CEOs, Wall Street and the American People

If you are among the many who lost your job over the last several years, it was not a surprise to learn from Wall Street and government officials our economy had become sour. Anyone living from check to check, cutting out unnecessary spending or pounding the pavement looking for work could have told the powerful and elite much sooner if only they could hear our voices.

We were on the front lines when changing winds in our economy come calling. Those of us most affected by an economic storm are the ones least able to weather it alone. Yet, that's what has happened.

Storm clouds didn't begin to blow into Washington until Wall Street began to suffer huge losses. When large banks began to report substantial losses, Washington woke up. Even then, some in Congress joined an administration who insisted our economic climate was fair and sunny. We knew better. Unfortunately, we have to wait for those with power to recognize a threat before anything can and will be done about it. In the meantime, the masses tried to find work and solutions to what was taking place in their lives. Some were successful, some were not.

There were those who saw dark clouds on the horizon. There's no need to revisit that discussion. The solution, as we know, was to reward careless and arrogant CEO s with a 700 billion dollar bailout to the banking industry. The banks greedily accepted tax payer dollars with a belief we have no business asking or expecting an account of how they intended to spend the money. That belief has not wavered and inquires as to where the money went are still ignored. Would bank customers wanting to borrow money be allowed the same consideration from the banks? I don't think so.

Why does this matter? It matters because they are part of the reason we are in an economic sinkhole. The American people were not asked if the banking institutions could borrow tax payer dollars. It was demanded and along with the demand came a threat of economic doom if we failed to act. So, we tightened our belts and those of our children and grandchildren a bit tighter so the banks could avoid going under. The problem is, they left us in the middle of the ocean and took all the lifeboats with them. Where's their empathy for those losing their homes or those not finding employment. Are the credit card companies trying to help ease the burden of their customers by eliminating some of the many fees they charge or by giving a grace period to allow for payments in the mail to reach their offices? We help them and that's where it stops, apparently. How did we get to this point where customers are treated as if we owe credit card companies and banks our first born for doing business with them? What happened to respect for those who kept a company in business, a gratitude showed to customers who walked through the door. We understand their importance. Do they understand ours?

John Thain is a perfect example of those at the top not understanding the perception viewed from the bottom. Thain, who recently resigned as CEO of Merrill Lynch, redecorated his office at the wrong time. As Merrill Lynch faded into Bank of America, his priority was not to his employees who were to lose their jobs in the merger. It was to redo his office. Thain offered no apologies when it was learned he spent a million dollars plus on the project.

It's worthless at this point to moan and groan about how tax payer money was or was not spent. It's obvious the money they accepted was not used to break the economic spiral we are faced with. There was probably no intent to help struggling home owners and businesses. Ungrateful CEO s took the money and laughed all the way to the proverbial bank.

When Wall Street can't understand what the fuss is over John Thain's $87,000 rug, it becomes clear how we came to an economic standstill. The disconnect between the rich and powerful with that of the American people is evident.

Those use to spending money without worrying about where their next meal is coming from seldom understand the irony of taking a handout from tax payers and then spending hundreds of thousands of dollars to redo an office that was most likely better furnished than most Average Joe living rooms.

In the long run, it doesn't really matter whether they understand or not. It is probably unfair for us to expect them to. CEO s certainly don't worry about what we think. However, it would be nice for them to just once think about us. It would be nice if they were to show some respect to the people who use their services and products. Would it hurt those who received bailout money to say thank you to the American people who saved their institutions? A little belt tightening instead of extravagant spending to remodel an office in the middle of a tightening recession would be good PR. Especially if they were among those who received money to avoid bankruptcy. A help not afforded to American's in need even though that's what the bailout was intended to be used for.