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- - 2008

 

   

November 11, 2008 Hell No; No More Dough.

Huge sums of public money have been injected into the banking/financial sector to benefit, presumably, the economy by keeping credit lines open. Yet, with lending still curtailed and markets in turmoil, the recipients of public largess are using these funds to provide dividends for shareholders, spa retreats for the executives and bonuses all around. While admirable in normal times this is unconscionable in these. AIG has now requested more bail out funds. Other financial sector entities in trouble will soon do the same.

Oh, yes, I believe that the bailouts were necessary. But they were poorly framed, haphazard and the hapless administration outmaneuvered (yet again) or, worse, in collusion. The hens are being skimmed by the foxes. All that has been gained is more time for the smart money to get out. The lessons learned from the last few weeks of turmoil should be heeded.. If the financial help hasn’t yet worked its miracle, then let them fail. If we are going to bail out anyone, it should be a productive sector like the auto industry,

Budapest