Herman School of Business
Being Robbed Squared...
Walking down the street a robber leaps from the bushes and steals your wallet and watch…and then he runs away. You are stunned, but continue walking towards your destination. While reeling from the shock of having been accosted and robbed…another person, a policeman, stops you and takes your shirt. That folks is what just happened to you.
Robber Barons on Wall Street have stripped millions of dollars from your pockets through crooked dealings and just as they fleeced almost all you had…the government came in and saved the robbers by taking your last nickel to keep them alive. Lehman dies but Goldman lives. Citicorp loses almost all of its value…and with a total government bailout the stock goes up fifty percent in less than two hours. Fifty percent increase in the value of this bank in less than two trading hours…because Uncle Sam loves them, but not us.
Now that your house has hit a twenty percent loss, and your credit cards are maxed out the government has decided you have not been robbed enough. The government says our banks are in trouble more than you are. So they are going to make you pay even more, the freaking shirt off your back if necessary, to save the banks who spend so much money lobbying them that your head should be spinning like a top.
How about this. How about if you want to save the banks from the bad loans we just give the hundreds of millions of dollars directly to the people who actually owe these mortgages and let them pay the loans back and that would also save the banks because the bad debts would in fact, be paid. But no one cares about the individual, just the big corporation that gives donations to keep politicians in office. C’mon people get aroused a little. Instead of helping you by catching the crooks and putting them in jail, your government has just stepped in to steal the shirt off your back to keep the robbers from going broke.
Your small business is failing. No one will be stopping by to save you. Your neighbor can’t pay his mortgage and his foreclosure has caused the value of your home to fall to pieces…but you would never allow someone to stop at your house and tax you so the guy next door can stay in a house he should never have been allowed to buy.
Listen, I am very angry now. There is enormous wealth in this country and if every bank failed and the system collapsed for awhile so what. The wealthy people would have nothing to do with their capital and so guess what? They would seize the opportunity to step in and start new banks…to make new loans…so their billions could make them more billions. Instead, they push the elected officials to step in now, save them from losing a dime of the billions they have already taken out of the system. And rather than the few lose a little back of what they have taken…you and I will pay taxes up to our eyeballs and absorb worthless debt for our troubles.
The problem hasn’t been solved. They just shifted who will pay for it. And the Public will do nothing about it.
- Posted: 19 September 2008
- Comments: 0
- Category: Business failure
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