Friday, September 18, 2009

Wall Street Executives To Decide On Bonus Policies of Wall Street Executives: Breakthrough Thinking!

Great thinking! The FED, owned by the big Wall Street banks will decide on the bonus policies of the executives of the same Wall Street banks. "Sweeping curbs" as the Wall Street Journal calls (spins) it.

But do they really think the world is that stupid?

Apparently they do.

To find out a bit more about the American psyche, please read the following article written by Matt Taibbi in his blog "The Smirking Chimp":

"It’s a classic peasant mentality: going into fits of groveling and bowing whenever the master’s carriage rides by, then fuming against the Turks in Crimea or the Jews in the Pale or whoever after spending fifteen hard hours in the fields. You know you’re a peasant when you worship the very people who are right now, this minute, conning you and taking your shit. Whatever the master does, you’re on board. When you get frisky, he sticks a big cross in the middle of your village, and you spend the rest of your life praying to it with big googly eyes. Or he puts out newspapers full of innuendo about this or that faraway group and you immediately salute and rush off to join the hate squad. A good peasant is loyal, simpleminded, and full of misdirected anger. And that’s what we’ve got now, a lot of misdirected anger searching around for a non-target to mis-punish… can’t be mad at AIG, can’t be mad at Citi or Goldman Sachs. The real villains have to be the anti-AIG protesters! After all, those people earned those bonuses! If ever there was a textbook case of peasant thinking, it’s struggling middle-class Americans burned up in defense of taxpayer-funded bonuses to millionaires. It’s really weird stuff. And bound to get weirder, I imagine, as this crisis gets worse and more complicated."

Depressing stuff indeed and they will get away with it until the second downturn and the total demise of the American financial world. If you still would like to read the Wall Street Journal article, click here

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