Quietly like thieves in the night, US banks are drawing billions from the Federal Reserve, thanks to a two month old programme the bathroom attendant Bernanke helped set up to ease the credit crunch which has put a half nelson hold on their operations and have accelerated write off, drops in their stock, and ground some transactions to a halt. Secrecy is called for the more especially since stories in the press would depress their holdings more and nurture great unease in the market. What we want to know is how fast are these bloodsuckers coming up with plans of restructuring, slashing top salaries and perks of venal senior managers or simply showing them the door for incompetency, restoring fiscal discipline?
The subprime cancer is deeper than we hear, and out of fear no one is moving bolding to shore up structures and brace up market discipline and responsibility...like rats on a sinking ship which they cannot abandon, they look to the government which before their current ills was a monkey on their collective back, for a big handout, and a handout they are getting on the qt. The financial squalor they created is driving the rest of us to ruin.
Tuesday, February 19, 2008
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