Opinion Post

So Lehman Brothers has been forced into bankruptcy, with Henry Paulsen having declined any government bailout whatsoever. As a result, Merrill Lynch sought refuge in Bank of America, making BOA the largest bank in the world (meaning my depressingly small checking account is safe for now, thank you very much.)

So what? Why do I care?

I see all political issues as stemming from economic ones. The basic principles of our political parties are economic: Democrats favor larger, more centralized government, meaning a more interventionist government, which calls for stricter regulations and more economic involvement. Republicans traditionally favor smaller government, more states and individual rights, and less government intervention in all affairs, including economic. More economic intervention and bigger government translates to higher taxes and more social services coming from those funds. Less government intervention means more ups and downs into economy, translating in the ability to buy low and sell high. Investors profit from market fluctuation, whereas the middle class suffers.

Full disclosure: I am a registered Democrat, I work on the campaign for a local Democratic candidate, and I sit on the board of the Sarasota Young Democrats. I do not, however, believe in disparaging other parties. I respect the economic tenants and the ideology of the Republican party wholeheartedly, if their tactics and Giuliani's speech at the RNC made me puke.

So, back to Lehman brothers, and why I care. I support Paulsen's decision to let them fall. I also support Merrill Lynch's foresight to sacrifice itself to BOA. I believe in personal responsibility and the effect of consequences. Often, helping those who behave irresponsibly or recklessly(might I even add addictively? I mean, how can you deny the similarity between the rush of using and the thrill of making money hand over fist? I once knew a guy who tried to kick his cocaine habit by e-trading all day long, but I digress..) only serves to hurt them. Enabling, anyone?

When I see the practice of greed under the guise of "Republican" values, followed by the refusal to succumb even when faced with insurmountable debt and the hubris of Enron executives, I wonder exactly what we're up against. If we cannot trust the stewards of our greatest financial institutions to make shrewd decisions in the best interest of the greater good, where are we, exactly? When we bail out Freddie Mae and Fannie Mac, and the shareholders still get dividends checks, whom is protected?

What role does government play, exactly? More importantly, what role do we play?

Our first job is to PAY ATTENTION. I don't say this because I'm giving out grades or because I want stimulating class conversation. I say this because if we don't listen to what's happening, if we chalk it up to being too overwhelming or too complicated, then we let them get away with it. Greed feeds on fear and ignorance.

Our second job is DO SOMETHING. Vote. Volunteer. Speak up when you hear a cruel word or a smear or, my personal favorite whine, "My vote doesn't count." "I can't do anything." "I don't believe in government." COP OUT. The system as we know it is as it is because of the apathy of the masses. CARE, dammit!

So, we're on the hook for another $60 billion that the government won't bear. The Republican convention is more concerned with calling Obama a "celebrity" than addressing the hypocrisy of no government economic intervention but the expectation that the government will bail them out when they assume too much risk.

What are we supposed to do with that?