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Finance Tid Bits

The Audacity Of Bankers!

14th October 2009

In as much as the song of the recession being caused mainly by the subprime problem and greed being the root of that, I was angered when I was watching a popular news channel on their business segment. Angered? Yes that's right. Downright angered. Why? Despite all the world has been through and the many lives of ordinary people ruined, the banks received massive bailouts from governments in the so-called developed nations. Who pays for that money? The ordinary citizens. So like I talked about in my post titled "Other People's Money!" the bank didn't have to fork out any money to save themselves. You might be asking so what? Here's the thing.....


Personal Finance I have nothing against banks as they are businesses like any other and as a business person myself, I understand that we need to use other people's money to thrive. However, it is how we use that money that sets apart the just from the unscrupulous. Granted, the banks where given bailouts to help them survive the recession and stay afloat. Some of the banks have paid back that money or are paying back. However, the "payback" does not amount to what government owes the Fed, and in essence what the taxpayer will have to payback due to the interest.

What angers me? The fact that when it's bailout time the taxpayer is not even given a choice, we will have to foot the bill, yet when it comes to bonuses, we do not share in the profit, we are told buy shares of which they may not even be available to the ordinary person. Do you see where I am going with this? We always come out losers.


"Always borrow money from a pessimist, he doesn't expect to be paid back." - Author Unknown


Comments (5):

Charles Says: If they want to pay each other bonuses that's their business | 10.14.2009 |

Alice Says: We really get screwed over by the financial system. Great Post! | 10.14.2009 |

Esther Says: What bothers me is we still haven't been given satisfactory answers by our government as to how every cent of the bailout money was spent, makes you wonder | 10.14.2009 |

Mike Says: Interesting perspective Kevin, I never thought about it that way. Thanks | 10.14.2009 |

Kyle Says: I really hate the way we are played day in and day out by these financial guys. I say lock 'em all up and throw away the keys! | 10.14.2009 |


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