Who should pay for the bailouts? | NevadaAppeal.com

Who should pay for the bailouts?

Skip Bagby
For the Nevada Appeal

Our economy is a total mess as we know only too well. It seems to stretch all the way from the extreme top (federal) down to the lowest (homeless), and everyone in between.

Logic would strongly suggest it started with usurous hikes in oil and gas prices in recent years. At about the same time, the larger corporate-type executives seemed to commence their white collar (albiet supposedly legal) criminal rip-off of their corporate structures. Usurous upper level salaries, parties, bonuses and who knows what else?

Someone somewhere has decided that the federal government (the people) owes all who ask some kind of a bailout … apparently all you have to do is ask and show little or no evident need.

The Nevada Appeal has reported on several incidents in recent weeks, in appreciated detail. It would seem the Congress is in the process of pursuing its own rip-off of the public.

So, all this mess raises some questions in my little ole head. Mind you, I am a senior guy, retired after 28 very happy and honest years as an upper level banker (so I do understand numbers).

Oil/gas: Why give the automakers billions in a bailout? Refer them to the major oil companies who have amassed billions in usurous profits lately. They need each other. One cannot exist without each other. Cars run on gas and little else. Oil companies produce gas and little else … seems like a perfect marriage to me.

Oil: Take a look at Alaska in your road atlas map. Note that nearly one-third (top of the state) is designated “national petroleum reserve.” For those unaware, this was found at the same time the “Alaska pipeline” well came onboard. Further, it reportedly has more oil in the well than all the other combined wells in the world. We could have a fully mechanized war for 100 years and not use it all. You may also recall the first gas “spike” from the mid-1970s, created by the “tree-huggers.” They caused our leaders to cap half the wells in the United States. All that oil is still there; the wells are still there and workable. Now, if we opened the big one in Alaska and the other 48 lower wells, does anyone think we would have to buy one gallon of foreign oil ever again?

Corporate mess: First of all, where are all the supposed overseeing authorities – the Securities Exchange Commission – and the certified public accountants who attest to the truth and authentic financial reports being submitted? Who are we supposed to believe or rely on anymore?

Politics: Let’s hope the Congress now there does the homework needed, not their own preferences, i.e. Mr. Harry Reid ” the voters here voted down the $10 million for the V&T Railroad by a handy margin. Reid has it on the top of his list for “Nevada’s state bailout.”

It seems that most of the public denizens are being forced to adjust their budgets and living standards. We have no other alternatives. Why is it that governments (at all levels) seem to think that they are immune? Whom do they think pays the ultimate bill? Can’t they adjust also, without creating a bigger mess?

– Skip Bagby is a retired banker and Carson City resident.