"What does not change / is the will to change"
--Charles Olson, "The Kingfishers"

Thursday, July 30, 2009

Forget the tea parties, where're the pitchforks

If anyone is to blame for the public being fed up with government bailout programs, it's the guys in the banking industry who took the economy into the toilet but made more than a few pretty pennies in return.
Thousands of top traders and bankers on Wall Street were awarded huge bonuses and pay packages last year, even as their employers were battered by the financial crisis.

Nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008, according to a report released Thursday by Andrew M. Cuomo, the New York attorney general.

We will continue to need significant public spending to get us out of this mess, but it's time we stop coddling the Wall Street sharks -- like the people surrounding the president -- and start helping everyone else.

2 comments:

reinkefj said...

>spend out of the mess

SORRY, buzzz, incorrect thinking.

The gooferment can't get us out of this mess, that THEY put us into. (Sweetheart deals for their pals on Wall Street. See CRA, Freddie, Fannie, FED, FTC, etc, etc! Oiled by "contributions" to Dodd, Barney, and others.)

The gooferment has completely corrupted our concept of money. The stuff they are printing ain't "money". It's toilet paper. And, just look at the value of the dollar over time or in international trade and you can see the result.

They will get us out of this mess by inflating the currency. It's the only tool they have. Screw the savers, those on fixed income, and anyone holding "dollars". Inflation rewards their friends and gives them more "money" to spend.

In actuality, the only way to get out of this mess is to do the hard work. Cut the gooferment down to a size we can afford (about 25% of what it is now). Free individuals and small biz from regulations desinged to protect the "players" (i.e., those supposedly regualted). Cut taxes.

But they won't do that. The politicians, the congress crtiters, and the bureaucrats like things just the way they are.

Sheeple are suckers!

Anonymous said...

Hank, the only way that the banking and finance industry is ever going to get the message that certain behaviors are unacceptable is when TV news shows perp walks by lots of guys in $3,000 suits who are becoming guests at Club Fed for deception, fraud, lack of due diligence, etc., etc. Bernie Madoff is hardly the only scam artist in America. But that perp walk is exactly what we see NOT HAPPENING ... /mr/