Why do I find the so scary?

Subject: Why do I find the so scary? Thu Jul 09, 2009 12:07 pm

According to this article, one of the creditors that is still in deep trouble, is bragging about turning its operations over to an individual who was involved in the businesses most involved in the downfall of the whole system last fall, and saying this is a good thing for everybody.

http://online.wsj.com/article/BT-CO-20090709-712682.html

I don't get it.

Ann

Subject: Re: Why do I find the so scary? Thu Jul 09, 2009 3:04 pm

I could read only the first two paragraphs because I'm not a subscriber. From what you say it is another case of people like that living in their own world. What happens to those "below" them doesn't matter.

Subject: Re: Why do I find the so scary? Thu Jul 09, 2009 5:03 pm

I see what you mean. When I click it on my Google page, the whole article come up, but those two paragraphs give the gist of it.

Ann

Subject: Re: Why do I find the so scary? Fri Jul 10, 2009 6:04 am

Now AIG wants the government to approve giving hefty bonuses for 2008, the year when they were begging for a bailout.
This is a free enterprise system? I guess it is if you grow "too big to fail."

Subject: Re: Why do I find the so scary? Fri Jul 10, 2009 6:54 am

"Too big to fail" is an incredible concept. Why are these businesses considered "Too big to fail"? If they failed would the nation collapse? Would there be more debt and additional people out of work?

Some American companies and CEOs have gotten too big for their britches, and deserve to have the seams split out from under them. It's the old 'hooray for me and screw you' attitude.

I couldn't access the article, Ann. For some reason it was all encrypted. Probably to keep non-subscribers from accessing it.

Subject: Re: Why do I find the so scary? Fri Jul 10, 2009 8:23 am

I'm not a subscriber, either. I get the whole article when I go to it from my Google page. When I click, here, I get the first two paragraphs, as Dick did.

Basically, Citi has hired the old head of Freddy Mac, saying he will fix their problems. The man left Freddy Mac in 2008, so he must have at the very least approved of the practices that got FM in so much trouble.

Ann

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» Interesting, lengthy and scary article
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