"Lasting world peace can only exist on the basis of happiness. Without happiness there can be no lasting world peace. We are all made of Bliss. Only we need to EXPERIENCE our own nature, to be happy in life." Learn how here.

Banks that are considered "too big to fail" are a cancer on society.

September 25 , 2009

(For the full-flavored experience, I recommend you first click on the David Bowie music video at the bottom of the page, and then read my goopla at your leisure, while enjoying David's "I'm afraid of Americans" song.)

A cancer on society

Less than 1 year ago, we the taxpayers of America were forced into bailing out a handful of Wall Street firms to the tune of $700 Billion of taxpayers' money.

I'm reading today that the leaders of the world's 20 most influential countries (G-20) are meeting right now in Pittsburgh.

I'm also reading that the world governments are in the process of creating rules that will put limits on the paychecks of the bankers.

BANKING is the only industry in the world where companies gets BAILED OUT by their government when they get in trouble for taking on too much risk.

In every other industry in the world, companies that fail are recycled through the process of BANKRUPTCY when too many mistakes have been made. It's Darwin's Theory of Natural Selection.

But not in banking. In banking, if you're an ignorant asshole, the taxpayers of America will gladly give you their money so your lifestyle doesn't suffer.

Goldman Sachs is your friend.

Goldman Sachs is your friend. Think of what your life would be without a "bank" which - TRADING IN THE MARKETS FOR ITSELF - lost money on only 2 days out of the ENTIRE past quarter.

That's 2 days of losses trading the financial markets, in an entire 3 month period. Try doing that at home.

From today's Bloomberg:

"In the first six months of the year, Goldman Sachs Group Inc. accrued $11.4 billion for total compensation, an average of $386,429 per employee, a Wall Street record. "(1)

"an average of $386,429 per employee" for Goldman Sachs. And this Wall Street record is being set now. Today. In today's economy. Are you feeling alone?

Less than 1 year ago, former Goldman Sachs' CEO Hank Paulson told Congress, in his role as Treasury Secretary, that $700 Billion of YOUR GRAND-CHILDREN'S TAX MONEY was needed to prop up the sub-prime real estate market. As a result Congress wrote a check for $700 Billion backed by your grand-children's taxes.

A few weeks later, former Goldman Sachs' CEO Hank Paulson told Congress that he had changed his mind: instead of using the $700 Billion for sub-prime, the money would instead be better used by propping up financial institutions on Wall Street.

Less than 1 year later, we have this: an average compensation (most of us are given "paychecks", Goldman Sachs employees have "compensation". What harm is being done to them that they are receiving "compensation"? They're being "compensated" for what?) of $386,429 per Goldman Sachs employee, a Wall Street record. "(1)

If you're like me, you're going to want to go back up and re-read that last paragraph. It was a lot for me to absorb in one sitting.

Banks that are considered "too big to fail", banks that get bailed out by taxpayers when their high-risk high-reward bets don't pay off, are a cancer on society.

This cancer can be found in every country in the world, but nowhere is the cancer growing as rapidly as it is here in the United States.

© 2009 Healing Daily