10-20-2008, 04:10 AM
Equity position, my keister.
The banksters will find ways to get around giving up any of the upside back to the taxpayers.
The nation (and the media who tell us what to think) has an extremely short attention span, and by the time any "profits" are generated from this fiasco, there will be enough clamor by the chattering classes at how "unfair" and "socialistic" it is to "force" the poor "free market capitalists" to give up the wealth they "created" back to the "evil" state (read: the taxpayers from whence it came). This assuming most of the populace will even be paying attention at that point. I'm sure there will be other manufactured irrelevant celebrity escapades dominating the airwaves by the time the bill for the bailout comes due.
All this bailout nonsense, at its core, is reallocation of resources from those who work and save and invest for the future to those who gamble and speculate and splurge in the now*. That goes for everyone involved, from BoA HQ in Charlotte, NC to Aunt Bea who refinanced her 2BR cottage in Mayberry, NC six times until she was in debt up to her friggin' ears.
*not to mention a big FU from the Baby Boom generation to their kids, grandkids, great-grandkids, great-great-grandkids, etcetera, ad nauseum, arbusto.
The banksters will find ways to get around giving up any of the upside back to the taxpayers.
The nation (and the media who tell us what to think) has an extremely short attention span, and by the time any "profits" are generated from this fiasco, there will be enough clamor by the chattering classes at how "unfair" and "socialistic" it is to "force" the poor "free market capitalists" to give up the wealth they "created" back to the "evil" state (read: the taxpayers from whence it came). This assuming most of the populace will even be paying attention at that point. I'm sure there will be other manufactured irrelevant celebrity escapades dominating the airwaves by the time the bill for the bailout comes due.
All this bailout nonsense, at its core, is reallocation of resources from those who work and save and invest for the future to those who gamble and speculate and splurge in the now*. That goes for everyone involved, from BoA HQ in Charlotte, NC to Aunt Bea who refinanced her 2BR cottage in Mayberry, NC six times until she was in debt up to her friggin' ears.
*not to mention a big FU from the Baby Boom generation to their kids, grandkids, great-grandkids, great-great-grandkids, etcetera, ad nauseum, arbusto.