Saturday, October 31, 2009

This Is Going to Cost More Than Health Care Would

Here's another reason why the billions of dollars in bonuses that financial companies like Goldman Sachs are paying out should really piss you off.

Unlike profits that, say, a technology company makes, the bonuses will never be re-invested in research, or more production (jobs), and anything else productive. They'll just be given to executives and traders who can use them to buy that important 3rd mansion or 4th yacht.

And, of course, all that money is being made by banks who are gambling with your taxpayer money, which is being provided free of charge by the government, a government which is owned by those very banks.

Of course, when you give all the money in the economy to banks, who gamble with it, there is none left for companies who might actually do something with it, like make things, and create jobs.

And when you let banks gamble with your money, and tell them they get to keep the winnings and stick you with the losses, you can't really be surprised when they do it. Of course, eventually the dice will come up wrong, and taxpayers will be on the hook for it. But by the time the banks fail again, these traders and executives will already have their bonuses.

You'll just have the bill.

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