Today's Wall Street Journal wrote about Goldman Sach's efforts to find creative ways to reward their executives and traders despite the disastrous results. Raises anew the thoughts that we seem to be using our tax dollars to reward the people whose excesses got us into this mess in the first place.
Well, get over it. The truth is – well, yes, that's the truth. Our tax dollars will bail out the "bad bankers." But the alternative is unacceptable to our economy, which means it's unacceptable to your economy – your next mortgage or car loan, your next job opportunity being a voluntary one, etc. The banking system has to function for the economy to function, and if we allow major banks to fail the system will simply collapse. If that happens, more people than just bankers and investment bankers will be on the street. You don't want to go there. I don't want to go there.
So we're bailing them out. It's done (well, not actually) and we need to get past it and get on with turning this terrible economy around.
As always, I welcome your comments.
