Some People Just Never Learn - Is It Time To Let The Big Banks Collapse?

As many of you have seen I don't always stick to the topic of religion, every now and then I'll delve into the world of American politics in my blogs as well. I was sitting at work today killing time before the shift officially began and I happened upon this article on

Citigroup Plans Big Bonuses Despite Rules Against Them

Despite the enormous uproar created by the bonus money handed out by AIG, Citigroup plans to hand out millions in bonuses to it's top executives. Three of those top executives will receive over $12.5 million in bonus cash, included among the bonus money is $5 million for James Forese, head of Citi's Institutional Client Group which lost $20 billion in 2008 - Mr. Forese already received $225,000 in base pay for his "services" to the company in '08. Citi has refused to say just how much money it plans to dole out in total but if they plan to dish out over $12 million to 3 of the top dogs alone one can only imagine what the total will be for everyone.

I'll pause for a moment while you go punch a pillow, break a few things, blow stuff up in a video game, or whatever your prefered method of anger dispersal is.

If the AIG bonuses were a slap in the face of the American public then Citigroup just spit a big, fat, juicy loogey right in our collective eye. AIG ignited a furor in the American people like we haven't seen since the pathetic, lackadaisical response to Hurricane Katrina. People are PISSED. I personally know 5 people that have cancelled an insurance policy or closed accounts with AIG in the past week alone, I've seen dozens more stating they would be doing the same online. People are ready to break out the pitchforks and torches and storm AIG's corporate headquarters. Then, not even a full week after the AIG story broke, we get this. I can't help but echo the words of our president back when the outrage first errupted over these bonuses in February - this is shameful. It is an utter disgrace to capitalism and America as a whole.

At this point it's become obvious to me that simple outrage and talk is not enough. They still don't get it. Further action is needed. It is time for the American people to rise up as one and make a statement to our government. Stop giving our money to these bloated banks to hand out to their egomaniacal, greedy executives. It's time for the American government to cease and desist with the doomsday prophecies that if we let these banks fall then it'll be the end of the world as we know it. I'm ready to find out if it's true. I'd certainly rather do that than continue to see my tax dollars handed out to these banks so they can continue to make the rich richer and the poor poorer. Propping up these institutions is getting us nowhere - they've learned nothing. They just continue to do all the same things that got us all into this mess in the first place. Politicians want to talk about all the wasteful spending in Barrack Obama's stimulus bill? How about the wasteful spending of taking the American people's hard earned tax dollars and basically handing it out to the richest of the rich?

I want my money back. I was lied to and I'm calling bullshit. How does one go about suing the Fed for false advertising? I was told that those tax dollars were going to take care of the toxic assets that are dragging our economy down and to fix these banks that we supposedly can't live without. Instead it went towards buying the CEO a new Porche and I fucking want it back. I don't care what the government chooses to spend it on but I refuse to have my tax dollars going into the pockets of rich corporate executives when there are children in this country living on the street and eating out of dumpsters (if they eat at all.) It's high time the government stood up and said "enough is enough." Go to Citigroup, go to AIG, go to any other company that continues to find loopholes in the laws allowing them to hand out ridiculous bonuses to very executives that got us into this borderline global economic depression and tell them we want the bailout money back. RIGHT NOW. Along with any interest that has accrued since it was given to you. Don't have it? Well thenwe'll just have to sieze the assets of the bank itself as well as any executive that was given a bonus out of tax payer money.

It's like we're back in the middle ages again but this time it's not a corrupt king bankrupting his people by taking tax money to from the poor and using it to line his own pockets. This time it's corrupt corporate executives doing it and, what's worse, it's our supposed government "of the people, by the people, and for the people" that is acting as their muscle to take it from us. It needs to stop. These people have an addiction. It's like we having a banking sector filled with heroin addicts and instead of taking the heroin away we just keep feeding them more and more while telling them "here, this should stop your pain for now but you have to stop shooting up!" Cut off the flow of cash to these companies from tax payer dollars, tell them if they're going to insist on handing out huge bonuses to people that don't deserve it then they can use their own money to do it. If they collapse because of that then oh well, it's their own fault.

I refuse to accept this belief that the American people can not survive without these gigantic corporations. We have proven our unyielding resiliency in the past and we will prove it again. Let them collapse, new banks will rise to take their place, it is the American way. If it takes civil unrest on par with the Boston Tea Party to get our government's attention then so be it. Trash offices, smash out windows, torch cars, spraypaint all over your local branches of these big banks, destroy their signs, if you live near the corporate offices of one them then harrass the executives as they go in and out of the building, spraypaint their $10,000 suits - you paid for it anyway (even better go all PETA on them and dump blood on them.) I mean it. Words obviously aren't enough. If it's going to take action on the part of the masses to stem the tide of greed then lets show them action. Make it perfectly clear that we've had it with their ridiculous self-serving greed. I really mean it, it's time for American's to send a giant, collective message to these assholes and that message is simple:

Views: 51

Comment by Shawna on March 21, 2009 at 1:02pm
Lenny says it all...
Comment by Rev. Tom Hicks, D.D. on March 21, 2009 at 1:31pm
Let's let the banks collapse. I want more of the Dark Ages.
Comment by SabreNation on March 21, 2009 at 1:49pm
More doomsday talk. "OMG!!! IF TEH BANKZ0RZ FAIL WE'RE ALL GONA DIE!!11oneone!1!1"

The Case For Letting AIG Fail

If a corporation chooses to employ worthless bafoons that run the company into the ground and then further exacerbate their financial trouble by rewarding the same idiots that are bankrupting their company in the first place with million dollar bonuses then they should fail.

I don't want to hear another person spouting that tired doomsday bullshit unless they're ready to back it with facts. I have yet to hear anybody back that rhetoric up with anything factual yet. Find me some proof that we're all doomed if they fail. I've searched the blogs, I've searched Google. I've yet to find anyone that can explain why we're all doomed if the big banks fail. I can find plenty of economists who say we SHOULD let the banks fail including Nobel prize-winning Economist Joseph Stiglitz
Comment by mcash1 on March 22, 2009 at 12:52pm
I wonder who MAN U will have on their shirts now.
Comment by SabreNation on March 24, 2009 at 3:49pm
People have been talking for decades about the impending doom of government collapse. It always gets especially heated during an economic downturn. It's kinda of like religious nuts and the apocalypse, no matter what year we're in it's always "just a few more years away." It's hogwash. It's the same old doom and gloom conspiracy theory that's been around since the beginning of tim, there's just more people willing to buy it because of the current economic situation so it gets more airplay. The financial market has already begun to straighten itself out, just like it always has in the past.

Your whole "trying to change anything is pointless so lets put on our blinders and plant a garden" view is also, to me, appalling and sadly a decidedly atheist tactic. "Oh we're never gonna change anything, so just sit back and pretend there's nothing wrong, maybe it'll all just go away." If people thought that way in the 1700s we'd still be ruled by the British Monarchy. If that was the view of most Americans in the 60's Barack Obama wouldn't even be allowed to vote, much less run for President of the United States. Obama's right, American's have lost their grit and determination. Too many of us are too willing to just sit back and hope things work themselves out. There are far too few of us willing to stand up and try to make a difference in the world. It's quite sad, really. What happened to this once proud country?
Comment by Rev. Tom Hicks, D.D. on March 29, 2009 at 9:25am
We sort of lost hope for our nation after we lost President Kennedy. At least that's how it looks to me. Oh, & Sam Walton when he was still alive with his "Made in America" program. Despite Wal*Mart's horrible reputation, Sam was a good man when it came to the country & its people.


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