I'm sorry is a start. I'd like to see that followed up with "Here's the money of yours that I lost."

Yeah, no kidding!

Agree UnDave35!

"The bonus system has proved to be wrong. Substantial cash bonuses do not reward the right kind of behavior."
Admissions like this help, but if they're just from one or two guys, it's not going to make any real difference.

sorry definitely helps. a thank you wouldnt be so bad either since we are all keeping them afloat right now.

Is anyone else disturbed by this post?

What do you find disturbing about it, Kranky? The idea that the American ideal of personal accountability and responsibility for one's actions appears to be in play far more overseas than among our own business leaders?

What do you find disturbing about it?

"The perpetrators of the US financial crisis — the bailed out fat cats on Wall Street or greedy bankers — have managed to stay pretty anonymous during this entire saga."

Is that really what we think? The bankers caused the credit bubble? Because, they didn't. The only thing you can fault them for is not seeing the credit bust coming. But neither did the Fed, who caused it, or congress, who are supposed to oversee the Fed.

I'm gonna take that as a no.

What disturbs me is that the post managed to distill a complex issue into yet another discussion of why Europe is better than America AND that capitalism is the root of all evil. Thing is, I would not consider the UK as a reasonable model for how to deal with financial crises... they are in even worse shape than we are.

In other news - can anyone confirm that they took out the homebuying credit in the most recent version of the stimulus package? My coworker told me it was so, but I can't find anything on it...

I second that org.

The only way we will emerge from this mess is if we look at the situation as it REALLY happened, and not how any particular interest group tells us it occurred.

Anyone who holds their party's line and shuts their minds to the idea that many groups of people are at fault are placidly midwiving financial collapse #2.

Here's an example, the AP is running a headline that the market has 'rebounded' on the news that the stimulus bill passed.

The market dropped over 300 points yesterday, and closed 50 points higher today. That is not a rebound. What is going on here?

I didn't get the whole Europe is better than the U.S. thing from the story - but I obviously lack sensitivity to that issue.

You're right Kranky. There was a steep sell off on the news that it passed. Financials took a beating and no one was there to buy up the stock flooding the market.

I only made back a fraction of what I lost yesterday, and I own several financials. Just a chance to buy more; they're a steal at these prices.

Steph I don't know why you are insensitive to that - are you European? (I am not being sarcastic... asking a real question here). Or is it that you just don't care?

It would be the whole second paragraph that did it to me.

I'm taking a class on American public address, studying speeches and speakers. FDR's 1st fireside chat about the banking crisis is so eerily similar to what has happened now. I highly recommend them, he puts a lot of the blame squarely on the 'money-changers', the people in charge of the exchange of man kind's goods.
Sorry really is not enough.

I agree UnDave

Not a European - I just don't see pointing out something one group does as possibly good says another group is bad.

I don't see how any of what was written says Europe is all good America is all bad and capitalism is the root of all evil - it refers to "the attitudes of some bailed-out American corporations" defending "ongoing extravagance". Hardly an indictment of everything American, and only reflects poorly on capitalism if you automatically associate it with 'ongoing extravagance', which I don't.

You are right org - there are always opportunities, even in a bad market. However, even though some people revile the Wall Street fat cats, I don't believe that Americans are going to feel that the economy is secure until the stock market starts gaining confidence.

I am probably being overly sensitive, steph. But I do think the direct comparison between the remorseful UK bankers and the "the bailed out fat cats on Wall Street or greedy bankers" is hardly an unbaised look at the situation.

I tried to respond steph, but sugarworld ate my comment.

Basically, I said that the comparison and the description of the "bailed out fat cats on Wall Street or greedy bankers" leaves much to be desired in the unbiased department.

If it was in a general news report about the situation, I'd agree: but because it is in the context of some guys apologizing while others are still misbehaving, I'd shrug it off as word choices for the purpose of the story. If the British bankers turn up at in Monte Carlo tomorrow, I think Citizen would be equally hard on them.