Warm_Paw

When Goldman Might Have Failed

If the taxpayer is to be ultimately responsible for the excesses of institutions like Goldman Sachs, shouldn't there be a nationwide vote or referendum given to the tax payer's to decide if they choose to bail the institution out.
The public is then aware of the economic fallout to themselves should a large financial institution affect them adversely.
What right does any elected administration have to just decide for the masses, this action must be performed. The fact it was done in haste and not well thought out shows that this kind of surprise is the way to get something you want when the result is unfavorable to people picking up the tab. It's a lawyer "tactic"
I'm sure it's the fastest thing that's ever went through congress.
Yes there's systemic risk allowing big banks to fail, but adding a trillion to the deficit is of equal systemic risk.
Goldman Sach's has audacity talking bonus' for their employees like they've all done something worth recognizing them for.
The bonuses are another example of the greed and the skimming of profit off the top of their money making machine.
When Obama took office he should have looked hard and long at the people pushing this bail out plan upon him. The fact Paulson got it started to make sure it would be completed and completed by a new admin displays evidence repercussions will be coming down the pipe and the Obama administration will be sharing in the blame.
It's a conflict of interest for Paulson to have been employed by Goldman before making such a decision.
Paulson ceremoniously dumps all his GS shares before performing this feat, nice way to cover his ass in the event the plan doesn't get passed.
Nothing as big as the stimulus should have ever went anywhere without much thought and consideration. A study by economic professors was warranted.
As for Goldman Sachs, Wells Fargo could have expanded and administered to the new business generated by Goldman's fallout.
This was politics, not heroism.