punisher73
Senior Master
- Joined
- Mar 20, 2004
- Messages
- 3,959
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Why don't we start with guys like Richard Fuld, worth some 350 million dollars, in charge of now bankrupt Lehman brothers, destroyed billions of dollars in wealth and plunged the entire world into an economic crisis. It seems to me all the upside of his risky decisions were privatized and the losses socialized.
I get tired of hearing about the "welfare" queens the real welfare is in the corporate boardrooms.
http://www.conservativenannystate.org/
I doubt all that welfare you are talking about is any where near the 750 billion that Wall Street just got or the 135 billion that AIG took in...all US taxpayer money that could well be lost completely.
Yes, he was part of the problem, but take a step back and look at why Fuld and others did what they did. Democrats wanted more minorities and lower income families and people with not-so-good credit to own houses. They deregulated alot of the process and had banks and mortgage companies take on LOTS of high risk loans to people who wouldn't qualify previously. There were attempts made before we got into this mess to try and reregulate the process and put in some checks and balances but those were blocked. Guess what? Most defaulted on the loans and left the companies holding the bag. It started with people wanting handouts that they weren't qualified to handle, and people trying to get something for nothing by agreeing to ADJUSTABLE rates and then were surprised when they went up!
I agree that there is alot of corporate bailouts and I don't agree with those either. If a company is deregulated like the airlines and everyone goes into the business then those who fail deserve to do so. Same with the automakers. They need to figure out how to run a successful business or fail. We should not reward a bad business model.
People need to be responsible for their own success or failure and stop depending on the government to come down and kiss their boo-boo and make it all better (I'm am NOT referring to people who need a hand UP to get back up on their feet, I am talking about people who want a hand OUT and expect to be taken care of).