I know times are tough and many are struggling with job losses and cutbacks in just about every sector of American business. All this has led many, myself included, to lots of sleepless nights.
Well, last night I slept like a baby ... well, maybe not like a baby which sleeps two hours, wakes up and cries, repeat until dawn. Rather, I slept like a banker. I can't wait to visit my mortgage broker to refinance at the new lower rates and not have to worry about qualifying questions on the loan application.
Now when I fill out the application, I can list under assets, GM, AIG, Morgan Stanley, Fannie Mae and Freddie Mac along with a laundry list of banks and financial institutions that still are in operation which, as a taxpayer, I own. I'm sorry if that sounds a bit smug, but I feel like I just won the lottery.
Jerry Seiner no longer has an exclusive on the title "The GM Guy." Thanks to the government, we are now all GM Guys and Gals. I don't know where any of this is going, and I hope that in this case, the end justifies the means. As I understand it, the government wants a restructured GM to survive so it can become a profitable business again and pay back the billions of dollars we gave it. Greater financial minds than mine have been working on these issues night and day trying to help America recover from this recession and restore confidence in the financial sector and business to create jobs and get us out of this mess that has been decades in the making.
One thing I do know is that the problem lies in Washington and, like a zit, has finally popped to the surface causing us to be in the situation we are in. The very government agencies charged with keeping a level playing field and insuring that rules in place are being followed have been compromised over the years by greed, cronyism, payoffs and a whole host of Bernie Madoff-types in and out of government. Just think about it, there are 435 Congressmen and 100 Senators who are in charge of running the government. Oh, and a president. There are more than 65,000 lobbyists in Washington. Now you want to guess how we got where we are?
Can Obama and his team fix things? We can only hope so, but this isn't something that will occur quickly. Nothing in Washington happens quickly unless it has the word "abortion" or "gay" in it.