While the sham argument about the bailout bill was still going on, I had a pet hope in my mind for it, solely for my amusement: that somehow, Bernie Sanders would actually have a substantial hand in the legislation, resulting in something so blatantly undesireable to Wall Street that none of them used it. That didn’t even come close to happening, but apparently it didn’t have to:
Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government’s $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.
‘There is a growing feeling that banks … might instead decide to tough it out,’ said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager. [...]
Last Monday, after the bill was thrown out by the House of Representatives, more than $1 trillion was wiped off the value of US stocks as the market was gripped by panic. The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks.
But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.
One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning ‘golden parachutes’ for executives. (emphasis mine)
LOL…
Now I’m wondering what happens to the money if they don’t bite. After all, we all know it won’t be returned. Whoever gets Paulson’s job once he’s out is probably going to just buy shit with it like a slush fund. Truck jewels wouldn’t be the worst thing to get in that case, as at least the gold is worth something when you get sick of wearing it.
what makes me sick is that another Goldman Sacs boss will preside over the economy.
Ive said if before, but I pine for the good-ole-days of a few months ago, back when we had a free market system….
how, they still protest that it is, but how is this free market?
I held out secret hope that the Republicans in Congress had a backbone. Turns out they didn’t.
I’m dangerously close to saying, “what’s the fukking point?”
A free market a few months ago? Where?
They’re just making more obvious than usual the same crap that’s been the status quo since practically forever. Cushioning false wealth has been their point. A lot of what most people come to take for granted or assume came naturally was designed to shield them from the fallout of dumb ideas.