Wednesday, February 11, 2009

Wall Street Whine

Wall Street and many of the big banks seem to be in all out over-reaction mode. Geithner shouldhave done a better job of explaining the outline of the bank bailout plan. With that said the markets did not tank because it was vague. They tanked because the government has not laid out how much slop the banking pigs are going to receive via the taxpayers. It really does boil down to the fact that the big banks just want a free ride.

By now, I hope you've learned enough not to be taken in by the self-serving floor patter. These guys won't be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders.

Read the entire Pearlstein piece I linked above. It really is a gem.

Privatize the gains, and socialize the risk. Not a bad gig if you can get it.

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