According to Colin Kruger, this amounts to rewarding "the very banks whose financial practices were in large part responsible for the crisis. ... It is only months since the banks paid out a combined $US33.2 billion in management bonuses. ... A big chunk of those bonuses would have been for the very deals which are now slashing balance sheets and threatening company collapses."
While some hail the bailout as the light at the end of the financial tunnel, others say the light is actually another train approaching - the bailouts can only postpone (and worsen) the bear market and recession that's coming.
Of course, it won't be the corporate high-fliers who pay the price, it'll be the taxpayer, or the little guy and his pension fund, and not only in America.
Thankfully, my aunt in Piddledorf is doing her best to avoid losing her assets in the meltdown - she's blowing all her savings in an orgy of spending. She can't take it with her when she goes, and what would be the point of leaving some of it for her relatives?
But let's end on a financial high note. I recently saw the results of an Australian poll to find the most popular country music songs. One of the top songs was:
If My Nose Was Full Of Nickels, I'd Blow It All On You
Albert? Is that you? Has no one explained to your auntie that the nazi gold has only been given to her so that she can responibly hold it in trust for future generations? Dearie me! If she can't take it with her ... what kind of bloody attitude it that? Let her know that for a mere ten percent off the top, you could have a well known flatheid exterminator on her case in a jiffy! She's obviously demented. I suggest at least another visit from your good self. Push her down the stairs. She well deserves it for an attitude like that. Join my church and I'll give you a plenary indulgence in advance! (We can discuss the money later!) Hope this helps. Hotboy
ReplyDeleteI'm willing to part-finance a reconnaissance trip. As much Lidl weissbier as you can drink without impairing your professional judgement.
ReplyDeleteThat is what happens when the Fed prints money that has no backing! Don't even get me started.....
ReplyDeleteI think this is only the beginning.
Hope your Aunt doesn't have a dog. Did you ever hear about the old woman that left her estate to her dog?
maybe that was just an urban legend!
:)
Lee Ann, I fear it is indeed only the start. Maybe your landlord is putting up the rent so as to offset some losses elsewhere? As someone once said - dearie dearie me.
ReplyDelete