The Grand Bailout

February 03, 2009

They say that the US is the capital of capitalism! Given the new numbers of Obama's bailout package, it certainly smacks of nationalization of banks - even if you do not call it that. The Congress has approved it and the Senate is considering it before more money can be printed and passed around.

The bailout tag is set at almost $900 billion. Let us divide this number by the US population. That gives us about $3000 per person (approximately), cash (if at all). But this will not help me pay my mortgage for more than a month, then what do I do for the next month? Let us say, each of my family member, 4 of them, get this, then, I can pay 4 months worth of mortgage and have nothing to eat, if I do not have a job. Already, the consumer debt per capita is an astronomical $38,000 (approximately).

I think this entire bailout business is very wise on Obama's part. He knows that the US economy can handle such a big bailout over and above the one burped down by Bush, before he left office. But there needs to be a new vision plan.

It may actually be better if America learns to pay its debts, stop all its war spending and learn to build a wise society based on educating its children and caring for its sick and protecting the environment. Enough of this macho game of being a "super power". Even the adoption of the fiat money accentuates this self-aggrandizement of self-worth. Let the feminine shakthi prevail until all this mess is cleaned up. That means getting down to WORK.

For too long, America has learned to "tell" others to work and stopped working themselves. Of course, they got paid by others to tell them how to work!LOL! Now it is time for America to roll up her sleeves and get to work- the way she has done every time she has confronted historical moments. Time for new barn raisings.

However, the time calls for human values of compassion, trust, hard work, sacrifice and service. There needs to be a return to bartering of skills and work. You clean my house for an hour and I will tutor your kid for an hour. Neither has to exchange "money". For a change, this valuable exchange will deflate the ridiculously high "salaries" of some people and certain professions.

(aside) The banks need to stop charging any fees for some transactions as long as you trust them enough to put your money in them. The CEOs and the rest can learn to make do with minimums (and return their gold waste paper baskets). The previous bailout that our friend Bush initiated ensured that the CEOs could redecorate their offices and order private jets with tax money. Oh well.

This can be taken as a great opportunity to clean up the inflated self-worthiness of "great" financial institutions who have gone around the world insisting on "their" way of business and "their" rules that furthered swindling across the globe with political support from those respective countries. Wow! Now the kid has cried, "The emperor has no clothes!"

HOWEVER, if we look at the amount of debt carried by America after WWII, the current debt seems paltry, when compared to its income. Of course, America exploited earth's resources the last time (after WWII) to get up and fly. Tis time around, she cannot afford to not be green. So, we have got to think "outside" the proverbial box.

Having heard stories from my neighbor, who is 82 and had lived through the depression as a child, I know the American spirit is unbeatable and can handle this mess. For an obese nation, eating humble pie for a while may be just the right diet ordered by the doctor for a healthy, wealthy life ahead. And I know she will soar up to the skies once more like her eagle.

Blokes aka Meenakshi enjoys writing along with being a mom, a school teacher, a musician and an Art of Living teacher (of meditation and breathing)
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February 6, 2009
04:11 PM

cute. the humble pie if really good! i love pie!!! :) The situation is even funnier when America expects Russia to toe the line while America itself will do as it pleases. Also, it would help to take away the international power of the dollar as the main currency of exchange - like many people have already called for. Well, I guess we could keep adding TO DO's. But great article as usual.

February 7, 2009
06:04 AM

well written as usual. i was in a women's conference yesterday, an international one, & a lady entreprenuer from tokyo shared that her grandmother made 10courses fr new year eve dinner -- all with tapioca , as she cldnt afford anything else. yet she ws happy, & felt blessed that she cld do it. talking in relation with recession etc., i also felt that ANY poverty or prosperity is in the mind more than in the materiality in the world outside.

February 7, 2009
10:16 AM

This bailout is going to stimulate the government, not the economy or capitalism. So right off the bat, we know that Obama will be back for more, and more, and more, and more until Obama can't get no more.

The health of whole economy is tied to spending, and if people cut back on patronizing the consumerism, than government has to step in and do the spending. Somebody has to spend money and keep the economy afloat - be it consumers or government. Consumer spending stimulates capitalism, government spending stimulates socialism.

February 7, 2009
10:28 AM

Karan Johar is in a deep doodoo. His beloved big apple is fast becoming a slumdog set. Yes. That is the fate facing the middle-class in NY. NY, like SRK, is facing the fate of Kal Ho Na Ho.

N.Y.C. so costly you need to earn six figures to make middle class
BY Elizabeth Hays

"A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston."

"New York City can be, especially for the middle class, squeezed by skyrocketing living costs and stagnant wages"

Full story

Who is going to bail out the 'millions' of slumdogs? Nobody knows the answer.

February 8, 2009
09:31 AM

well it is one of those i told u so moments - so i wont tell u so..

February 10, 2009
03:48 AM

today we heard Obama appeal to everyone about his stimulus plan- Nothing concrete except that pump more printed money into the system ad all will be well- oh well!

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