either thinks we are all exceedingly stupid or just revealed how fucking stupid he and his colleagues were.
From his testimony to the House Oversight Committee (taken from this TPM report):
Greenspan said he had made a "mistake" in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.
Greenspan said in his testimony to the committee that he and others who believed lending institutions would do a good job of protecting their shareholders are in a "state of shocked disbelief."
Really? Hey Alan, you and your advocates for deregulation put the fox in charge of the hen-house and you're shocked that the fucking chickens are gone? You want me to buy that?
What in the unmitigated, soulless, orgy of greed on Wall St. over the past couple of decades led you to believe that these assholes were trustworthy? More importantly, where was the risk to the self-interest on the part of the banks? Anyone with half a fucking brain knew that they were 'too big to fail' and that if anything happened the taxpayer would be left holding the bailout bag!!
Since you are "shocked, shocked, I tell ya" at the behavior of these bank execs, let me educate you on some more recent events. Remember that $700 billion dollar bailout? You'll be happy to read this report from the Guardian which starts with
"Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned."
See, even after causing this catastrophe, the fucking pigs want their bonuses! You thought these assholes would act ethically? You want me to believe that? Like I said at the outset, either you're totally stupid and delusional, or you think that we are to buy that bullshit.
Congress was protecting the interest of the taxpayer, right? There was going to be more oversight and more transparency, right? You'd actually get some serious accounting for the $700 billion, right? Remember Nancy "Impeachment is off the table" Pelosi grandstanding "We have sent a strong message to Wall St---The party is over!!" statement? Well, take a look at this report about the bailout related contract with the Bank of New York Mellon Corp.
And enjoy all the blacked-out parts about who will be paid how much and why! (h/t/Corrente)
If you're not angry, you're not paying attention.
Thursday, October 23, 2008