Its true. Very true. This is why I hope to never be crazy rich. Or need more and more money so bad, that I would sell my mother for it like these wall street dudes.
I just finished reading an article in the 4/2/2009 of Rolling Stone that make me think "What the F*&% has the people in charge gotten us into?"
Here is what I learned:
There used to be regulations out there to prevent another Great Depression. To prevent ginormous companies from existing. (AIG, Citicorp) To keep banks in check. Some jack ass senators wanted more power. So they listened to the Banking Industry when they promised not to pilfer the open liquor cabinets like teenagers when mom and dad were away. What did the bankers do?
They didn't raid the liquor cabinet. They turned into raging alcoholics.
They invented "Investment Vehicles," wrote loans to people who could not pay them and they sold them with a promise that the debt was infallible. Some jackass at AIG thought he was god and single-handly destroyed the company while they weren't looking. He did this by selling insurance on the insane investment vehicles. But it was more insurance than AIG was worth as a whole or in pieces.
Of course we know how all that went right? Its all bullshit. I thought about Martha Stewart. A couple years ago she went to jail for making $50,000 on a stock sale because she might have used insider knowledge to do it. But a group of government reps(Like Phill Gramm), and Wall Street bankers have pretty much put a bullet in the head of the WORLD economy with their desperate need for money, money and more money, and power... Some of them are walking away with god damned bonuses still!
How is it not a crime? That guy at AIG knew damn well his company could NOT back all that insurance. He still kept selling it.
I have a rather simplistic solution here.
All the guys that got disgustingly rich on these scams? They should have everything seized like we do to drug dealers. Everything. No more spas, baja trips, mansions... gone. Make them live like me. The Middle Class.
All the bankers in top positions who had anything thing to with this mess. Fired. Gone. Banned from financial planning in any form. They are not even fit to manage their own checking accounts in my book.
All the elected officials who gutted the protections put in place to prevent stock market crash, who made it possible for this to happen, who failed to monitor the banks (investment and retail), should be thrown out of office. Banned forever. All the money they got from the special interest groups- should have to be given to the government to pay down the debit incurred by the tax payers in bailing out these companies they helped make "too big to let fail."
Now I realize that this will leave alot of open jobs. That's the point. Its time to start over. Clean out the GARBAGE and get some new people in here. Preferably some people who don't think you need money to breathe, don't owe someone their soul and doesn't feel the need to gamble away everything they own and everyone else owns.
Of course.... this will probably still happen again in the future. Hopefully the economy will not implode before then.
*gets off her soap box*