In an earlier story I told you about Wall Street planning to cut 12% of its workforce after taking Government bailout money and using it pay themselves huge bonuses and take fancy trips. Now it seems the banking industry (who did the same thing with their bailout money, supplied by hard working Americans who don’t know what the words vacation or bonus even mean) are laying off employees across the country the latest being Bank of America. Sure Bank of America is trying say the layoffs are due to something else, in this case, buying Merrill Lynch, but since this is not an isolated event and other banks having been laying off for a number of months you can apply the duck rule. If it looks like a duck, swims like a duck, and quacks like a duck what is it?. . .it’s a duck.
One of the problems when the Government bails anybody out is that it keeps the incompetent people who made the business fail in charge. If the Government did not bailout the stock market, the banks, the senate barber shop, or Detroit. Business would have moved in and taken over those industries tossing the incompetents out on their elite asses and given the Government a whole new cast of players the politicians couldn’t count on for the perks they receive now.
The real losers in these kind of Government polices are of course the American people who have to pick up the tab for the bailouts while they watch the elite squander their hard earned dollars on million dollar bonuses major players receive for failing while living from paycheck to paycheck.