bailouts, golf, and congressional stupidity
Amid the continuing uproar over Northern Trust’s obscene golf bash, Wells Fargo and Morgan Stanley have now announced plans to scale back on their festivities at golf sponsorships they have coming up. (We can also add Citi’s sponsorship of the Mets’ new stadium, and probably many other examples.)
Certainly, the ongoing Gilded Age excesses perpetrated by these corporate beggars with taxpayer money are outrageous. The level of greed, hedonism, sense of entitlement, and apparently sincere bafflement on their part over why people get upset, can only be described as psychopathic. Clearly America will never be restored to health until this layer of scum is cleansed.
However, they do make one good point. Most of those in Congress who are now so shocked, shocked over this recklessness are supporters of the bailouts, with the alleged goal of restoring these banks to "health". If this is the goal, the banks claim, then PR, advertising, sponsorship of golf tournaments, entertaining bigshots, are constructive uses of the money, and for bailout supporters to condemn this is to be penny wise, pound foolish.
Now we who have opposed the bailouts across the board have opposed them as being pure plunder for rich criminals on behalf of entities which are mortally wounded and cannot possibly be restored to health, since the system itself is fundamentally unsustainable. So while we’re not surprised by the antics of AIG, Merrill, BofA, Citi, Northern Trust, and the rest of the rogue structures, we are right to be enraged by them.
But of course no one can claim to be surprised. Anyone who supported these bailouts expecting that giving handouts to thieves who have been reduced to beggars would somehow bring forth a higher level of morality and character from them is an idiot. So evidently the majority of the political and pundit class are idiots.
And, for a hard core bailout cadre like Barney Frank to claim that the bailouts are meant to restore these structures to health, but to react to these junkets and sponsorships with such knee-jerk outrage, is utterly incoherent.
Somebody tell these idiots in Congress, you voted for this, you staked your careers and your place in history on the prudence and character of gutter criminals.
I guess that’s why they’re so upset. It’s starting to dawn on someone like Frank that he’s going to be remembered first and foremost as John Thain’s waterboy and bonus bagman.
But what did he actually expect?
The "shock" is mere theatrics for most of them. They are cut from the same cloth as the banksters.