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Monday, September 22, 2008
Star Parker :: Townhall.com Columnist
Real crisis is loss of American principles
by Star Parker
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My sense is that the attention that most Americans are paying as the power brokers of our government re-mold our future is not too deep.

Sure, we're watching to see which Wall Street firm emerges as the basket case du jour.

And the 50 percent or so of us who own stocks in some form are paying attention to the impact that each major announcement has on the market and on our nest eggs.

But beyond this, it's like watching the mechanic play around under the hood of your car. You stand by with your fingers crossed hoping that he knows what he's doing and that the price tag of the damage won't ruin you.

What's bothering me today, and what I think should bother you, is not only don't we understand exactly what these guys are doing as they play with our economic engine, but few are asking what authority they have to be playing around in there in the first place.

Talking about Secretary of the Treasury Henry Paulson, the Wall Street Journal reports "Today he finds himself in a position of power unmatched by his predecessors. He decides whether Wall Street firms live or die, picking winners and losers with the power of the federal purse."

Somehow the idea of our Treasury Secretary sitting like a Roman emperor, giving a thumbs up or down whether firm A or firm B will live or die, just doesn't wash with the basic principles of how I believe this country is supposed to work.

The "power of the federal purse" is a nice abstract way of saying there is open season on citizens and taxpayers. We are the federal purse.

Somehow we have gotten to the point where we citizens have been written out of the equation of our own country and Constitution. Paulson can decide to commit billions of our money -- you know, what we work for every day, save, and assume we own -- to play lifeguard and we don't even get a courtesy call asking if its okay.

So I ask, is this the disease pretending to be the cure?

There is, of course, a lot of discussion about the causes of today's financial turmoil.

It may be politically expedient to blame greedy Wall Street executives. And I have no doubt there's plenty of greed on Wall Street (or in Hollywood or elsewhere for that matter).

But as unattractive as greedy behavior may be, greed is not illegal. Continued...

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About The Author
Star Parker is the founder and president of CURE, the Coalition for Urban Renewal & Education, a 501c3 think tank which explores and promotes market based public policy to fight poverty, as well as author of White Ghetto: How Middle Class America Reflects Inner City Decay.
 
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real loss
i couldn't agree with ms parker more. it seems every few months some business collapses because of overpaid immoral execs that get fat severence packages instead of prosecution.

i say strip the severence package totally, prosecute them with real jail time in a real jail, and file class action suits against them.

i think its time for the american public to get angry about abuses that we pay for, so this won't go on..

Greed Not Illegal part 2
O! And don't forget all the politicians, mostly Democrat, and especially Barack Hussein Obama, who received millions from those same organizations but are not held accountable.

If you or I had practiced and been caught at even 1% of those people/companies fraud, we would be looking at some "hard" prison time plus hefty fines.
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