Sunday, 5 October 2008
That $700 Billion Financial Bail-Out In Perspective
$700 billion is a lot of money. However, the payment is a one-off bail-out to restore liquidity in the banking industry. Something that affects everybody. Yet are there complaints about greedy fatcats who received billions of dollars every year despite only amounting to 2% of the American population? Here are some figures about US agricultural subsidies. Note that between 1996 and 2002 an average of $16billion per year was paid : that's $112 billion in seven years when things were going well. Perhaps those Wall Street bankers should wear plaid shirts and jeans in order to improve their PR.
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4 comments:
One off plunging of the people, via the government, into debt to the very people who are behind it.
I think Hamilton and Madison had a similar argument about the redemption of War of Independence IOUs at face value and the Federalisation of states' war debts by the US Treasury. Sometimes, one must do something against one's values if it's the only practical solution.
So, everyone who can has got their snouts in the trough?
It doesn't necessarily make it right though does it?
It's a bit like the the old tale about the best way to Dublin with the proviso that I wouldn't start from here. It would be best to start with a clean sheet of paper but...
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