Subtle Rantings

As an update to my previous two postings on Bear Stearns, I found this post from a blog I subscribe to.

Direct quote from mikeshaw.net:

“2 years ago: 13 big dogs get over $20 million each in bonuses.

2 months ago: “hmmm….maybe we don’t deserve bonuses this year. Or maybe we’re gonna take a big hit soon and don’t want to look like an evil corporate goon.”

2 days ago: Don’t worry folks…nothing wrong here….please move along.

Today: Um….can we uh….borrow enormous sums of to stay in existence? Preferably in funds insured by U.S. taxpayers? Or maybe could one of you other banks buy us?

This is a big deal. Lots of yachts, mansions, and exotic cars will end up being paid off with cash from the U.S. taxpayers. What we’re seeing is the final steps of massive, outright theft from our kids and grandkids.

As I’ve mentioned, the minor prophets talked about such things extensively.”

Thanks for the info and sources Mike! His post illustrates why I’m so against government bail-outs. Bear Stearns (and every other financial institution) brought these hardships upon themselves with their greedy lending and investing practices. Yet, we as taxpayers are going to have to pay the penalties for their mistakes.

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