I'm angry at bankers and brokerage houses. This whole financial meltdown has left them reaping billions in bonuses, while the American public reaps unemployment and financial misery.
That being said, I don't agree with Obama's "tax" on those banks and brokerages. They played the game and they won. The public lost. Thanks, government!
There is a groundswell calling for people to move their money out of the giant banking concerns and into small community banks. I did that some time ago. I'm spitting mad at big finance for failing to run their businesses in a responsible fashion, taking hard-earned money out of my pocket to fix their mess, and then rubbing my face in their ginormous bonuses.
Interesting reads, Lewy. But I have no time and only scanned them. I'll owe you and LR a couple of comments when I return from what will be a busy day.
Much of the financial meltdown was caused by government interference. The banks were told to make loans that no banker in his right mind would have made. But when the government threatens them with legal action and endless Justice Department investigations, they really had no choice. Notice how those who passed the laws requiring these moves disavowed any responsibility for it, and the MSM sure wasn’t going to report it.
If the loans were legal -- and at the time they were made, profitable – they why not pay bonuses? Just what business is it to the government what an executive gets paid? It’s not like the government is in any position to talk about fiscal responsibility.
Does that mean that I think big businesses are pure as the driven snow? No. I think large businesses today are run by people who know little or nothing about the businesses they are running – but they have those precious MBAs from Harvard.
I hate to use the term, but I think businesses should be run for sustainability. Not in the “green” sense necessarily, but what is good for the long term survival of the business. Take a little less in profit, if that means making a better product and helps build customer loyalty. I am sure we have all experienced times where a company gave us the runaround just to save a dollar, while it made us swear never to do business with that company again – and telling everyone we know not to do business with them either.
I have some observations here, but I'm trying to figure out how to put it without getting too technical (or just plain boring).
ReplyDeleteMore later... but I'd be very interested to know what you guys think...
I'm angry at bankers and brokerage houses. This whole financial meltdown has left them reaping billions in bonuses, while the American public reaps unemployment and financial misery.
ReplyDeleteThat being said, I don't agree with Obama's "tax" on those banks and brokerages. They played the game and they won. The public lost. Thanks, government!
There is a groundswell calling for people to move their money out of the giant banking concerns and into small community banks. I did that some time ago. I'm spitting mad at big finance for failing to run their businesses in a responsible fashion, taking hard-earned money out of my pocket to fix their mess, and then rubbing my face in their ginormous bonuses.
The trust is broken.
Interesting reads, Lewy. But I have no time and only scanned them. I'll owe you and LR a couple of comments when I return from what will be a busy day.
ReplyDeleteMuch of the financial meltdown was caused by government interference. The banks were told to make loans that no banker in his right mind would have made. But when the government threatens them with legal action and endless Justice Department investigations, they really had no choice. Notice how those who passed the laws requiring these moves disavowed any responsibility for it, and the MSM sure wasn’t going to report it.
ReplyDeleteIf the loans were legal -- and at the time they were made, profitable – they why not pay bonuses? Just what business is it to the government what an executive gets paid? It’s not like the government is in any position to talk about fiscal responsibility.
Does that mean that I think big businesses are pure as the driven snow? No. I think large businesses today are run by people who know little or nothing about the businesses they are running – but they have those precious MBAs from Harvard.
I hate to use the term, but I think businesses should be run for sustainability. Not in the “green” sense necessarily, but what is good for the long term survival of the business. Take a little less in profit, if that means making a better product and helps build customer loyalty. I am sure we have all experienced times where a company gave us the runaround just to save a dollar, while it made us swear never to do business with that company again – and telling everyone we know not to do business with them either.