[kj] OT- I couldn't help but to think of the West

[ade]

Don't think what's been done with Northern Crock doesn't have negative
effects, but of course EVERYTHING does. Just imagine all the public money
that's gone into paying for that sh!tty bank. The public aren't very
pleased at lots of their money used to prop it up. Not when services
are fucked & crime appears to be reeling out of control.

The Govt. may have socialist ideals (had, more likely) but that doesn't
mean the public do. They just want to feel safe on the streets & couldn't
care less about a bank that failed.

-----Original Message-----
From: gathering-bounces at misera.net
[mailto:gathering-bounces at misera.net]On Behalf Of B. Oliver Sheppard
Sent: 15 March 2008 17:37
To: A list about all things Killing Joke (the band!)
Subject: Re: [kj] OT- I couldn't help but to think of the West


TB, the piece I linked to by Dean Baker deals with what you are talking 
about -- "if the financial institutions start going under, it'll spread, 
contagion, etc, etc."

Well, there is a way to fix that. Do what England did with Northern 
Rock, which went under. That is, take it over, and kick the owners out 
on the street, so that the bank can continue to honor its commitments 
without retaining multimillionaires and their salaries on board as is 
being done now.

That is ideologically unthinkable to many Americans because that's 
"socialism." but apparently funding these same guys and keeping their 
bank afloat is not. It'd be nice if folks read stuff I posted instead of 
basically ignoring it and responding to straw men.

-Oliver


T.B. wrote:

> In this case of several lending institutions getting aid from the 

> Feds, I don't think it's so much knowing the "right" people, it more 

> the fact that if major banking institutions start going under, it will 

> have a tremendous domino effect on every facet of our economy.


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