Monday, March 16, 2009

That's the private banking system for you

As Dr. Black explained to Larry Summers in his seminal post "Stop Feeding Me A Shit Sandwich," it's called bankruptcy you idiot.

It's true that the government can't do much to stop AIG from paying out bonuses but this is because Obama listened to Summers and Geithner and decided to pretend that these institutions aren't bankrupt.

Well guess what, if they're not bankrupt then who is he to say that their executives didn't generate tens of millions of dollars worth of "shareholder value"?

1 comment:

Anonymous said...

I believe the bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America. Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world. Now the American taxpayers and our posterity will be forced to live a far lower standard of living with reduced prosperity and opportunities due to the accumulated national debt to fund the bailouts and once again we will pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. I believe Washington plans to monetize the debt in future years while they tax and destroy our remaining wealth by depreciating the dollar.

To stop this wealth attack, the Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is beginning now in the U.S. See: