Thursday, September 25, 2008
Hooray for Golden Parachutes
Here. That's awesome:
Step 1: become a CEO of a major corporation
Step 2: make fantastically wreckless gambles in the hopes of gaining short-term profits
Step 3: bail out with a 60 million dollar golden parachute, leaving a wake of financial carnage.
And what makes it even more precious is that, given massive deregulation and lax policing of the system, you can do it with impunity.
No worries, though, if the corporation goes bankrupt. Taxpayers will bail you out with a giant smile on their faces, and will never, ever, call you on it. We have no problem with corporate socialism. You're like our irresponsible teenage daughter: you run up your credit card, and mommy and daddy will pay your tab. The only time we hate to spend our tax dollars is when they're used to improve our lives. That's a waste of "our" money. Yuck. I hate health care, road repair, the fire and police departments, public transit, public parks, and all those other "commie" thingies. The only good commie thingies are giant debts caused by irresponsible CEOs that put more money in their pockets and less in mine.
And don't get me started on raising taxes. It makes much more sense to borrow money we don't have and then spend it than to gather money we do have and then spend it.
Step 1: become a CEO of a major corporation
Step 2: make fantastically wreckless gambles in the hopes of gaining short-term profits
Step 3: bail out with a 60 million dollar golden parachute, leaving a wake of financial carnage.
And what makes it even more precious is that, given massive deregulation and lax policing of the system, you can do it with impunity.
No worries, though, if the corporation goes bankrupt. Taxpayers will bail you out with a giant smile on their faces, and will never, ever, call you on it. We have no problem with corporate socialism. You're like our irresponsible teenage daughter: you run up your credit card, and mommy and daddy will pay your tab. The only time we hate to spend our tax dollars is when they're used to improve our lives. That's a waste of "our" money. Yuck. I hate health care, road repair, the fire and police departments, public transit, public parks, and all those other "commie" thingies. The only good commie thingies are giant debts caused by irresponsible CEOs that put more money in their pockets and less in mine.
And don't get me started on raising taxes. It makes much more sense to borrow money we don't have and then spend it than to gather money we do have and then spend it.
Monday, September 22, 2008
Sunday, September 21, 2008
Must Read This
(Princeton economist) Paul Krugman's latest commentary on the impending Paulson/Bernanke bailout plan, here.
Saturday, September 20, 2008
The End of the Ideology of Deregulation
here.
The money passage:
Along the way, they have cast aside the administration’s long-held views about regulation and government involvement in private business, even reversing decisions over the space of 24 hours and justifying them as practical solutions to dire threats.
“There are no atheists in foxholes and no ideologues in financial crises,” Mr. Bernanke told colleagues last week, according to one meeting participant.
That's right, Bernanke said that.
The money passage:
Along the way, they have cast aside the administration’s long-held views about regulation and government involvement in private business, even reversing decisions over the space of 24 hours and justifying them as practical solutions to dire threats.
“There are no atheists in foxholes and no ideologues in financial crises,” Mr. Bernanke told colleagues last week, according to one meeting participant.
That's right, Bernanke said that.
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