Robespierre

Buffett's Betrayal

If the banking system collapsed,...

The problem I have is not about saving the banking system. It is about enriching the parasites that created the collapse to begin with. Never confuse a system with the actors that happen to be in charge of it at any given time.


On Aug 05 04:46 PM paxguy wrote:

> TARP was a great investment for Tax Payers. They borrowed the money
> at 0.5% (that's what 4 year Treasuries went for around the time of
> TARP) and, in a facist, non-democratic manner, forced banks to borrow
> it at 5.5%. The banks are paying that money back with interest. Then
> Obama continued the fascism by exerting control over the way banks
> operate, meddling in compensation matters.
>
> If some banks don't end up paying it back, it doesn't matter. The
> government (through the FDIC) was on the hook to insure them anyway.
> So TARP is a no risk situation for taxpayers.
>
> Another point: John Stumpf, the head of Wells Fargo, oversees an
> operation of over 10,000 branches, 12,000 ATMs, tens of thousands
> of employees, and $1.3 Trillion in assets. Shouldn't he make at least
> half of what A-Rod, Julia Roberts, or George Clooney make? As and
> owner of Wells, I think so!
>
> If the banking system collapsed, what would you do to buy groceries?
> Barter? Would you say: "I'll write you an interesting business article,
> in exchange for a can of beans?"