http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/25/EDRD132NGQ.DTLIs it fair that businessmen who fail in neighborhood stores have to close shop and often sell their homes, while Wall Street titans are spared the consequences of monumental stupidity and greed?
... Middle-class American families have paid and paid - in lost jobs, lower wages, a falling median income - to save the big banks from the consequences of their follies. And those bank bailouts are behind the trade deficits that set five records in the Bush era, reached 6 percent of gross domestic product, forced huge U.S. borrowings from abroad and ravaged the dollar.
... About one thing we may be sure. The U.S. deficit and national debt are going to soar. The credit rating of the United States, as this nation of nonsavers has to borrow abroad to save its banks, and their banks, is going to fall. We are going to be a poorer nation and people.
As for the promises and plans of Barack Obama and John McCain - be it for national health insurance or middle-class tax cuts - they are going by the wayside. For the United States is as bankrupt as Lehman Bros., with this difference: Uncle Sam can still borrow from abroad because foreigners see many juicy U.S. assets they would like to take off our hands with their hoards of ever-cheapening U.S. dollars.
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