President Obama is dead on for blasting the Wall Street firms for paying big bonuses when they are asking taxpayers to bail them out. Such behavior is reprehensible. Not only is this irresponsible management it breeds contempt for our entire economic systems and thus seriously stalls the recovery.
Many other banks, however, have acted far more responsibly. Suntrust has frozen the pay of top managers and is not paying any bonuses. More banks are likely following this model, but it does not make good news.
But it is equally irresponsible for Congress to load up the stimulus package with political favors and payoffs that will do little to stimulate the economy. Christopher Dodd is calling for greater regulation and oversight, yet he has still not produced documents concerning the favored status he got on Countrywide Loans while he headed the Senate Banking Committee.
The only difference is the currency. The Wall Street gonnifs (Yiddish word for thieves) abuse the crisis to load extra cash into their pockets and Congress uses the crisis to expand their power base.
Both acts are reprehensible.
Those who think that big government will fix the problems of big business should stop and seriously reconsider.