Reaganomics alive and well

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Reaganomics alive and well

Post  ExoticWhiteMan on Wed Nov 12, 2008 4:52 pm

http://www.foxbusiness.com/story/markets/industries/finance/wall-street-bonuses-expects-come-season-despite-bailout/

Call it a reverse of socialism, but this article will definitely anger people suffering financially. Banks are still going to give out bonuses to top execs and others, amounting to billions of dollars. Their excuse, is that if one bank doesn't give bonuses, top performers will be pissed and go to work at another bank that does give bonuses. The idea is that banks use bonuses to stay competitive and keep skilled workers. Politicians could force them all to stop this, though, through legislation, but I somehow find that unlikely because politicians will stoop to any level that their campaign donors demand.

The first thing idiotic about this is that the banks have done a shitty job of taking care of finances. If the banks did their job well, we wouldn't be in this mess. So, tell me, who the hell in any of these companies thinks they're "all that" and deserve a bonus for a job well done? And since when do people expect bonuses from their companies on top of their high salary, so much so that they'll quit if they don't get one? I don't think anyone in that industry deserves to even keep their jobs, let alone get a bonus bigger than the average person's salary. The only possible validation of this thievery is the trickle down theory, but I say that idea should be buried and never used in policy again. The whole idea behind handing out mortgages to people who can't afford them and gouging gas prices and every other ripoff the government ignores and even encourages is to suck the money out of the average American and to help the rich hoard even more money than they already have.

Ok, that was an angry rant, but there is definitely something wrong with this picture. True, banks are in a tight spot, but bailing them out is like giving blood to a vampire who's thirsty and has no one left to suck the blood out of. If the money were spent on average Americans, the people actually feeling the pain of this economic disaster, then mortgages would get paid, credit cards paid off, and savings boosted (hopefully, unless we're completely stupid). Why are we giving billions of our dollars to an industry whose goal is to take all we have for their own profit? The banks do nothing but help us to get into debt and build a lifestyle on credit. The money should be put into industries that actually need the help and contribute to American productivity, like our auto and energy industries. I've even heard that the banks will either hoard the money or invest it overseas. This 'stimulus' package is nothing but blatant robbery, and if we keep pumping money into industries that deserve to go through a painful bankruptcy, the rich will get richer, the middle class will have a harder time, and nothing will improve. Many Americans clearly aren't intelligent enough to spend within their means, and many people will fall into debt as long as these industries are willing to lend and the government encourages them.
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ExoticWhiteMan
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Re: Reaganomics alive and well

Post  Church1ll on Wed Nov 12, 2008 7:24 pm

Very nice rant there. You do have a point though. It makes no sense why corrupt CEOs are getting billions of dollars of tax payer money when everyone else is suffering because of these morons' mistakes.

One thing I'll have to correct you of is that nearly every company would simply take the bailout money and spend it on themselves rather than their companies. The same can be said about the average person. Even if they had a ton of debt and whatnot, giving them a bunch of money will only increase their problems as they'll be stupid and spend a ton of money on useless things. Technically that's how the problem started, and the bankers took advantage of the idiocy of the people.

But yea, there really is a problem with where our money goes.
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