- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
I read in a MAD magazine they were ripping on the top 100 stupid things of the last decade and one of their items was the bailouts the banking system got.
I've had mixed feelings about that whole thing - on the one hand, I think if you are going to preach about "personal responsibility", then you need to practice what you preach. On the other hand, I am glad they are still around today. So it's kind of a mixed bag there.
A lot of people including myself were quite upset that the bankers got massive bailouts on our dime, a mere 3 years after they pushed to get the BK laws tightened down because of "deadbeats", but then there they are, on the verge of being "deadbeats" themselves if not for the largesse of our money (ironic isn't it?). To top it off, then I read how the execs at these places gave themselves huge bonuses (there's that "pay for performance" again) and went to lavish resorts after they flew into DC on their private jets to get our money. I wondered how they would like it if I went and charged up their card and then took a luxury vacation and declared BK when I got back (I have a feeling the judge wouldn't be as lenient on us).
Then they had the nerve to say how they should not be regulated. My thought is well, if you want to accept and live by the consequences of your actions, then I agree with you. If you are willing to accept failure if you do dumb things, then you are quite correct, HOWEVER if my tax dollars are at risk due to your stupidity, then I think I have the perfect right to expect some reasonable safeguards be taken, just as you would expect to be able to look at my track record and decide what you feel the risk is before loaning me money.
So they kind of want to have their cake and eat it too but so do we all. The difference is most of us can't buy our corrupt politician the way they can to get that done.
Just my feelings on it, like I said it's a mixed bag.