Thanks for the bail out, it will pay for our bonuses nicely
The news that neitherWall Street nor the City have not changed one iota and is using handouts from taxpayers to continue to pay huge bonuses once again demonstrates that the unregulated free market has the power to make its own rules irrespective.
If it's the case that the bonus culture has contributed significantly to the current economic crisis it is abundantly clear, if not before, that the injection of pubic money is not the answer. I thought it was understood that payment was on condition that bonuses were not awarded and that this should continue until repayments had been made. Future bonuses would be linked to success and only success in improving business.
Countries struggling to fight against poverty are finding the economic crisis adding to their burden. As an article about South American countries says many are "bemused" by the astronomic sums being used to tackle the problem they have themselves created.
Elections in the US promise change, but that change won't be one that will make a difference here. Obama supported the bail out of the banks incurring the wrath of his own supporters. Who is fighting for those losing homes, jobs, savings? Those attempting a socialist alternative will continue to champion the oppressed but continue to attract the ire of the wealthy nations. Clearly their wealth depends upon it.
Posted by John Tyrrell at October 18, 2008 11:52 AM