Ugh

[wraithfodder]

Just watched the Presidential address.

So? What? Elmo from Sesame Street wasn't available to give this Dummies Guide to financial disaster? Amazing how Bush didn't say "Greed" or "government incompetennce" once...

Grrr, sorry, but the whole mess is a result of greed, simple as that.

Comments

[nialla]

Why are the people who've already suffered losing their investments due to the greed of corporations expected to throw even more money into a pit to save those companies? It's like giving money to a gambling addict.

Why aren't those executives having to bail out their own damn selves by selling off their second (or third) homes, multitudes of cars, etc.? Anyone else would have to, so why do they get to spend everyone else's money to oblivion, then expect those same people to rescue them.

There's been a scandal in the Dallas school district recently that's sort of a smaller scale of this. The DISD was spending money they didn't really have due to an "accounting error" of $64 million. As a result, they will be firing a lot of support staff, librarians, etc., and may possibly have to fire teachers.

The superintendent has said he won't resign, but he feels super bad about it and will take a 5% pay cut to help cover some of the shortfall. He made $379,050 in base salary last year, making his pay cut worth roughly $19,000. That's more than a lot of people earn in a year, so I'm not really feeling any of his pain here.

[wraithfodder.livejournal.com]

Personally I think the investment banks should all go under and kick all those execs and analysts out on the street and make them flip burgers for a living. Unfortunately money talks, and there's so much corruption in Washington and in Wall Street, that the rest of us, who do follow the rules, get screwed.

What's goign to happen is that the US is going to turn into Japan in the 90s, and we're going to go through a deep recession that will last years and destroy the value of the US dollar. Thanks, George...

[nialla]

Did you read that the head of WaMu is eligible for a multi-million dollar "parting gift" after his company collapsed, even though he'd only been on the job a short time?

If it were a "mom and pop" company that had folded, mom and pop would have lost everything, but this guy is going to make millions?

Have you been following the Sinfest cartoons about the situation? They're dead on funny.

[wraithfodder.livejournal.com]

Unfortunately, I did hear about his golden parachute. That should be illegal!