Given the report from the Wall Street Journal that the banks are bonusing themselves this year at $140 Billion more than 2007’s $130 Billion despite a)still being dependent on bailout money and deficit causing extremely low Fed funds interest rates; b)having lightened their staff employment by 10-30% surviving staff are getting monster bonuses; and c)yet the banks are still not lending to credit worthy businesses – one has to to assume that Financial Business as usual is the order of the day on Wall Street.
So I thought I would have to add another Financial Failing Grade remark about the Obama Financial Team.
But lo and behold , the people at WSJ’s Marketwatch have done the same and raised the ante to a Poker-like All-in set of biting remarks. Here is a sampler:
But for Wall Street and American capitalism, use your gut. You know something’s very wrong: A year ago “too-greedy-to-fail” banks were insolvent, in a near-death experience. Now, magically they’re back to business as usual, arrogant, pocketing outrageous bonuses while Main Street sacrifices, and unemployment and foreclosures continue rising as tight credit, inflation and skyrocketing Federal debt are killing taxpayers.
Yes, Wall Street has lost its moral compass. They created the mess, now, like vultures, they’re capitalizing on the carcass. They have lost all sense of fiduciary duty, ethical responsibility and public obligation.
Then writer Paul Farrel cites 20 reasons why the American Capitalist Soul is lost. This is a ringing indictment which has too much embedded in the harsh realities of the last two years and ongoing to be ignored. So again I highly recommend the reading even if you are a contrarian and believe that American Capitalism is just ready to take off.