Outrageous….
By Daniel at 1 December, 2009, 8:44 pm
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A tragedy of epic proportions. All the while, Goldman Sachs employees are set to earn an average bonus of over $700,000 EACH…..on the backs of the very people who are hurting right now.
My fingers are sore from all the emails and letters I have written to Congress to speak out against the criminal activity that is occuring in the very upper echelons of our leadership.
Write to your representative! Do something!!! It is our obligation, as taxpaying citizens, to speak out and be heard, when our very standard of living is being destroyed by a group of people (our entrusted leaders) who care far more about the survival of Wallstreet than Mainstreet.
You think the homebuyer tax credits or the Fed’s purchases of MBS securities are meant to help homeowners afford housing? That’s just a side benefit. The real goal was to help banks avoid having to write down enormous credit exposure, thus keeping them alive.
Zero interest rate policy helps keep bank borrowing cheap and reflates the asset bubbles so that, again, the banks make tons of money through trading gains and, more importantly, reduces the losses on banks off-balance sheet shenanigans of the past. Also changing accounting rules for mark-to-market helps hide the extent of their off-balance sheet losses.
Our leadership views Wallstreet as the true assets of America and would do anything to save them. The rest of us? Well…we’re just unfunded liabilities, just ready for the pickings.
- Mr. Big
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