Lots o’ economic news this week..Bear Stearns, an investment/banking firm that made some stupid decisions is getting a bailout. The Buck has dropped to it’s lowest value against other currency in the history of our nation. The Carlyle Groups investment division, Carlyle Capital is sucking pond scum as well. What ever happened to that investment cry of Diversify Young Man!!!
Why in the blue hell should it be our job, as taxpayers, to bail out idiots that made bad investments? These funds and equity groups dig their own graves by playing fast and loose with other people's money in the hope that they will make lots of money quickly.
Yet, our Idiot-in-Chief still thinks his retarded ’stimulus package’ will get Americans to spend and spend and invest and invest.
I used to have a part time job wherein I went to various banks and lending institutions acting as if I was a women with a shitload of cash to invest. I did this in order to determine if the investment consultants were following the weak-ass laws regarding disclosure to customers. The lack of oversight by our federal government is horrible..thanks in large part to Bill Clinton’s deregulation of the banking industry. There was very little they had to disclose to me, such as how risky the investment market really had become with hedge funds and equity groups.
What pisses me off is that all this bullshit about the collapse of the markets and various investment groups was caused by the deregulation that has been going on in the modern era. Most of these regulations were put in place after the Stock Market Crash of 1929. The Glass-Steagall Act of 1933 was put in place for a fucking reason! Did we learn nothing from that part of our history?
I guess not. Economic growth happens when people are working..when everyone is working. Shoring up the damn investment banks and firms won’t pull America out of this mess.