Well, when you thought that things couldn’t possibly get worse, it did!
Last week, things got so bad for WaMu that government interjected and took things over… and then was sold to Morgan Chase! Yikes. And today, we learn that same fate was applied to another bank that I had thought was doing so well, Wachovia! They got sold to Citi Bank. Still, WaMu’s CEO, only after 3 weeks of working, got away with $18 million in payout! What the fudge?!
Not only that, we are bailing out three of our largest auto makers with $25 billion loan. Most (rich) people still want the government to bail out the troubled financial corps (for me, corpse) with $700 billion! What are you freakin’ insane?!
Sure not bailing them out will hurt. But things will have to get worse before they get better! This was all brought to us by our own stupid greed. We have to face the facts. If the government is the parent, and the financial corps are the kids, it’s time to stop bailing them out. Let them learn. Otherwise, things will never improve in the long run.