Thursday, February 5, 2009


I've been hearing a double-portion of media indignation over supposed misdeeds perpetrated by "Wall Street" lately. Two incidents in particular have become favorite media whipping boys. One is full-fledged disingenuous. The other, if not disingenuous, is the product of sheer stupidity.

The first purported outrage is over the extravagant salaries and bonus' given to corporate CEO's while the country is mired in recession. That is nothing less than disingenuous. Those bonus and salary packages have been in place for years. Oh yeah, the bonus' in question were given BEFORE the current recession and Washington's porky-pig bailout. The weeping, wailing and gnashing of teeth over the CEO who spent the big sweaty wad of cash to redecorate his office is particularly vile. That may have been a lot of money but it was spent buying materials--which provided jobs to the people who supply raw materials and the manufacturers who turned them into something useful. The project also needed labor--which provided jobs for construction workers and decorators. In the real world that is known as STIMULUS.

The media Greek Chorus over the second "outrage" demonstrates that logic and reason can't hold a candle to possessing a journalism degree. I keep hearing incredulous statements in the news to the effect that banks which received bailout funds are actually lending less--GASP
--not more. THIS IS STUPID. Keep your eye on the ball, now: the reason we're in this mess is because banks were making too many bad loans to people who could not afford them in the first place. THEY DAMN WELL OUGHT TO BE MORE CAREFUL IN THEIR LENDING PRACTICES. How retarded--or disingenuous--do you have to be not to see that?

Here's a thought, why don't you media types just report the news and leave the rest of us to draw our own conclusions?


B said...
This comment has been removed by the author.
B said...

"the reason we're in this mess is because banks were making too many bad loans to people who could not afford them in the first place."

The feds were telling them to do it. Now the fed's are complaining because they aren't.

If the banks were children, they'd be in therapy for the conflict their parents put them through. And most likely, the government would have removed them from their homes to "protect" them.

Groups like ACORN were more than willing to pressure banks into this kind of activity. I guess the ACORN doesn't fall far from the Obama, er, I mean tree.