| The spectacle last week of Wall Street bankers | | | | than a cover for the transfer of more money to the |
| being summoned to Washington, DC to be publicly | | | | bankers through bailouts and Federal Reserve |
| humiliated in front of members of Congress and the | | | | programs. It is designed to placate the public and |
| media after running their companies into the ground | | | | focus the depression and rage Americans are feeling |
| and squandering hundreds of billions of taxpayer | | | | at the bankers onto the television screen instead of |
| dollars begs one question. How do I get one of those | | | | real life. But the banks have gotten away with very |
| jobs? I think I could handle the cost of being paid | | | | little in the way of real penalties for their actions - |
| hundreds of millions of dollars in salaries, bonuses, and | | | | what if the fake outrage fails to deflect the public's |
| stock options with a little public humiliation every few | | | | real outrage? |
| months. | | | | Show trials of banking CEOs may be next, or a new |
| Up until now, it was only the most destitute and | | | | huge crisis may be allowed to happen and inflated |
| desperate individuals who felt forced to carry signs | | | | beyond all reasonable proportions. General Motors in |
| by the side of the road indicating "will work for food" | | | | considering filing for bankruptcy, for instance. While |
| or similar depressing slogans. But in the era of the | | | | this may not have the apocalyptic effect on the |
| housing collapse and trillions of dollars of new money | | | | economy pundits predict, the media may be able to |
| being printed by the Federal Reserve, maybe a new | | | | inflate the failure into an epic catastrophe. A show |
| type of message is called for. "Will take Congressional | | | | trial where a couple bankers end up in jail may also |
| verbal abuse for $17 billion" seems to be a fitting one. | | | | be in the works. |
| In all seriousness, though, it is deplorable that banks | | | | Unfortunately, though, all of the strong negative |
| used government money and market interventions in | | | | feelings directed at the banking institutions (and there |
| order to enrich themselves at the expense of | | | | are a lot of such feelings) fails to address why |
| impoverishing the future, and when the future | | | | people and the nation itself has become poorer. While |
| arrived, they were able to cry "Wolf!" and receive | | | | the banks certainly took advantage of cheap and |
| taxpayer money for bailouts. And not only have they | | | | free money, so did vast numbers of people during |
| received bailouts (which 90% of the country | | | | the housing boom. Interest rates were artificially |
| disagreed with), but they have been able to spend | | | | lowered and saving was replaced by borrowing and |
| the money with zero accountability. | | | | spending. |
| But in a severe recession with a frighteningly fast | | | | What we can expect from the government, banks, |
| collapse, the storyline needs to be played out | | | | and media may be only show trials or more contrived |
| according to the script. Like a child, the bankers are | | | | economic disasters, followed by more crises and |
| sorry, they never saw it coming, they learned their | | | | bailouts to address them. Unfortunately, these |
| lessons, and they will never do it again. Like a stern | | | | bureaucratic and corporate wranglings will only make |
| but forgiving parent, the politicians are outraged, | | | | the job of economic recovery more difficult, but |
| anyone could do a better job than these clueless | | | | what is needed now is for Americans to begin saving |
| bankers, but will bail them out of their mistake; after | | | | again, paying down their previous debts, and investing |
| all, they meant well. | | | | in productive capacity instead of borrowing ever |
| All this feigned outrage and remorse is little more | | | | more money. |