Friday, March 20, 2009

Yes, Congress Wants to Kill Bonuses!

Anything wrong here? Anybody who wants to come forward to justify this ‘bonus culture’ of Wall Street? If none, then shut up and gulp it.

Congress is right – to ‘kill’ this very culture of bonus on Wall Street. If it needs all the draconian means, so be the case. There will be bloodbath, but otherwise what about the bloodbath on Main Street? When did these compassionate money guys felt something about commoners who have been loosing jobs in droves?

The argument is these draconian taxes will not make banks to take Fed money. Okay. How about instead of bank nationalization, Fed Government ‘seeds’ few new banks with new private investors who will start lending as Economy picks up? Where will be the market share of Wells Fargos of this world then? Why would basic living plus possible prosperity of Americans ‘stop’ for these existing cry baby banks? Why should America be hostage to the old line banks which brought us into this mess and on top of it trying to dictate how tax payers should ‘bailout’ and make them rich? Congress is right – not any more.

The other argument is folks will walk away from these banks. Oh, give us break. Where will they go then? To banks in USA which have not taken Fed money? Excellent, let these bright minds work their miracles there. To foreign banks in USA? Not so fast baby, these foreign banks - who like to preach America - are dependent on our largesse too. Go and see where the AIG Fed rescue money has gone. So you mean these ‘masters of universe’ would flee USA? How great! USA should be happy to ‘export’ these leading lights as if Europeans are going to have any lesser taxation than USA. ‘No but then these folks will go to Hedge Funds’. Fine, first of all unlike Bankers; Hedge Funds have not come to Fed with their hats in hands. Hedge Funds live by their own swords. Besides, wait there too – USA will have reasonable financial regulation reforms where even these Hedge Funds will not be flying missiles anymore.

This means, brightest of America’s Ivey League graduates will not go to Finance Industry. Any problem there? How about ‘old fashioned’ engineering and producing things? SP500 had 25% weight to Financial Industry. Why do we want to be a nation which produces money from thin air by creating fictitious financial products? Do you want to know how world looks like where finance may not dominate? Watch - TED.

Yes, let us indeed kill greed and bonus culture of Wall Street and Finance Industry. Congress is right to be tough here.

For Congressman, don’t worry; we in non-finance industry will recoup your losses in campaign contributions from Banks. Get our economy back and Barack has shown that you can literally raise Billions on Web. We will do same for Congress folks for reelection but before that kill these monsters named Wall Street, investment banking and banker’s bonuses.

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