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In the Media

article imageOp-Ed: Diversions and Disillusions reign as AIG saga unfolds

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By Sitafa Harden
Mar 24, 2009 in Politics
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While the entire county focuses on the AIG bonus controversy and Congress wastes time pointing partisan fingers, the real issues surrounding the economic meltdown are being ignored.
In the court of public opinion Wall Street and all the banking institutions who dealt in questionable investments have been found guilty.
The angry, disillusioned American people demand a lynching and the greedy actions of AIG and its execs make for easy marks.
But in truth there is no one corporation or group of people to blame for the state of our nation's economy.
Our financial system was a runaway train driven by misguided economic policies and lack of oversight during the Bush Administration. And now the train has crashed. All the attention on AIG is just a diversion from the real issues at hand.
One of the major problems steering the economy's downturn was the massive decline in personal income. Tax cuts by the Bush administration were designed to benefit corporations and the wealthiest of Americans the most, not the middle class.
Wages continued to lag the price of gas, food, and other costs of living. And a cycle of income disparity and unequal distribution of wealth was created. The personal income of the middle class kept shrinking. Still, they sought the promise of the American dream using dangerous "easy credit" offered by banks and mortgage servicers.
When President Obama dared to speak about these issues during his campaign his opposition called him the dreaded "S" word (Socialist). It's no wonder then that no one wants to talk about it now.
We'd much rather channel our anger toward the easy targets like AIG and its employees. But until we face our true underlying problems economic recovery is destined to remain a shot in the dark.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
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