[Publib] Leaving Las Vegas

[Backwage at aol.com]

They used to say that what was good for General Motors was good for the  
country.  Well, as of right now, GM stock is trading at $4.76.  A year  ago it was 
at $43.20.  Last year GM lost 38.7 billion dollars.  Last  month the company 
sold 284,300 vehicles, which might sound good, but that was a  drop of over 
15% from last year.  It is entirely conceivable that GM could  be worth nothing 
within a few days.
 
Think all those large investors should be flogged and made to give up their  
ill-gotten gains?  Take a closer look.  One of the very largest is  Calpers, 
which is the retirement program for California employees.  Some of  other big 
'uns are also public employee funds.  Most of what we think of as  public 
sector retirement is actually private sector retirement--based on the  stock 
market.  Same for retiree health benefits.  That's what I mean  when I say you can't 
escape the private-sector.  We've got a system that  you've got to play, and 
playing means taking risk.  That's what happens  when there aren't 
government-guaranteed retirement programs or national health  plans.  If you don't want 
those, you get to experience the thrill of  watching the basis for your old-age 
pension dissolve as companies like GM  collapse.  
 
When times are good, everybody loves this system.  Now, you hear  
griping--what I call "situational socialism."  Funny thing:  the  government will spent 
trillions bailing this boat out again, and everybody will  go back to where we 
were.  Ever think how much cheaper it would be if the  government just paid 
for and guaranteed retirement without all this money on the  come line?  Why 
should your prescription drugs be dependent on what happens  to some gold mine in 
Brazil?  
 
Many years ago, my mother, that hardened survivor of the Depression,  said:  
"I just wish we could have a crash that would destroy everything,  take away 
the banks and the corporations and leave everybody poor.  That's  the only way 
they'll ever learn--when the thing fails entirely.  Short of  that, the idiots 
will all just keep playing the game."  At the time I  thought her a terrible 
cynic.
 
Tomorrow the stock market will open at the usual hour; we will all be dealt  
another hand of cards, but the pile of chips is shrinking.  Who says we  have 
to stay in Vegas?
 
M. McGrorty, asking for a new deck




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