What interesting times we live in. Our nation is in an unprecedented financial crisis. At the same time, our elected officials face political jeopardy in an election year as they try to secure a bailout plan for the economy.
It's a classic Wall Street versus Main Street dilemma. Congress is struggling to approve the administration's $700 billion rescue plan and avert an economic meltdown, while trying to place safeguards on the plan to protect taxpayers.
But where were these political leaders when Wall Street firms and lenders were making shaky investments and approving risky loans? Where was the oversight when Boards of Directors approved irrational employment agreements for CEO's? To many of us, Washington and Wall Street themselves set the stage for the current threat to American capitalism.
Congress is being told to support some form of a rescue plan, but we taxpayers deserve much more detail about how we got here. Oversight and regulation must be in place to make sure that our $700 billion are not wasted.