Let me get this straight – a small community of Wall Street executives has spent the last few years making tens of billions of dollars in salaries and bonuses based solely on their ability to game and rig the financial system, and now we’re essentially being asked to pay for their ill-gotten wealth.
Our political leaders (Fed, Treasury, Exec, etc.) have been saying for three years that our economy is on sure footing. In the words of Henry Paulson over the last 18 months, the housing crisis will be contained to sub-prime. Now, all of a sudden, he says we’re facing global economic catastrophe.
And you’re asking me to trust these men with $700B of public cash? Without oversight? Without restriction? Without penalties for failures?
U.S. Treasury Secretary Paulson – the former CEO of Citibank Goldman Sachs with a net worth exceeding $200M – is a leading figure of the Wall Street community that created this mess. I can’t emphasis enough: I don’t trust them to do the right thing. There are far too many conflicts of interests at work. At this point, I would much rather see Wall Street, and the global economy, suffer the natural consequences of excessive debt and greed. Let all the greed factories fail. Honest businesses – those which actually produce real goods and legitimate services – will dig our way back to global solvency.
You want true deregulation? You want free markets? Now’s your chance.