Brian J. Back

An open letter to Treasury Secretary Henry M. Paulson, Jr.:

A big congrats to you, Bernanke and G.W. for getting your $700 billion bailout plan passed. I know you were under quite a bit of fire there, what with all those criticisms from economists across the political spectrum, and all of that cynicism from taxpayers about the golden parachutes and whatnot.

And even as you snatched victory, with Bush promising the bailout would help prevent the crisis on Wall Street from “becoming a crisis in communities across our country,” new challenges kept popping up: the stock market dropping well under 9,000; global markets spiraling downward; consumer spending freezing; more Americans losing their jobs and homes; new allegations that the Lehman Brothers approved millions of dollars in “special payments” for top execs while pleading for the bailout. Can’t a brother catch a break?!
With all of your great connections on Wall Street, I’m sure you will take care of those folks in need there. But right after the bank bailout passed, Republicans killed a plan to extend unemployment benefits for 800,000 jobless Americans. I guess we just have to keep faith that the dough will eventually trickle down to Main Street there, you betcha.

Now you’ve got all of those new “green” pundits claiming investment in clean energy and energy efficiency is the right economic stimulus—and their arguments are actually starting to sound bulletproof, if for no other reason than the fact that all of the other old economy ideas continue to crash and burn. (I mean, come on, did you really have to weave coal and oil shale tax credits into the bailout?)

As I read the text of the bailout plan, it sounds like you have the authority to direct $700 billion of our taxpayer dollars to just about any entity you deem distressed. You probably don’t need to worry so much about Detroit, since Congress recently passed that other “below-the radar” bailout of $25 billion specifically for the big U.S. automakers.

I guess what I’m getting at, Mr. Paulson, is that since you have all of this great authority to put the moola where you want, I’d like to request you cut a check for Sustainable Industries—not just this media company, but for our readers and clients. Something humble, something practical.