Tuesday, February 03, 2009

They will take it but do the bankers need our bailout money?

An interesting comment from Secretary Paulson some months back when suggestions were made to limit the compensation of the people who run the banks. He said that if Congress did that these bankers would refuse to participate in the bailout scheme.

Would not participate?

It was "common sense" at the time that if the bailout money was not given to the banks the banks would go down and along with it the whole economy.

They would not participate?

Could it be that the people who control the banking industry don't care if there is no more bailout money for them?

Would they--wealthy far beyond our commonplace dreams of avarice--be willing to let their banks go out of business to retain the power they have over the government?

Do they care so little for the middle and bottom level employees of their banks, and for the middle bottom and lower level stockholders in the country, to destroy their lives utterly while they sit, in comfort, on their personal wealth in order to bring President Obama and the Democrats to heel?

Will they just refuse to participate in the "recovery" if the terms do not continue to please them, perfectly willing, if the terms do not continue to please them, to retreat into the compounds of wealth until the rest of the country burns down?

Richard Wolfe, a commentator, says that the banks are going to need more bailout money and, while the banks might, do the people who run them? Can they just let the current banking system go down and then move into control of the system that replaces it?

Is it true that banks come and go but there will always be the bankers?

Will they sit on their hands and hire enough Congressmen and think-tank pundits to convince enough people that their behavior is reasonable and necessary to restore prosperity, while the attempts to change "business as usual" in the financial system are misguided fantasy, socialism and, yes, "class warfare?"

These people are wealthy.

They don't need our bailout money.

We need them to need our bailout money. But they don't.

The Lily, today, to me.

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