Sorry, Goober’s had a rough day, and that means bad hyperbole and inane rambling. I’ll keep it short. Promise.
Think of the banking industry as a big sponge. Lets pretend that money is like water to this sponge. If a person were to pour a bunch of water (and by water, I mean money) into this sponge, the theory would be that the sponge would soak up the water, to a point, and then start to trickle the water down to other seas creatures (sorry, this is where the already bad hyperbole really breaks down) in the form of the common folk.
What if that sponge just kept absorbing water, and never saturated? How much more water do you pour into the sponge before you stop and reconsider the plan?
Another $350 billion?
The entire idea was that by giving money to the banks, it would free up credit and loans, and end up helping main street America. Nothing so far.
Any claims that the “investments” are making any money are totally bogus, as it seems that no one even knows where the money is, or what it was spent on. How, if that is the case, could you claim that it was “making money?” I’ll believe it when I see it.
So, after 350 billion dollars, no freeing-up of the credit market, and no relief for the common man, as was promised, do we proceed forward and give them the other 350 billion?
What if the sponge just absorbs that 350 billion, too?
I say we cannot even begin to proceed until we get guarantees that we will be getting something for our money, otherwise, we could be giving an expensive gift to the banking industry, and not get anything in return. What say you?
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What I read tells me that all the money "given" to banks, etc. was in exchange for preferred stock.
There was an article last week or so that said that share prices in those banks have gone up since the distribution. That's how (it is claimed) the government is making money on all this.
Someday the gov is supposed to sell the shares of stock getting back "our" investment & the growth in the share prices.
In theory it works.
The problem with this whole banking industry rescue is that there never was any accountability for how the funds were going to be spent. No spent is more like it. The banks either held the money or used to to buy assets.
shulda been "not."
If republicans hadn't totally f*cked up the country in their time in power, we wouldn't have this crisis.
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The fact is, that first $350 Billion is gone, never to be seen again. Even the lying crooks in DC admit it. They don't have a clus as to where it went or what was done with it, other than knowing that their friends (and backers) on Wall St. were saved. Now they're going to dump another $350 Billion into the same bottomless pit. And this is just the begining!
And what of the people? You know, all the suckers who's hard-earned tax money is being thrown around like confetti by the big spenders in DC. Well, they're doing a lot of bitching and moaning, but not much else. You see, they have nothing to say about what's done with their money. That's right. Nothing! Besides, the whole country is busy gulping down their Kool-Aid and getting ready for "the second coming" which will be Tues.
P.T. Barnum sure was right, but i don't think even he thought it would apply to an entire nation.
In the mean time, CEO of Disney made $51 million (and change) last year.
I can't help but believe if we paid the CEO of the US what corporations pay their CEOs, (or even what the average 'Einstein' actor like Sean Penn, or 'Einstein' NBA athelete make) we'd get better than a failed baseball executive or a community organizer with zero experience applying for the job.
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