Saturday, October 10, 2009

Backstabbing Bankers

Bill Foy is back ranting his typical right-wing talking-points - government is bad, unions are bad, blah blah blah. Funny, as a former banker, he doesn't mention the cost to society of the debacle bankers have caused. I'm sure his next piece will hypothesize that securitization, mortgage backed securities, and collateralized debt obligations were the fault of unions.

Yes, even though taxes on business, and in general, have been falling, supposedly unionized public workers are driving up costs. The trillions of dollars that taxpayers are now insuring through the Fed, the Treasury, and the FDIC, somehow that money doesn't enter Foy's radar.

We've actually seen decreases in the number of public workers. These workers are paying more for insurance, taking furloughs, taking wage freezes, and making sacrifices. Alongside this, service provision is also being cut. Which is why pools and libraries are closing, potholes are not being repaired, parks are overgrown and unkempt, and a host of other cutbacks are taking place.

Look in the mirror, Bill. You and your cronies are to blame for the current economy and the volatility in the markets.

For Further Reading:
Deficit Financed Delirium
Failure Bonuses
Financial Services Organizations Lobbyists Influence
Has Financial Development Made the World Riskier?
Union Yes

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