Over the last day or so, we have heard a lot about how some banks will use their bailout money. Some reports are that the banks are going to some of it on bonuses. Oh, they say, the bonuses are a significant part of one's salary, and it should be around what they earned last year.
So we have an industry where a bunch of people screwed up, and we want to ensure they are rewarded to the extent they were rewarded the previous year? Doesn't seem to make sense to me.
Can you imagine this in other areas of the world.
Drunk Drivers
Judge: Okay, Mr. Drunk Driver, the state has arrested you for drunk driving. We do not want drunk drivers on the road.
Drunk Driver: Do you are going to lock me up, huh?
Judge: Well, you smashed up your car pretty good when you ran that school bus off the road. We thought we would give you some money so you can buy another car?
Gambler
Casino Boss: Well, Mr. Gambler, you lost lots of money at our casino this week. Looking at your credit at our casino, you seem to be tapped out.
Gambler: Guess you will comp my room tonight and send me on my way.
Casino Boss: Not exactly. We are part of a government program to extend more credit to you. In fact, we don't want your losses to hurt you in any way, so we are also going to comp you some meals, theater tickets, and, what the heck, a prostitute.
Gambler: Thanks. I learned my lesson.
We are teaching industry that when they screw up, we will pick them up, dust them off, and give them what they need to fail again. We have always had the government lining the pockets of the rich since the barons of the nineteenth century. It just was not that obvious until now.
Wednesday, October 29, 2008
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10 comments:
This so called conservative administration has brought more financial waste into our lives than Marx, Lenin and Castro could have in their dreams.
At least with them, the common people would get to share the goodies as well. Yeah, a guy is making 500K, and he EXPECTS his 750K bonus.
Expects it!
It's interesting - yet sadly expected - to watch other industries lining up for a piece of the pie. Yesterday two automakers asked for a share on the basis that if they fail they economy will suffer. In their defense it does seem much easier than building a product that's superior to that of their competitors.
Brilliant little satire, my love, and so true.
Hopefully some good will come of this. If the people don't forget and pressure our leaders, it might lead to wall street reforms. However I'm betting this is just the flavor of the month and the news will get bored and wander away when Brittney or Madonna show up with a new hair style, then all will be forgotten until the next crisis.
lol Leesa
Don't tell anyone, but there is this thing about "money makes the world go round"
and true to form banks and money lenders maje the world go round - sometimes they have to write off bad debt (just like shops have to write off theft and/or ullage ie: damaged stock) - and then again sometimes the banks themselves need to be bailed out.
If one were to scrutinize how some people made their money, or even how some businesses survive - I'm sure you'd not be surprised that the so called free market is a bit of a mirage of make believe.
I dunno in the US, but in the uk the best part (biggest chunk by far) of health care is paid by the state - yet doctors, hospitals and trusts are all swimming in a make believe sea of FREE MARKET. A free for all, which means grab that State cash while you can, and at the same time refuse to treat the patient unless he can pay on top. Don't you just love the free market.
Imagine if I set up a restaurant or diner to feed the City hungry. and give them a budget of £100,000
When I come back a year later, I find the starving in the street. So I ask the restaurant manager (and staff) why they are not feeding the hugry & poor. His reply: "Well the food was so good, and the restaurant became so successful, that now we only take bookings in advance with an 80 dollar reservation fee per seat"
"Oh, and by the way can we still have that £100,000 subsidy"
Go figure!
larry: this bailout was lead by the democrats in control. But W. has wasted more money than I could have imagined.
joe: if I was an automaker, I would line up too. Remember Chrystler (sp), and the K Car?
ian: thanks, sweetie.
grant: not sure people look to Britney for her hairstyle, but point well-taken.
quasar: healthcare is further complicated by insurance companies which get in between the consumer and the producer.
That's funny, when I get a car loan I HAVE to buy a car, when I get a mortgage, it's for a house. I wish the government had just said, "Screw you hippie! You got yourself into this dig yourself out."
Knot
knot: we would have been in better shape.
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