Josh Brown may be in the same group as the bankers and brokers that the Occupy movements are protesting against, but he’s just as angry as the protesters are at his own industry.
Â© Emmanuel Dunand / AFP | Getty Images
Josh Brown: In 2008, the American people were told that if they didn’t bail out the banks, their way of life would never be the same. In no uncertain terms, our leaders told us anything short of saving these insolvent banks would result in a depression to the American public. We had to do it!
At our darkest hour we gave these banks every single thing they asked for. We allowed investment banks to borrow money at zero percent interest rate, directly from the Fed. We gave them taxpayer cash right onto their balance sheets. We allowed them to suspend account rules and pretend that the toxic sludge they were carrying was worth 100 cents on the dollar. Anything to stave off insolvency. We left thousands of executives in place at these firms. Nobody went to jail, not a single perp walk. I can’t even think of a single example of someone being fired. People resigned with full benefits and pensions, as though it were a job well done.
The American taxpayer kicked in over a trillion dollars to help make all of this happen. But the banks didn’t hold up their end of the bargain ….
For the whole story, go to Marketplace Money
(Friday, October 14, 2011)
Approach to Wall Street, Manhattan, October 2011
â€˘ Economy-watcher John Cassidy’s RATIONAL IRRATIONALITY
Top Ten Unlikely ‘Occupy Wall Street’ Supporters
(The New Yorker, October 17, 2011)