The bank bonus season, that annual rite of big money and bigger egos, begins in earnest this week, and it looks as if it will be one of the largest and most controversial blowouts the industry has ever seen.The fact that those jerkoffs even have jobs at the present time is not due to their business acumen. It is solely due to the fact that our government stepped in and saved their Armani-clad, limosine-riding, Courvoisier-sipping asses. We bailed them out from their foolishness. And what did they do? They haven't done squat for small businesses. Credit is still more or less frozen. They've jacked up the interest rates on credit cards well into the usurious range and added tons of fees, all in order to extract every possible cent from the American consumers. Their programs to help people with distressed mortgages are jokes.
Worst of all, they have been fighting all of the reforms that are meant to prevent the bankers and Wall Street from once again creating financial bubbles out of nothing but churning sales. "We've learned our lesson," they wail. "We never ever would do that again," they cry. "Trust us, we've reformed," they plead.
Bullshit. Nothing has changed and with the Federal government, both this administration and the previous two, riddled with moles from Wall Street, nothing will change. Not until they build another financial house of cards and it comes crashing down one too many times. Then change will either come from inside a Federal government as it did in 1933 (only this time, it will require the purging of
These greedy bastards need to be regulated. The deregulation of the savings and loan industry led to massive failures, requiring huge Federal expenditures (for the time). But the politicians didn't learn, they deregulated the banks and the financial sector and the greedy fuckers did it once more. They will never learn, they need to be regulated and, at times, prosecuted and sent to prison.
But as for now, they are flooding Capitol Hill with waves of lucre-carrying lobbyists. There will be no change and in a short span of years, we will be back here once more.
So Comrade, have you moved your money yet or encouraged others to do so? None of us on our own have enough to make them notice, but in the aggregate we can make them sit up and pay attention. Account opening and closing and deposit runoff is something banks do pay close attention to.
ReplyDeleteMy money is not among them, not that I have a lot.
ReplyDeleteBut in truth, it matters not. The local banks sell their mortgages to the big boys. Even if you have a mortgage with a local bank, the bank doe not have any control over it, they only forward your payment along. The mortgage still becomes a tool of the big boys.
From my new favorite person, Sen. Maria Cantwell, a proposal to authorize state officials to regulate derivatives under state gambling laws. Maybe this will help.
ReplyDeletehttp://cantwell.senate.gov/news/record.cfm?id=319845
According to these people, and the Obama stance, laws only apply to little people.
ReplyDeleteI am a little people and they can kiss my fucking ass.
Cheney is still running around and BlackWater gets away with murder,John Yoo is still running his mouth and Alberto Gonzalas is still not in jail either.
Kiss my fucking ass again.
I just may go off the reservation.