Thursday, February 5, 2009

Decent Fellows

One of the more interesting contrarian economic thinker, Bill Bonner, who is always worth reading at writes:

“Once envied, Wall Street bankers are now mocked,” says a headline at the International Herald Tribune .

So many people are getting on the bankers’ case; we’re beginning to feel sorry for them. After all, what did they do wrong?

Well...they floated the whole world economy on a sea of debt... even making loans to people they knew were going to sink.

And they took bonuses on profits they hadn’t actually earned.

And they paid themselves the cash that their banks now desperately need.

And, they created trillion-dollar debt torpedoes – which are now exploding all over the planet, leading to $32 trillion in far.

And they set the stage for a cycle of mass unemployment, strikes, depression, protectionism, riots, revolutions, poverty and probably even starvation.

And, oh yes, they blew up their own banks too.

But aside from that, they are pretty decent fellows, no?

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