Who are those profiteers? In the long run, we're all dead. John Maynard Keynes
Reading between the lines of the Citi press announcement yesterday, both the written and the public statement by the big cheese, the 25 billion that was 'forced' on them, is what they have to brag about. They made reference to it to counter the smudge of laying off another 53,000 people (a significant percentage because of asset sales to a German company.) They claimed to be in better shape than Wells and BofA. Citigroup to shed another 53,000 jobs
Part of me is a "We are the forces of chaos and anarchy" type who believes in and would love to see the system reset in a way that disavowed the connivers who pay for the "How Low Can You Go" Limbaugh-esque propaganda.
Part of me says that the rebellion won't be pretty and the guys with the guns aren't on the side of more National Parks and long term benefits for all the stakeholders.
Unfortunately, the middle ground was loaning bucks to the bankers (without gaining corporate control) and it worked to the degree that the system is apparently able to somewhat stand against the current whirlpool.
I'm not sure that holding back at this point, leaving some ammunition in the gun so to speak, isn't a bad idea. Throwing money into the black hole of alleged value of homes seemed like a bad way to keep people in their houses. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
Interestingly, if I'm reading this right, none of this money seems to have been spent on toxic assets. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
At the time the plan was launched, there were those who pointed out that it would normally take months if not years to sift through and evaluate all that crap. (Can't find the comment where I quoted this...)
