All the current mess in the world markets is linked to the stupid belief that markets can regulate themselves and that and that American capitalists can be ethical.
Greenspan's and Bush's and his close collaborators have screwed up the world with their deregulation. Everybody agrees on this, except Berlusconi who continues to claim that Bush will be remembered as a great great President.
How wrong they were and are is conformed by the way the billions of dollars given to financial institutions by the US government are being used.
Immediately after rescuing AIG, a group of managers spent about 500,000$ for a week end party in a luxury resort, while people with AIG mortgages cannot repay them.
As described by the Wall Street Journal on 3 November, at last 40 out of the 700 billions of dollars given to banks and financial institutions will be distributed to managers as a bonus for 2007. Goldman Sachs former Paulson's employer, received 10 billion dollars of Federal money, i.e. taxpayers money, but will distribute 11.8 billions to his managers....
Will they ever learn what corporate social responsibility and ethics are ? Do not count on them, and stop giving them your money. They will take and run with it.
Photo: eagleviews.org
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