Tuesday, February 10, 2009

Have We Already Missed Our Chance?

Our collective disdain at the sick and twisted mismanagement of our money by private banks, and the government has gone unheeded, we have not adequately displayed the anger and urgency of this moment. We have been so horrendously fucked with, and who amongst us has any confidence in this bailout? The fires manifested from our pain and sadness should of liquefied the steel supports of the banks responsible and our screams should have scared shitless the governmental powers into conceding some real change.

From Naked Capitalism (read the whole article):
The Obama Administration is as obviously and fully hostage to the interests of the financial services industry as the Bush crowd was. We have no new thinking, no willingness to take measures that are completely defensible (in fact not doing them takes some creative positioning) like wiping out shareholders at obviously dud banks (Citi is top of the list), forcing bondholder haircuts and/or equity swaps, replacing management, writing off and/or restructuring bad loans, and deciding whether and how to reorganize and restructure the company. Instead, the banks are now getting the AIG treatment: every demand is being met, no tough questions asked, no probing of the accounts (or more important, the accounting).
We should of been rioting a long time ago!!

No comments:

Post a Comment