All the recent stock collapses within the financial industry show a very similar trend - the shapes below for all the big companies that have collapsed all show a lack of transparency as management assures the public and their investors that all is well until they fall off a cliff. No transparency leads to no confidence leads to no capital. In some countries, this would put many of Wall Street’s titans on death row.
It doesn’t matter whether or not the government decides to pull a reverse Robin Hood - the end result is the same:
Tomorrow will be AIGs turn. Burn baby burn!!
Many of the decisions that will be affecting Americans’ finances for the next decade or two are now being conducted on weekends behind closed doors instead of during business hours. It seems that every weekend, the government is in discussions on how to bail out the financial industry. Never mind that years of GOP mismanagement and a laissez-faire policy that eliminated regulations brought us to this point - it’s the fact that such help never arrived for the truly value-added industries in this country that could have used this kind of cash infusion - our manufacturing and energy industries. Things can only get worse as the government has become the last refuge of the corrupt robber barons of our age; the “moral hazard” that we have been warned against is here.
The above article says that the government is drawing a line in the sand regarding the possible rescue of Lehman, and that’s exactly the problem - they keep drawing the line further and further back.
Wall Street continues to rob the American people. Somebody please take this company out back and shoot it in the head. Twice.
As the housing and credit crisis deepens, we see that many of these supposed “engines of the American economy” are the moral and ethical equivalent of Cadillac-driving welfare queens. A NYT story outlines Bank of America’s attempt to get a taxpayer-funded bailout. 739 billion dollars is a lot of money - in fact, it’s probably close to what we’ve spent in Iraq. We got nothing from that war and we’re going to get nothing from this bailout.
Here’s a suggestion for Bank of America - fuck you, whore yourselves to an overseas sovereign fund, and strike America from your name.
