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The (short) week that was
I hope you have tomorrow off. I do. So, my weekly podcast, After the Bell, is available now. Yesterday marked the start of the fiscal year for many states, and it wasn't a good beginning. On this week's podcast, I find out more about trading IOUs in California and what sneaky things banks might be up to behind the scenes. Musical assistance from Creedence Clearwater Revival, Elliott Smith and Ray Charles. In-house help from Phyllis Owens, Fiona Ng and Hunter Ochs. You can listen to the podcast below, but if you'd like it to download automatically each week, here's the link for that. Happy 4th!
I heard Robert Reich and another economist discussing what to do about foreclosures this morning. Reich wanted a moratorium. The other guy talked about banks forgiving principle, yea right. I did not hear a discussion of reducing interest rates, one of the only options that to me could have some potential. Another thing that was not discussed, and I've not heard discussed anywhere by anybody follows.
There are people responsible for this frickin mess like Senate Banking Chairman Christopher Dodd, and everyone one else involved in laxing the rules and regs that made this disaster possible. Then there are those that put the changes of regs into the market place. The repurcussions within the market are multiple and all should dealt with, but there is a net result; There are people that have collectively made 100's of billions and perhaps trillions of dollars by doing what effectively derailed the world economy and literally devastated the lives of countless millions of people. The people responsible for this should pay. All of them should pay, and pay dearly, pay with everything they have and more, if that is what it takes to make it right. I have heard little on the news about who pushed to change the rules and who benefited, and then how are they going to pay it back. What if each evening newscast ended with a message something like:
WE ARE SEEKING THOSE RESPONSIBLE FOR THE COLLAPSE OF THE HOUSING AND FIANCIAL MARKETS THROUGH QUESTIONABLE BANKING PRACTICES AND ASSOCIATED ACTS OF ECONOMIC TERRORISM. IF YOU HAVE A TIP PLEASE CALL..... The bankers that made half a million a year and more without considering bonuses are not concerned about what is going to happen to them because of what they have caused. They should be. They should be so freaking scared, humbled, and privately and publicly humiliated that they see making right for what they have done as their only viable opportunity for continued existence on the planet. How can we make it so? I can imagine that Kramer character screaming as he used to "People are responsible for this mess and they have to pay" Will any of them ever?
