Thread: Crunch
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  #21  
Old 09-22-2008, 08:17 AM
BeautifulBurnout
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Join Date: Dec 2008
Posts: 2,522
Re: Crunch
I have to say I am amazed at Poulson's plan to buy up the bad debt in the market rather than nationalise, like we did with Northern Rock here. At least with a nationalisation, the government would gain some benefit from the continued operation of these banks. As it stands, the government and the American tax payer will be taking a huge hit for seemingly no benefit at all, aside from "keeping the market viable".

However, I am incensed at Poulson's suggestion that if the US go down this route of sponging up all the gambling debts of the rich Wall Street players to keep the market afloat, that other countries should follow suit. For what? So the same greedy-bastard players can continue to make private fortunes out of non-existant equity while taxpayers suffer further cuts in funding for health, education, welfare, etc. etc., not to mention the risk that their personal taxes will be hiked up to fill this greed-and-stupidity black hole?



And excuse me but - wtf?!
$2,500,000,000 divided by 10,000 is $250k, if my maths is right. What possible reason could there be for paying these schmucks an average quarter of a million bonus each? For doing such a good job in fleecing the people, the shareholders and the government and still having a company left to sell to Barclays? Give me strength!
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Last edited by BeautifulBurnout; 09-22-2008 at 09:03 AM.