Wednesday, February 24, 2010

Ah yes, oversight

Huh. I read this morning that Wall Street and the Bankers are shifting their political campaign contributions back to the Republicans. Hmmm. It seems they're a bit unhappy with the way Obama and the Democrats have been suggesting tighter controls on them. Gee, you don't suppose that's a surprise to anybody, do you? I mean, after all, the government just loosened controls over the last two decades. Controls that were put on after the Great Depression and that served the country and even the banking industry and Wall street for about half a century. And only after the controls came off, did we have a Great Recession. Now why would the government think to put controls back on those industries? Goodness knows, they're fine people, and they mean well, even though there is some evidence that they were in large part to blame for our financial woes, but don't understand how they are to blame. Shouldn't they be allowed to control themselves? I mean, after all, who knows the banking and investment industries better then they? Who better has the will to resist the temptations of quick, large profits and grand commissions, then they? I mean, just because they started over-indulging as soon as the controls came off this last time, and before the Great Depression, why would anyone think they would do it again? Just for the money? Well, for starters, I do. Don't get me wrong, I think that, once your company gets bailed out, executives should start getting millions in bonuses at once. And not just paltry single digit millions, but something substantial. Like if you add up the total wages of all your employees for the year and multiply that number by the number of times you have shied away from self-indulgence. Now there's a starting point. But getting back to who should oversee the Banks and Investment houses, does anyone think it should be a government agency that gets it's funding from the Banks and Investment houses? No chance of any pressure from the overseen there. Hey, I like that word "overseen". I've been overseen against my will and it didn't hurt me too much. How about you?

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