I read this article and thought how sad for these people. Well I am sure there is someone somewhere thinking this is sad, no sympathy here. It just seems to me the standard operating procedure for big business, even one going down the tube. It is just sad...
Saturday, March 01, 2008
Subscribe to:
Post Comments (Atom)
2 comments:
The sad thing is that we let the government cause the whole scandal. A few years ago, the Fed in it's infinite wisdom started to pressure institutions to make loans to those "less fortunate." So what happened? The banks complied with high risk loans and now people who don't know how to balance a checkbook and should never have signed a loan agreement are causing the entire economy to take a dive. It only makes sense when someone can't come up with $100 at the closing table, that eventually they will default on their loan! This is another example of how any time the government gets involved with business it causes major problems. Let the marketplace do what it wants. Maybe you're not sad for those who can't go to the resort company paid; but what about the employees of the resort who now face penalties from lower business?
Yes, sad all the way around. It does appear as if the market spoke and the ones with the right position in the market have done well and are continuing to do well. I think the government had its role in this, but the market did as well. Packaging up all that bad debt and selling it from here to there was certainly risky and those who got left holding the bag (those who bought the debt and those who incurred the debt)are really in a bind. The government is trying to help those banks and lending institutions as best they can. I think the government should step aside and move to try to really help the people who are loosing their homes. I can forgive people for making poor decisions for themselves, but being part of the business that gave the loans the business people had to know it would all be crashing in around them and they might get burned...they did. I am sad for workers who are seeing less than stellar occupancy rates, maybe some of the execs at Ritz will take a slight pay cut and help their fellow workers at the bottom of their food chain? I wonder what the difference in pay at Ritz (or Marriott corp) is from the highest payed exec to the lowest payed worker is;something like 1500% or more I would venture a guess...?
BTW, would you mind signing your name to your post so I know who I am dealing with? Thanks fvg
Post a Comment