Thursday, April 01, 2010

The Banker Who Had To Give Up His Club Membership...Tell Us That Story Again

Frequent readers of this blog may have been misinformed about their mean have often expressed bewilderment to various media outlets, as well as casual passers by concerning the government's strategy of giving the richest people in the country more money after they flung so many billions of other people's money off into the gaping maw of stupidity, much as monkeys fling feces at unwary tourists.

Well, ponder in the face of  looming chaos no more you stock option challenged, economy class flying, non-chauffeured proletariats you. Timothy Geithner explains it all.

Treasury Secretary Timothy Geithner said it's "deeply unfair" that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans. "But then, that's sort of the difference between 'ordinary' and special isn't it?" he added.

He acknowledged public outrage over that and said people watched with disdain as Washington protected high-risk banks and investment houses, even as the national unemployment rate was soaring to double-digit levels for the first time in a generation. "It's high level, sophisticated econometrical science stuff though," Geitner said. "We wouldn't expect people who have to, like pay their own bills to understand."

Geithner also argued that President Barack Obama had no choice when confronted with a financial crisis. "As the president has said, we had to do some very unpopular things," Geithner said. "People looked at what had happened." "It's not fair. It's deeply unfair," he said. "He (Obama) had to decide whether he was going to act to fix it or stand back ... and that would have been calamitous for the American economy."

Well, there you go then. OK all you whiners who lost your jobs, your houses and your retirements, suck it up because if the government hadn't bailed out the banks you might have lost your jobs, your houses and your retirements.

Can't argue with science.

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