I don't know about your bank, but if I sneeze - mine charges me a fee. For years now, CEOs of our large banks have taken home vast pay packages as they drive profits that almost put the oil companies to shame. Did I share in those pay packages. Not even close. And then, over the last 2 months or so and particularly this last week - we have the skid, the heavy braking and last week the crash. The trouble is, we just don't know if we have come to a halt or we are about to flip over the bank and roll over and over and over before finally coming to a stop. Do I get to share in the crash - You betcha. I don't get to share in the upside, only the downside. Today, president Bush announced a rescue package to prop up an ailling financial sector and it is the taxpayers who will foot the bill. Just like it was the taxpayers who shared in the profits of the banks when things were going well.
Don't get me wrong - I am not saying that the rescue package is wrong. It is absolutely necessary and couldn't have come sooner but as someone said to me the other day - why is it when things go well, it's a private thing; but when things go badly - it becomes a public burden?
Just a thought.
ian
Comments