"The point is, ladies and gentleman, that greed- for lack of a better word- is good.
"Greed is right.
"Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
"Greed, in all of its forms- greed for life, for money, for love, knowledge- has marked the upward surge of mankind."
And greed should also cut down, in bloody fashion, those who make bad business choices.
Speciallist dared me to write an article. At first I started a reply with a rant that I didn't have enough to fill an article. However the more I ranted, the more I realized I did have enough and so here you are reading this "Greed Is Good" by BigGator5 with special guest, Gordon Gekko!
Frankly, I don't know enough to give an insightful view on the Wall Street bailout. I'm from Main Street, a hard-working tax payer. I own no stock and my investment in my future doesn't go beyond my savings account, which really isn't much more than an extension of my checking account now-a-days.
"Well, ladies and gentlemen, we're not here to indulge in fantasy, but in political and economic reality. America, America has become a second-rate power. Its trade deficit and its fiscal deficit are at nightmare proportions. Now, in the days of the free market, when our country was a top industrial power, there was accountability to the stockholder. The Carnegies, the Mellons, the men that built this great industrial empire, made sure of it because it was their money at stake. Today, management has no stake in the company!" -Gordon Gekko
You want to know what these banks were doing? They browing money, on browed money! I don't know the details, but let me break this down as best I can:
Banks were giving mortgages out left and right (see: Subprime) to anyone who wanted one (a side effect of this was homes going up and people getting 2nd or 3rd mortgages just to get spending money). These mortgages lenders were giving away so much money, they started browing against those mortgages (see: MBS). Basicly they were taking out mortgages on the mortgages and instead of holding on to that money, they lent that money out as well. When those mortgages went bad, so did the MBS that backed them up.
So what we have here is a credit nightmare. No one is lending anyone any money anymore. Red ink is now flowing through Wall Street like the First Plague flowing through the Nile.
"And you are all being royally screwed over by these, these bureaucrats, with their steak lunches, their hunting and fishing trips, their corporate jets and golden parachutes." -Gordon Gekko
It looks like Fed Bailout is the new golden parachute. Henry Paulson isn't on our side, he used to be Chairman and Chief Executive Officer of Goldman Sachs. Of course he wants to bailout Wall Street, he IS Wall Street!
I am disgusted at how un-Republican the Bush Administration has been since this whole thing has started. If McCain really wants to distance himself from Bush, he should come out and flatly reject the current bailout plan. This would put Obama in the unique position to actually defend Bush for once. This would suck out the air of Obama's arugument that McCain is Bush's third term.
"The new law of evolution in corporate America seems to be survival of the unfittest. Well, in my book you either do it right or you get eliminated." -Gordon Gekko
I was hopping that AIG would fall on their face so we can finally begin the end of our current economic down-turn. But no, we have to delay the end and we will langish in economic hell for who knows how long, mark my words!