Archive for January, 2010

It’s All Obscene

Posted: January 15, 2010 in Technology and Business
There’s a big debate whether big banks deserve the big bonuses they get.

Had the American public not saved these banks, they would have gone belly-up… then no one would have gotten a bonus.

Further, if the American public did not provide artificially cheap money to these banks, they wouldn’t be enjoying the ginormous profits they are… without profits, there would also be no bonuses.

So why is there a debate at all?

If there is a debate, it should be why big banks aren’t using the artificially cheap money for its intended purpose:  To provide loans to get the economy (and therefore jobs) moving again.

On top of all of these other obscenities, add on the one where banks are actually gaming the very investors (the American public) that saved them in the first place.


Good thing someone is calling big banks to the carpet:

     "My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people," Obama said, reflecting increasingly harsh rhetoric toward the financial industry.

     "We want our money back," he said.