Serial entrepreneur (which is a good thing!) and very smart friend of mine (though being my friend may actually disprove that statement) John La Grou says this about “The Bailout“,
Let me get this straight… a small community of Wall Street executives has spent the last few years making tens of billions of dollars in salaries and bonuses based solely on their ability to game and rig the financial system, and now we’re essentially being asked to pay for their ill-gotten wealth.
Our political leaders (Fed, Treasury, Exec, etc.) have been saying for three years that our economy is on “sure footing.” In the words of Henry Paulson over the last 18 months, the housing crisis “will be contained to sub-prime.” Now, all of a sudden, he says we’re facing “global economic catastrophe.”
And you’re asking me to trust these men with $700B of public cash? Without oversight? Without restriction? Without penalties for failures?
You also might want to read the iMonk’s take on the “American Economic Crisis.”