You've bailed out JP Morgan Chase, AIG, Citigroup and other financial giants. Now GM is asking for $12 billion and Chrysler for $7 billion.
Our economy is complicated, and there certainly is no easy solution to this painful recession. Frankly, I'm not always clear where I stand on all of the federal aid draining into the financial and auto industries. But I do know one thing: I'm outraged that money is flowing into industry with little to no oversight.
As our markets plunge, industry executives continue to argue that they don't need more regulation. Of course the fox in the henhouse doesn't want a watchdog. But if Wall Street and industry leaders welcome taxpayer money, they need to accept oversight and accountability as well.
It's not just the financial sector that's been running amuck. We face similar failures in other sectors – food, product safety, health care. We need a new attitude about the role of government, and clear, common sense reforms. And we need your help to hold industry responsible.