Blaglash.com

 

So there’s a lot of news about “economic collapse” and “federal bailouts” but the terminology, chronology and methodology of these stories is really confusing; laymen like us don’t really understand.  You’d have to have about three degrees to get it and explain it and the people writing the articles aren’t doing a good job- not to mention nothing’s been clearly stated about how much trouble we’re actually in and there’ve been no moves towards a solution, well besides the congressional hearings going on right now but from what I can glean they seem a little farcical.  We’re all wondering what it all means.  And I work at a bank; not only am I wondering, but people are asking me.And I don’t really know!  I’ve been reaiding all the articles, I watched the Rachel Maddow Show last night.  I’ve come away with limited knowledge, because I just don’t understand how this meltdown could have happened.  I guess it all comes back to credit, in this weird loop of levying, debt and assets.  And STOX.

So some investment banks make bad investments because of capitalism.  The government is not helping those banks because- socialism?  I am all for Captains of Industry taking risks, as long as the threat of failure looms.  Without the risk-reward system, our economic policy has fundamentally done a 180.  Is America ready to admit the terrorists, with their hatred of capitalism, were right? 

Okay, the terrorism thing is a stretch but it’s not that big. 

Why are the CEOs who took the risks, the risks that failed, now being rewarded by a massive bailout funded by taxpayers, the people they’ve taken advantage of and financially ruined in the process?  These “captains” need to learn from their mistakes and accept the consequences of leveraging a company on bad asstes and credit and LOSE THEIR JOBS AND GO BANKRUPT.  Like I would, if I got laid off.  Instead, the plans call for million dollar severances and bonuses. 

WHAT?  I wish I had a defaulted mortgage just so I could complain about the unfairness of it all.  The sheer hypocracy of this proposed bailout is silly.  Let’s fork over billions for some loser idiot CEOs to keep their yachts but not help out the working class who are trying to pay for their houses? 

If the taxpayers end up bailing out these companies, at least give them equity or something like Sweden did.  Maybe that can be like, a placebo effect or something.