Friday, January 23, 2009

The Swedes got it right.

I don't trust bankers. Especially American capitalist bankers. I suspect they protect their own. Like when the government bails out the banks during hard economic times. The naive assume that the bankers will then lend much of the government aid to us common folks...and that will stimulate the economy. But there's mounting evidence that the bankers took the first $350 billion bailout funds to line their own pockets. Paying dividends to their shareholders. And big salary bonuses to their executives. And buying other banks. Little of the dough found its way to people at the bottom of the heap. Yes, the rich keep getting richer. And the poor keep getting poorer. That's the way the American capitalist system works. The truly needed get the proverbial shaft. The rich capitalist money lenders have no desire to break their greedy habits. But thank gawd, there are the Swedes. They do things right. They truly nationalized their banks. In the 1990s. The government literally took over the banks -- lock, stock and barrel. The citizens of Sweden became the shareholders. Yes, the Swedes got equity in the banks. The government made the decisions. The government became the bankers. And the government raked in the eventual profits when economic conditions stabilized. The idea, of course, is to run the banking industry for the common good. Not for the good of the elite bankers and the elite rich. Yes, the Swedes got it right. It's time for Americans to follow in their footsteps. --Jim Broede

1 comment:

skericheri said...

Jim---Tonight banks do not interest me...Pardon me if I change the subject and ‘use’ your blog as a soapbox.

Tonight Charlie and I watched Fox evening news for a change of pace. During the process of listening...I think that I heard 2 statements

The first one was that in the end the bail out packages may reach a total of 3 trillion dollars.

The second was that elimination of the US income tax for 1 year would save taxpayers 3 trillion dollars.

Can you imagine what kind of “trickle down effect” a 1 year vacation from paying Federal Income Taxes would produce? I bet that unlike the 2007 Tax Rebate Program’ the general public would actually end up spending this windfall in dribs and drabs throughout the year.

Instead of laying off employees the IRS could reassign staff and use them to ‘sniff out’ people that consistently cheat of their taxes. This in itself should yield enough money to pay their salaries and help make up for some of the revenue lost due to the tax vacation.