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Banking Industry Bailout
By Mel Mino
Billions of dollars being doled out to banks and still the US economic situation is far from getting better. As a matter of fact it is getting worse by the minute. US economy is at risk of sliding into depression and all politicians see wrong with this whole picture is executive compensation and bonuses. Government is handing out billions to the same bank managements, which are responsible for this whole mess in the first place. Shouldn't removal of the whole original management team be a part of any bailout plan? Shouldn't the goverment have control of the board to oversee how the money is being spent?? "NOoooooooooo..." they say..."that is not our capitalist way.....". Well, then live with the multi-million dollar bonuses and purchase of expensive jet liners, while banks hoard leftover cash (instead of lending it) and see the whole economy go into a tailspin. All I see is BIG BONUSES purchase of JET LINERS, renovation of offices with $35K antique "Commode on legs" (a toilet for $35K??), $87K rug and expensive outings in name of official conferences. Whereas something called "LENDING" is conspicuously missing. Isn't that the reason why billions of dollars are being thrown at these banks? We have been pushed into a situation where the only solution available appears to be to nationalize the banks right now for a short period of time before it is too late. Fire the current managements, bring in new managers and get the credit flowing into the system. It may not be our way but the economic realty is that only direct control by the government will release credit/lending and bring some stability in the system. This departure from our core ideology of capitalism seems to be the only solution to save our economy from “depression” (death) by thousand cuts. Sell the banks bak to healthy bidders after the situation has stabilized. please visit http://moneyparade.blogspot.com
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This intel was contributed by Hawkeye
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May, 2012
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