Thursday, 25 September 2008

Lets Bail Out the US Bankers ..... What a great idea!

When it comes to the mega-wealthy, its worth thinking about the poor suffering souls of Wall Street, New York. Apparently the Australian Government feels sufficiently sorry for them that it is giving them $10 million of your money. Remember, this is the Rudd Labor Government which you voted for, less than a year ago. This is not Malcolm Turnbull's Government, but I sense it might as well be.

You probably don't recall voting on that idea, or even reading much about it in the commercial press. But it is happening.

The ABC News website tells us this: "Australia's Reserve Bank has now agreed to join forces with the central banks of Denmark, Sweden and Norway to add an extra $US30 billion to the system through a swap facility, designed to improve liquidity conditions in global financial markets. The RBA is contributing $US10 billion to the facility."

The ABC report continues with: "Westpac senior economist Justin Smirk*** says the move will allow global funding markets to operate. "It's allowing the system time to settle down and find its new balance" he said.

*** DJW comment: Nominative determinism at its finest. Only a Banker could say that without falling over laughing.

"The Mother of all Rip-offs" - from the SMH Business column yesterday contains some staggering revelations about the salaries, bonuses, etc that US Bankers paid themselves - sometimes while walking away from failed Banks. Extraordinary stuff.

It even says that of US Treasury Secretary who is proposing the US $700 bailout of Wall Street:
  • "Paulson himself has shares in Goldman whose value was estimated at $US700 million. He is a direct beneficiary of his own bail-out proposal blind trust or no blind trust."
DJW Comment: Heads Down, Piggies ......... Snuffle, Snuffle, Snuffle.

As I was still feeling ever so slightly guilty about my earlier post about the Wall Street crisis, especially the cartoon) I decided to look for a totally different perspective on the Wall Street crisis. I checked out ""

Pretty amazing duality in their view of things there - just a hint of religious/racial bigotry (it is pretty obvious that they feel Christians are in the minority on Wall Street), mixed with the knowledge that the Christian Churches have vast financial resources - no doubt much of it invested in these Institutions, and stand to lose a huge amount if Wall Street goes down the gurgler.
  • "Other Christian money people also refer to working on Wall Street as working on "the dark side," with an environment that is "absurdly secular," "out of balance," and "egoistic." One trader says, "Some of the times when I get on the train, it's like I go to the dark side." Nowadays the trips are especially bleak. One chief operating officer says that maybe Christian faith can stand out as a light of compassion and truth."
and elsewhere it says - somewhat bizarrely:
  • "How Christians respond to the crisis will be a test of their wisdom, courage, integrity, and compassion for the mighty as well as for the humble. One executive told CT, "Our response will answer the question, "Who is Jesus on Wall Street?' "
I wonder if they will find him?

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