I say let those who benefited from the gambling machine called "investment firms" such as Goldman Sacks and Morgan Stanley, should foot the bail-out bill. These 2 institutions will be the primary recipients of this "bail out". (By the way, Treasury Secretary Paulson was CEO of Goldman Sacks for 16 y, and was paid about $6.4 million/yr. He had $632 million in Goldman Sacks stocks. The British paper, "The Guardian", in 2006 published an article which stated that the average salary of all employees, including secretaries, was $521,000/y.) This is an outrage! Predatory capitalists demand that they have no oversight or regulations on their business. They champion the "free market" when they stand to make money. Profit is privatized. But when they stand to lose money, suddenly they want socialism. They want us to take the loss, while they take the profit.
Hoover tried this tactic in 1931, and it failed. Only in 1935, when FDR poured money into the working infrastructure of the US, did our economy start to recover. A primary reason for this disaster is the undoing of the very laws that FDR created - to prevent financial institutions from creating this type of situation. An article at EconomicPopulist.org has an article entitled, "People Are Asking the Wrong Question." In the article, the author cites eerily similar similar situations in the past, which failed.
As Sen. Bernie Sanders has said, "If it's too big to fail, then it shouldn't exist." Rather than "bail out" rich investors, we need a totally different approach. One which builds the infrastructure of the US from the ground up, not the top down. Something akin to the WWII effort that turned our nation in 1 year's time, could be applied to the manufacture of renewable energy technology and tools in the US.
If the American taxpayer is to foot this bill, which undoubtedly we will, regardless of our wishes, then we damn well better pay the price for the assets are actually worth. And we had better have equity payouts. All current managers should be fired. But better yet, I like Sen. Bernie Sanders idea - a 10% tax on anyone with an income of more than $500,000 - that would easily pay this bill.
posted 4 years, 8 months ago
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