Welcome to the Morning Edge, where each weekday we'll give you the news and information you need heading into your day.
Today's big event takes place on Capitol Hill. In what is a uniquely American spectacle, the heads of eight banks - including Bank of America's Ken Lewis - will appear before Congress, where they will explain how they have made a mess of things, muster as much contrition as they are able, then take a skewering anyway from outraged legislators.
Automakers endured the same ritual - twice - last year. (We expect bankers did not take their private jets to D.C.). For many of us, it's must-see cable TV. There's real satisfaction in watching leaders, business or otherwise, called to explain how they've contributed to our misery. Plus, it's fun to see rich people slapped around a little.
For the more cynical among us, the fun brings empty calories. The squirming/outrage is merely the show that happens before the squirmers get more of what they want - with little relative cost.
Our Question of the Day: Where you do you fall - entertained or cynical (or both)? What you would you say to the bankers today?
Your Morning Edge:
The New York Times Maureen Dowd captures the feeling of Wall Street about Treasury Secretary Timothy Geithner's bailout rollout yesterday. It came up short on just about everything, Dowd says.
Here's the full text of Geithner's presentation. (It's not short on words.)
A small group of banks are doing just fine. How'd they manage it? CNN reports.
Who's going to clean up the financial mess? Some women, of course, reports the Washington Post.
Wednesday, February 11, 2009
Bankers squirming, yes or no?
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16 comments:
Everyone loves to talk about the rich bankers- let's get real here- the majority of people who are working for the banks are not rich and do not receive huge salaries or bonuses.
Stop lumping so many hard workers into a category of wealth & greed.
Agreed, anon. We're talking today about the CEOs.
I agree. Stop blaming the banks for everything. Listen, a few years ago, the government begged the banks to lend to more people (some of whom were not particularly credit worthy). Well, the banks did just that and now look, these people are now defaulting and the govenrment lays all of this at the feet of the banks. Very classy. Maybe from now on they should lend to people with 700 or higher credit scores. Think about it...Would you qualify???
The Hickory Hound Blog
They slither. They don't squirm. If you think they are going to worry anymore going in front of their buddies, that they have paid off through campaign contributions and other perks than they have going in front of the media, then you are fooling yourselves.
Heck yea! It'll be hilarious watching these overpaid bozos getting railed by equally incompetent members of congress. It'll be especially funny watching Ken Lewis. He's so not a people person and has terrible interviewing skills. The guy is absolutely one of the most uncomfortable interviews on financial television and a terrible liar. I'd be pretty nervous and uncomfortable on TV if I couldn't look myself in the mirror as well.
The banking system is BANKRUPT!
Given this fact what is the appropriate and sane policy?
Look to Franklin Delano Roosevelt. He successfully handled a similiar crisis during the 1930's.
Roosevelt handled the situation well? Please stay off the Daily Kook. The recession lasted 7 years under his brillant stewardship and it took a world war to bring us out of it. Lesson learned yet?
Roosevelt handled the situation well? Please stay off the Daily Kook. The recession lasted 7 years under his brillant stewardship and it took a world war to bring us out of it. Lesson learned yet?
None of what you write is even remotely true.
If not for FDR you would have had a fascist dictatorship here in the United States, just as the bankers of London and Wall Street had done in Germany and Italy.
Learn some real history so you won't go around simply parroting the same old FDR slanders.
It's funny...I didn't see anyone complaining about the banks misusing money when BofA and Wachovia helped the the Panthers and the Hornets come to Charlotte. Or, when they helped finance Panther's Stadium! HMMM!!!!
Oh yea. I have complaining about the banks for YEARS. I have always thought that they were EVIL! I always knew they would destroy Charlotte. Time for the Panthers to move to Raleigh.
"If not for FDR you would have had a fascist dictatorship here in the United States, just as the bankers of London and Wall Street had done in Germany and Italy.
Learn some real history so you won't go around simply parroting the same old FDR slanders."
You should learn the REAL history, as well as economics. Under the Bad Deal, unemployment DID NOT CHANGE. It stayed high as his price controls, anti-trade, pro-union PIG policies kept business from hiring. Only when these things were relaxed in the early 40s did we get out of that mess. He made it WORSE. As for your ridiculous comment on Germany and Italy, there were these guys called Hitler and Mussolini...
Right On! When FDR (P I G) raised taxes in the late 30s, we had a depression within the Depression. He hadn't a clue what he was doing and was driven by a naive, cynical distaste for free markets, like most liberal pigs who never studied econ, only Art History, Philosophy, Literature, Psychology, and other such panzy subjects.
Part of the problem is people borrowing more than they could afford. But if the banks did not lend it they could not have anyway. I don't understand how people want to let the bankers off the hook. I qualified for my mortgage in 2002 and bought that year. I put money down even though I could have financed 100%. Two foreclosures in my neighborhood have caused the values to drop significantly. This is not the people that are paying our bills fault yet we are being penalized. And lets not start quoting Rush talking about all these "minority programs". At 12% of the population or so, if every minority had a home and did not even pay any bills they could not bankrupt the economy. Look to the billions paid out in salaries and bonuses over the years.
You should learn the REAL history, as well as economics. Under the Bad Deal, unemployment DID NOT CHANGE. It stayed high as his price controls, anti-trade, pro-union PIG policies kept business from hiring. Only when these things were relaxed in the early 40s did we get out of that mess. He made it WORSE. As for your ridiculous comment on Germany and Italy, there were these guys called Hitler and Mussolini...
You demonstrate your complete ignorance.
Hitler and Mussolini were installed by bankers who wanted them to enforce their austerity program on their repsective populations.
You're ignorant. FDR saved the United States from collapse. Further he built up a war machine(which requires industry) to defeat the fascist menace.
If I were President I would declare the system bankrupt, write off the bad paper, and regulate the hell out of the banks. I would also launch great infrastructure projects to rebuild a collapsed United States.
In short I would follow the trail laid forth by Franklin D. Roosevelt.
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