What do you do when you have 150 Enron’s?

Wow, what fun we’ve had these last couple weeks. Watching the little Wall Street graph go up and down. Though yesterday was the largest single day loss on wall street, it was only #17 from a percentage perspective. It was the fourth largest percentage in ‘modern times’ – meaning the drops in recent memory (the rest were around the great depression, except 1987’s October 19 – which holds the record). But when George Bush came on the box speak to us over a week ago, I couldn’t help but picture GW turning to all his Wall Street buddies, and in his best Rodney Dangerfield – “Hey everybody, we’re all gonna get laid!” And Wallstreet loved it – but Liberty wept.

Make no mistake, this is a serious issue. Estimates range from half to 1.2 TRILLION dollars for actual bailout. The Bailout will be limited to $700 Billion Dollars (did you remember to use your pinky?) Remember that email about all Michael Jordan’s money and in the end Bill Gates farts and makes more then Michael? George Bush just farted but instead of making a thousand time more money, we’re that much in debt.

How did we get here? The housing market was the tool but the real issue is the financial institutes backing these and other investments. Or read Michel Chossudovsky’s ‘Global Financial Meltdown‘ (this reads like an economic spy briefing, interesting but a little technical). But we’re still the ones footing the bill – again.

And those bastards on Wall Street, and their friends in DC won’t feel a thing. So, finally to my title – what do you do when you have 150 Enrons? When you have 1250’s mismanaged companies and the exec’s and the chair people that are approving the abuse of the system in the name of competition, there should¬† be¬† a price they pay when it all comes down.

Honestly, I’m not sure how to feel about The Bailout. On one hand, we may be on the verge of an economic meltdown and we need to start sandbagging or everything going under. On the other, we didn’t create this mess – why should we clean it up? Shouldn’t Wallstreet pickup after themselves?

Tell you what – I’ll agree to The Bailout if part of it includes prosecution of those who broke the law and a 50% Bailout Tax on the profit of those people or institutions that gained financially in the last 10 years from the housing market boom – losses are deductible. The only exception would if you own one house, or two houses for less then 12 months. All profit gains over the last ten years from this housing bubble will taxed at 50%.

Holes are beginning to appear on Main Street. This is definitely affecting the presidential campaigin. This will definitely be felt by you and I. Regardless of where you stand on Global Warming, you don’t facts want to cross the line of ‘historic events’. Regardless of where you stand on The Bailout, we don’t want our economic numbers to cross into ‘historic events’ – and we are.

People react very strongly when when their role changes from observer to participant. Unless you are already involved in the financial industry, our perspective is changing. It did if you lost your job. It did if you were rejected for a loan. It will when The Bailout passes, and it will for our children.