Hey Guys, you still don’t get the picture

Banks are sounding surprised that the government won’t let them give back TARP money and free themselves of governmental restrictions. There are obviously some very smart people on Wall Street, far smarter than I, but it’s just as obvious that they weren’t studying political science and philosphy in college. If they had, those “soft courses” would have tipped them off to what was at stake last fall.

The government couldn’t care less if it doesn’t get back the $10 billion it loaned Goldman or the billions it forced on other banks – it’s just taxpayer money, after all. The point, the sole purpose of TARP was to grab ahold of the financial industry and twist it to the politicans’ whims. So having seized control, of course they aren’t going to relinquish it. The fun has just begun.

I saw some poor dolt of a business professor on the news tonight saying, “well, gee, they won the election so I guess we all have to accept more regulation – I just hope they don’t go too far.” That’s been the cry of businessmen and producers since the dawn of civilization – they produce and work in the vain hope that  the looters will restrain their greed. But it’s power these people are after, not money – they’ll always be enough of the latter for the people at the top, just ask Castro. Businessmen don’t see this and that’s going to doom them.


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5 responses to “Hey Guys, you still don’t get the picture

  1. anonymous

    Smartest guys left IBs for HFs some 10 yrs ago

    Talent migrates to wherever greatest risk-adjusted wealth creation opportunities exist…and can easily start new businesses, e.g., new HFs….in Greenwich or in Geneva

    Handing keys to the banks/IBs to Hussein and his commies actually may expedite process of revealing to masses why command and control never works, esp when billionaire hedgies (who can live/work/retire anywhere and own G550s to easily travel) avoid doing business w/a populist gvt on an anti-capitalist witch hunt

    Besides, politicians periodically need to campaign for office, when fundraisers among hedgies and techies in Manhattan/Greenwich or Silicon Valley become glorified begging sessions for the commies….someone needs to write the checks to put a clown into office

  2. Acecino Cilenciozo

    Well if they don’t like the gov’ messing with their business they should learn how to run a business without needing gov’ assistance.

    • christopherfountain

      I agree, Acecino – in fact, that was my point. While some banks had TARP forced on them most figured they’d just suck at the taxpayers’ teat, get back on their feet and goabout business as usual. The government isn’t working like that these days because the game plan’s changed.

  3. SizeBuyer

    Acecino and CF,

    you guys are wrong…they should have been left to fail.

    It has nothing to do with being able to run a business successfully or not. Usually in the U.S. if your business fails you’re out of business

  4. Wally

    Here’s a related article about the administration’s bullying of financial firms (in this case hedge funds), with commentary by a Greenwich resident, Cliff Asness