Socialized Compensation

[KenH]

"Compared to the cold shoulder given to struggling homeowners, the cash and attention lavished by the government on the nation’s financial titans provides telling insight into the priorities of the Bush administration. It’s not simply a matter of fairness, though. The Fed is probably right to be doing all it can think of to avoid worse damage than the economy is already suffering. But if the objective is to encourage prudent banking and keep Wall Street’s wizards from periodically driving financial markets over the cliff, it is imperative to devise a remuneration system for bankers that puts more of their skin in the game."

- rest at www.nytimes.com/2008/03/21/opinion/21fri1.html?hp

 

[saturneptune]

"Compared to the cold shoulder given to struggling homeowners, the cash and attention lavished by the government on the nation’s financial titans provides telling insight into the priorities of the Bush administration. It’s not simply a matter of fairness, though. The Fed is probably right to be doing all it can think of to avoid worse damage than the economy is already suffering. But if the objective is to encourage prudent banking and keep Wall Street’s wizards from periodically driving financial markets over the cliff, it is imperative to devise a remuneration system for bankers that puts more of their skin in the game."

- rest at www.nytimes.com/2008/03/21/opinion/21fri1.html?hp

It is one thing to adjust interest rates to help the economy. It is quite another for the government to bail out failed private financial institutions. That is not the job of the government. If they want to manipulate private industry, why not do something to help the average American, like manipulate gas prices while oil companies enjoy record profits.

 

[dragonfly]

It is one thing to adjust interest rates to help the economy. It is quite another for the government to bail out failed private financial institutions. That is not the job of the government. If they want to manipulate private industry, why not do something to help the average American, like manipulate gas prices while oil companies enjoy record profits.

Are you kidding? This would hurt the very people who own Bush lot stock and barrel!

 

[sag38]

As I recall the illustrious Jimmy Carter (a liberal poster boy) tried to mess with gas prices. Look where that got us.

 

[saturneptune]

As I recall the illustrious Jimmy Carter (a liberal poster boy) tried to mess with gas prices. Look where that got us.

I am not for any government manipulation of the private economy or markets. All I am saying is that if the government insists on spending money it does not have to help the economy, why not help the consumer? What possible benefit is there in bailing out failed financial institutions that hand out multimillion dollar bonuses for CEOs and CFOs, while either writing or underwriting bogus loans to customers they know cannot afford them? Every one of them deserves to fall flat on their face.

 

[JustChristian]

As I recall the illustrious Jimmy Carter (a liberal poster boy) tried to mess with gas prices. Look where that got us.

Well, you don't recall accurately. NIXON instituted price controls on domestic oil in March of 1973 during the first oil crisis. It was a disaster in that it artificially kept American oil much lower in price than foreign oil and removed any incentive to reduce our dependence on foreign oil. Carter removed these price controls in 1979 during the second oil crisis, which wasn't nearly as damaging as the first one was. Carter also inaugurated the Synthetic Fuel Corp. to develop ways in which we could find replacements for oil. This program was killed by Reagan.

 

[dragonfly]

Well, you don't recall accurately. NIXON instituted price controls on domestic oil in March of 1973 during the first oil crisis. It was a disaster in that it artificially kept American oil much lower in price than foreign oil and removed any incentive to reduce our dependence on foreign oil. Carter removed these price controls in 1979 during the second oil crisis, which wasn't nearly as damaging as the first one was. Carter also inaugurated the Synthetic Fuel Corp. to develop ways in which we could find replacements for oil. This program was killed by Reagan.

Ouch! I bet that hurt! :laugh:

 

[billwald]

All Reagan had to do to effect the release of the Iran hostages was to get elected. Another 4 years of Carter and Russia probably would have gotten Alaska returned to them.

It is NOT POSSIBLE that the 8th (?) largest bank, all by itself, could lose 95% of its value without some kind of government/political flim flam.

 

[JustChristian]

Ouch! I bet that hurt! :laugh:

Yes, it hurt America tremendously.

 

[JustChristian]

All Reagan had to do to effect the release of the Iran hostages was to get elected. Another 4 years of Carter and Russia probably would have gotten Alaska returned to them.

It is NOT POSSIBLE that the 8th (?) largest bank, all by itself, could lose 95% of its value without some kind of government/political flim flam.

Not exactly. Go back and look at the ARMS sales the U.S. made to Iran shortly after the hostages were released. Also, didn't you ever find it strange that the hostages were released on Reagan's Inauguration day? If Carter's talks were failing who arranged this? Why Reagan's people of course. They traded arms for hostages.

 

[dragonfly]

Yes, it hurt America tremendously.

That too!!