Chris in Paris, AmericaBlog.com: A quick glance at some of the heavy hitters in banking and finance that the GOP would love to use for the outsourcing of American Social Security. I can accept that money makes the world go 'round and that greed keeps the Wall Street machine moving but considering some of the incredibly bad decisions the "experts" on Wall Street have made lately, is this the team we really want? Social Security may not be much, but most Americans would be unable to cope with such staggering losses.
Washington Mutual - 75% drop
Merrill Lynch - $5 billion write down
UBS - $3.4 billion loss
Citigroup - 60% decline
Deutsche Bank - $3.12 billion write down
Can you imagine the rubbish they would be pushing on average Americans who are trying to build and maintain their social security plan? If they can't even practice common sense in banking - their profession - why should the American public trust them to take care of something as important as Social Security? With this news it's no surprise that Bush and the GOP have been quiet on this subject. If you think we have problems because of the subprime failures, just wait until this group - including Republicans in Congress and Greenspan types - get their hands on Social Security.
Saturday, October 06, 2007
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