It's the end of an era on Wall Street, according to that screencap from CNN.com, it's the end of the era of the Wall Street investment banks. According to the article that the headline links to (here: http://money.cnn.com/…/index.htm ) the government is taking over the last investment banks, Goldman Sachs and Morgan Stanley. This is a move that: "allows Goldman and Morgan to scoop up retail banks and to streamline their borrowing from the Federal Reserve. The shift also is aimed at removing them as targets of nervous investors and customers, who brought down their former rivals Bear Stearns, Lehman Brothers and Merrill Lynch this year."
So, basically, this was done to strengthen these huge banks and to stop them from crumbling under the pressure of the other banks crumbling. If these banks did crumble we'd have a bigger economic meltdown.
At least, that's how I understand it.
HOWEVER, the cry of "socialism!" is a common thing in our country. Obama's been called a socialist, anyone who wants to see free health care for everyone has been called a socialist and now I'm calling the USG socialist since so many seem to think the government doling out money is socialism.
This puts the USG in the same category as the Soviet Union and the Nazis (apparently). They were all considered socialists--and thanks to that, we know that socialism IS EVIL.
OK, the real irony here is that socialism is NOT evil. It's the people who practice it that can either be corrupt or not. When you ignore hundreds of thousands of homeless and jobless people in our cities, that's OK. But when you ignore the plight of our crumbling banking system that's just wrong.
Amtrak? The airlines? Banks? They're all corporations and all have been bailed out by the government--by our tax dollars.
The people who cry out against socialism think it's fine when corporations need help, but not individuals.
When individuals need financial help it's because they didn't work hard enough or they're lazy or druggies or hippies.
When Wall Street needs help, no one really talks about why they need help, they just get that help.
Sure, the news and pundits explain that "these banks are too big, they can't be allowed to fail" but what does that really mean?
It means that the individual is not important. Only the system matters.
That doesn't just sound like socialism, that sounds like <em>communism</em>.
What it all sounds like to me is hypocrisy.
Mobile post sent by thepete using Utterli. So, basically, this was done to strengthen these huge banks and to stop them from crumbling under the pressure of the other banks crumbling. If these banks did crumble we'd have a bigger economic meltdown.
At least, that's how I understand it.
HOWEVER, the cry of "socialism!" is a common thing in our country. Obama's been called a socialist, anyone who wants to see free health care for everyone has been called a socialist and now I'm calling the USG socialist since so many seem to think the government doling out money is socialism.
This puts the USG in the same category as the Soviet Union and the Nazis (apparently). They were all considered socialists--and thanks to that, we know that socialism IS EVIL.
OK, the real irony here is that socialism is NOT evil. It's the people who practice it that can either be corrupt or not. When you ignore hundreds of thousands of homeless and jobless people in our cities, that's OK. But when you ignore the plight of our crumbling banking system that's just wrong.
Amtrak? The airlines? Banks? They're all corporations and all have been bailed out by the government--by our tax dollars.
The people who cry out against socialism think it's fine when corporations need help, but not individuals.
When individuals need financial help it's because they didn't work hard enough or they're lazy or druggies or hippies.
When Wall Street needs help, no one really talks about why they need help, they just get that help.
Sure, the news and pundits explain that "these banks are too big, they can't be allowed to fail" but what does that really mean?
It means that the individual is not important. Only the system matters.
That doesn't just sound like socialism, that sounds like <em>communism</em>.
What it all sounds like to me is hypocrisy.
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