Thursday, January 29, 2009

Bail outs - sweet deals

Sometimes we need companies to fail. But it is business as usual in America.
So the deal is; taxpayers give banks a huge bail out to snatch them from the hungry jaws of bankruptcy. The deal was supposed to stimulate the whole US economy. But now Pfitzer, the pharmaceutical company is about to buy Wyeth, a similar company. It should be known that the banks financing this take-over are Goldman Sachs, JP Morgan Chase, Citigroup and Bank of America, all having received taxpayers' bail out money!
But the thing these merging companies are proudly announcing is that they will be dumping 5,000 JOBS as a result of the merger! (the pharmaceutical industry has shed over 160,000 jobs already)
So, simply put, taxpayers give the government their money, (no choice for people) - it gives the cash to poorly managed banks - companies merge to save costs and monopolize product, (shareholders happy) - and those companies help themselves by laying off 5000 employees. Same old money circle to benefit rich shareholders and dumb CEOs.
Sweet deal.
And they wonder why the underground economy is growing at an exponential rate.

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