During the Bush Presidency, a precedent was set that executives of businesses that were too big to fail had to receive their Christmas bonuses no matter the economic circumstances of the rest of the country. Now not only do they expect the Government to indemnify their losses but to enable them to increase the size of the bonus.
Sunday, October 22, 2017
"INDEMNIFY MY LOSSES AND GIVE ME A TAX CUT, TOO"
Under our last Republican President, Wall Street received a trillion dollar gift when the U.S. Government covered the gambling losses of the financial sector. Since the election of another Republican President, Wall Street is tingly in anticipation of another gift from the U.S. taxpayer. The stock market began to edge up, in advance of promises of more goodies, and indeed, Wall Street has even warned that, if they don't get it, there will be a market retraction that could affect our economy.
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Capitalism at its best for bankers is at its worst for taxpayers. Capitalists always privatize profits, while socializing their losses.
ReplyDelete“Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.” ~ Thomas Jefferson