Is the economic bailout of corporations justified?

I am alarmed that an estimated 1.4 million GM workers and suppliers could suddenly find themselves out of work and apparently Congress is concerned as well. House Speaker Pelosi previously met with car company executives to arrange another, additional bailout of up to $50 billion. Without the bailout GM will likely go broke in the first half of 2009.

The Fed a;ready gave AIG an $85 billion line of credit in an attempt to save America’s largest insurer.When that failed to work, the Fed added $38 billion more through its borrowing facility. Now — just the other day — after AIG announced it lost another $25 billion in July, August and September. So our government has now given AIG a new total rescue package in additional $150 billion refinancing. I can only assume that if the company continues to fail, the Fed will agreed to buy more billions of AIG’s toxic commercial paper.

AIG is just only one company, and already it has gotten as much money then the entire U.S. population got from the economic stimulus package of 2008. In addition to AIG and GM, the Fed has attempted to bail out Freddie Mac and Fanny Mae and many banks as well. While all this is happening I hear very little about regulation or control of these failed corporations.

In my opinion, resolving this financial crisis should be from the bottom up, not the top down. If the American people are incapable of supporting the corporate structure by purchasing goods and services then no amount of bailout for corporations can or will resolve the crisis. The trickle down philosophy will not work. The money would be far better spent putting the American worker to work in such programs as the CCC camps and WPA and use these resources to improve and upgrade our deteriorating infrastructure. This action would of course be considered socialistic by many. However, it is far more just and moral to bail out the masses who were not responsible for this disaster then to bail out corporate management and their shareholders. Why bail out those same corporations who refused regulation and mismanaged their companies. Let failed corporations fail as they should. Let the ax fall where it may. To use the American taxpayer's money to support incompetent and/or greedy management is neither cost/effective nor just.