2008
    • well, before i get my dander up about this BS!!ohhhh

      my take on the car companies....let the damn oil companies bail them out for God’s sake!!! NUFF said the bas*****.



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    • 0 votes vote up vote up

      Mztracy wrote Dec 23, 2008
    • ok another thing...our damn govt needs to stop sending our american companies overseas, we make nothing here!!!  

      why unemployment sucks here. Where the hell is ‘made in the USA’ anymore!!!

      o now i am done, lol i am going back to bed! tongue out



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    • 0 votes vote up vote up

      UK Girl wrote Dec 23, 2008
    • In the UK we too have bailed out our banks and the big companies ...

      But the banks are now not lending “our money” to the small companies who are facing closure due to late payment or low orders ...so they are just hoarding this money and being very strict with companies on overdrafts and loans.

      This week alone in my sector retailing we have seen 4 large retailers go bust and by Jan‘09 another 30 will have bitten the dust.

      There is now a big backlash by the British people about this and also about jobs / companies going overseas for tax shelters and as a consequence ....all the call centres are coming back from India.

      I was shocked when I saw your motor industry executives coming begging for money in their executive jets - how crass ..it just showed how out of touch with reality they are and how the average “Joe” has to struggle...



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    • 0 votes vote up vote up

      Vikki Hall wrote Dec 23, 2008
    • Unless I missed the vote somewhere.... the gov’t really needed to bring it to us (Im sure here at fab40 we could figure out all things) the people and actually let us have a voice in the metter.....



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    • 0 votes vote up vote up

      Waxwing wrote Dec 31, 2008
    • Do all these bailouts make me mad ??? I almost popped a vein !  

      The thing that is just so hard is what a dichotomy this whole thing is. If “we” don’t do something, then it is the poor who will suffer at the hands of the greedy, again. Yet I don’t want massive risk socialized. It is utterly unfair that the upside is private ( so much so that the people running hedge funds only paid 15% in taxes ) but then the downside is socialized - we bail them out. Yet they are so intertwined with society that many people will lose jobs...YUCK, all around.

      So, my thinking is , much like Barney Frank’s thinking, make these people and corporations have certain CONDITIONS that they must follow. Like, take a 95% salary cut. Or , pay taxes at the rate you should and no deductions.......it is mind boggling that the banks don’t have to report how they are spending the bailout money, or that the investment bank officers were negotiating BONUSES as part of the bailout. Here’s a bonus : we won’t put you in jail so that you don’t have to come up with bail !!!!!



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    • 0 votes vote up vote up

      L J wrote Jul 1, 2009
    • sharman, i am with you on everything you said!girl!
      the government does not care about us and i don’t think they ever will!!
      but i do know one thing!

      • THEY WILL KEEP ON CHANGING THINGS UNTIL WE R WORKING FOR THEM AND ALL OUR PAY WILL BE THEIR‘S!!!*
        LJ


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