You know the $125 billion that our leaders gave Wall Street to unfreeze credit markets? $108 billion of that is being held for employee bonuses. Really.
Now, not everyone on Wall Street caused the meltdown. It was a few high-placed executives (people like our current Treasury Secretary). Investment banks employee a lot of staff and other "non-Wall Street" types.
But those people, frankly, are lucky to still have jobs. A bonus is just that - something extra that depends on the profitability of your employer. When your employer is bailed out rather than allowed to go out of business, you shouldn't expect a bonus. You should just be happy to have a job.
Still, if bonuses were only going to people who just did their jobs rather than the actual captains of the Titanic, there'd be less cause for outrage. But giving bonuses to the people who made the reckless decisions? That's beyond the pale.
When does the Madness and Insanity stop? It stops when the people being mislead by our Govt and Financial purveyors say it stops.
It will literally take a revolution. Or maybe Obama not getting elected/assassinated etc. Something eventually has to give.
Our economy is decimated. Thousands of jobs are being lost daily. Universal Deceit is still rampant in our Financial markets. How can any reasonable person say things are getting better due to the Central Bankers and Political policy makers efforts?
I smell bad things on the horizon. I hope I am wrong.
Posted by: Cynical Realist | October 30, 2008 at 12:25 AM
$108 billion is being held for bonuses? I thought banks like JPMorgan Chase were planning to use their free money to buy up other (healthy) banks. But whatever the figure, and whatever the use, this was inevitable under Paulson's "no strings attached" plan.
Posted by: Aaron | October 30, 2008 at 06:09 AM