November 08, 2008
Don't you just hate those welfare cheats
.
My favorite irony (of the moment, there are so many, such as the Bush/Cheney/GOP modus operandi of putting “Party” members over all important policy decisions which is/was the chief evil of Communism) is that there are still hordes of voters that vote for the GOP because they hate having a perceived group of poor shiftless welfare persons having access to their tax dollars.
Meanwhile every eight years or so the banking elite go on a tear and wipe out the financial industry’s capital base. Usually the banks replace their capital by upping car loan rates and mortgage rates but between the savings and loan debacle and our present derivatives catastrophe a trillion dollars of the voter’s money has vanished ….giving bonuses to the guys who screw them over and over again. A trillion freeking dollars.
My favorite irony (of the moment, there are so many, such as the Bush/Cheney/GOP modus operandi of putting “Party” members over all important policy decisions which is/was the chief evil of Communism) is that there are still hordes of voters that vote for the GOP because they hate having a perceived group of poor shiftless welfare persons having access to their tax dollars.
Meanwhile every eight years or so the banking elite go on a tear and wipe out the financial industry’s capital base. Usually the banks replace their capital by upping car loan rates and mortgage rates but between the savings and loan debacle and our present derivatives catastrophe a trillion dollars of the voter’s money has vanished ….giving bonuses to the guys who screw them over and over again. A trillion freeking dollars.
Labels: Bernanke, bonus excess, Bush, ceo salaries, ponzi banking, welfare cheating
October 30, 2008
Greenspan should feel the shame of his inaction
Circa 1986 I sat high up over the New York City financial area with a prominent bank's Executive VP and Director.
He said, "Where do you think we should be looking for future profits, we'd like to have of our equity 'at play.'
I was flattered that he should court my opinion. I also remember thinking, "Half your equity at play, what are you, nuts?"
The bank is no more in existence.
The thinking that taking increasing risk in order to increase bonuses brought the system down. Paying people to book trades and make risky loans without waiting for repayment or profits to be realized created a bonus atmosphere versus a profit atmosphere.
Greenspan absolutely had to fully know of these issues.
For personal or political reasons he let the GOP/big bank's horsepucky 'no regulation' mantra rule global financial markets to the gross neglect of the world's individual depositors and pension holders, both average folks and the very wealthy.
His legacy from his time at the helm is cowardice and abject failure. I hope he can feel shame; lots of it, unregulated.
He said, "Where do you think we should be looking for future profits, we'd like to have of our equity 'at play.'
I was flattered that he should court my opinion. I also remember thinking, "Half your equity at play, what are you, nuts?"
The bank is no more in existence.
The thinking that taking increasing risk in order to increase bonuses brought the system down. Paying people to book trades and make risky loans without waiting for repayment or profits to be realized created a bonus atmosphere versus a profit atmosphere.
Greenspan absolutely had to fully know of these issues.
For personal or political reasons he let the GOP/big bank's horsepucky 'no regulation' mantra rule global financial markets to the gross neglect of the world's individual depositors and pension holders, both average folks and the very wealthy.
His legacy from his time at the helm is cowardice and abject failure. I hope he can feel shame; lots of it, unregulated.
Labels: Bernanke, bonus excess, ceo excess, Greenspan, Wall Street
