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Responsibility Is For Little People

Discussion in 'Sports and News' started by Fenian_Bastard, Jan 28, 2008.

  1. http://www.nytimes.com/2008/01/27/business/yourmoney/27kim.html

    I'd like another lecture now, please, on the glorious ability of "the market" to manage itself and to correct its own errors. If there really was a "market," and not merely a barely regulated oligarchy, in American business, these two guys would be in the fucking stocks and we'd be provided with a basket of tomatoes.
     
  2. Football_Bat

    Football_Bat Well-Known Member

    I always get a kick out of seeing an investment bank with the name BEAR Stearns.
     
  3. poindexter

    poindexter Well-Known Member

    As played out over this past week, the White House doesn't allow the market to correct itself. Fed rates will be cut again and again (to bail out banks and borrowers, at the expense of savers) at the risk of running inflation; Bush's subsidy package includes, of all things, tax breaks for banks; when the monoline insurance companies fail, the government (tax payers) will be the ones to bail them out; the increase in Fannie Mae conforming loan limits means that the government (tax payers) will once again be holding the bag when the riskiest (ie California) loans go belly-up.

    Its funny how capitalists can't stand government interference, until they start losing money. Then, the first think looked at is a government bailout. It's pathetic.

    As far as these gentlemen failing upward, it bothers me but should bother the shareholders of these companies a lot more. It's the government (taxpayer) bailout of these same financial institutions that absolutely kills me.
     
  4. Its funny how capitalists can't stand government interference, until they start losing money. Then, the first think looked at is a government bailout. It's pathetic.

    Well said.
     
  5. Actualy, it bothers me more that these guys suffer no consequences and actually get rewarded for cratering their companies, while investment bankers get fired, and there is NOTHING in the Times story about laid-off workers further down the chain.
    The money-management and investment industry in this country needs a New Deal-syled enema in the worst way.
     
  6. poindexter

    poindexter Well-Known Member

    You're absolutely, 100% right. It's disgraceful. I am just so immune to it, it hardly registers any more. That's bad.
     
  7. Ben_Hecht

    Ben_Hecht Active Member

    Neil Bush, anyone?
     
  8. Arbusto Energy, anyone?
     
  9. Football_Bat

    Football_Bat Well-Known Member

    Excite!, anyone?
     
  10. Stoney

    Stoney Well-Known Member

    Well put, the same people who rail on welfare for the poor are ones who support govt "corporate welfare" handouts when business leaders fuck up b/c of their own greed, corruption or stupidity.
     
  11. Ben_Hecht

    Ben_Hecht Active Member

    . . . but . . . but . . . they're too big to fail! . . .
     
  12. poindexter

    poindexter Well-Known Member

    They are too big to fail. The bagholders (taxpayers) will be the ones preventing it.

    Let me rephrase that... Our grandchildren will be paying for it.
     
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