Quote:
Originally Posted by Aliantha
TW, if you already think how the system works over there (the USA) is perfect, why are you even responding to me?
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I obviously don't think the system is working properly. But your plan only rewards those who are the problem.
Again, too few financial firms operated with the ethics and transparency of Goldman Sachs. Its smells too much like Enron, the manufacturers CA energy crisis, Adelphia Cable, AT&T, and...
Well GM was expected to announce another massive loss at $0.25 per share. What has GM been doing with losses so large? GM has been hiding so many losses as to suddenly announce a $68 per share loss. Where have $67.75 per share losses been hiding for the last decade? Did GM suddenly lose tens of billions only in one quarter? At what point do we call for life sentences on another Enron corruption?
Look back upon my justified criticisms of the financial people including stock brokers who routinely underperform the market. These are the same people who are supposed to provide oversight and therefore recommendations on companies such as GM? The GM accountants only suddenly discovered $67.75 more losses per share? Bull. Why have I routinely seen here their products are that bad - and Wall Street analysts don't?
Anything we do to reward people who take home $hundreds of thousands annually (plus bonuses sometimes in the $millions) - well that is just bogus. Your plan would only remove pain from these people who created the problem by not doing their jobs.
I believe the president of Merrill Lynch, having hidden all those losses for so long, received something like $200 million just to quit. He is the one who ordered Merrill employees to purchase massively in risky investments. Merrill was once the benchmark for Wall Street stability.
So we reward him? So we have the government reduce their losses buy buying those conduits or collateralized debt obligations?
The system has another problem. The rich keep collecting more of the wealth. Why does the average American's incoming keep dropping every year (when adjusted for inflation)? Oh. And why have my groceries gone from $20 to $30 over the past year - but there is no inflation according to government core numbers?
No, I believe there are serious problems in this finance industry. So how did we fix NYC when it was playing money games in 1975? "Drop Dead". The resulting turmoil finally caused castration of the problem. Is that word harsh. Well unfortunately we did not address the CA energy crisis as it deserved. We were not that harsh. We did not go after the ones who got rich by creating it. IOW anything less severe than castration of such problems only permits problems to fester.
You would tea-tattle people who need to suffer severe budgetary constraints for up to five years? It cannot be harsh enough. So how many others will we reward for perverting the American economy - because greed is good?
In 1981, Americans stopped buying Fords as Ford, Chrysler and GM begged for government assistance and protection. It took near bankruptcy in Ford to save all Ford employee jobs, to remove a man who did more to destroy American than Nikita Khrushchev (Henry Ford), and to finally let engineers design the first Ford car in 22 years. Because we attacked the problem with threat of bankruptcy, another problem at Ford was eliminated. 48 levels of management were reduced to five. Many who were the problem - managers - were made redundant or reassigned to the lower skill levels where they belonged. Castration.
Financial penalties were so severe as to save Ford Motor. So severe that engineers were finally permitted to design the Ford Taurus. Any government bailout or assistance would have killed the Taurus and probably cost massive American jobs in Ford. It is how economics works.
We cannot be severe enough with these finance people who believe Gordon Gekko's "Greed is Good". These were not accidents. These finance people did not do their job. Many are so corrupt as to believe the purpose of a company is profit. That is mafioso reasoning. And yet they are so corrupt as to believe those lies. We have a serious problem in our finance industry where they routinely get fat and drunk on everyone else's sweat.
I am appalled that you would recommend something that is finance company welfare - and be so naive as ignore the corporate welfare you are promoting. To not recognize you are preaching their propaganda - what they need you to say to save their sorry asses. Those homeowners have plenty of options. There are near zero homeless despite what others have posted. But there is this massive and corrupt finance industry were 'greed is good' rather than customer service: their job is to service the financial needs of America.