Op-Ed Contributor - The Borrowers - NYTimes.com
So, the world economy is in deepest sh*t in whatever-years. And the US government, in a desperate move, just approved (with pinky in lips) $810 B-I-L-L-I-O-N DOLLARS, to bailout the failing Wall Street. So… I wondered, if there are so much debt, where did all that money go? If there are so many people at loss, there has to be some people who profited from it all. Money just does not disappear into thin air. It turns out, we all did! Well, some more than others, but most of us profited from this, nevertheless. I guess something similar was happening, but this Opnion piece from NY Times sums it up quite well.
Just as many of us deserve a share of the blame, many of us also got a share of the profits. No, not the kind of profits that Wall Streeters got, at least individually. But if you sold your house over, say, the last five years, you got an inflated price because of the proliferation of credit made possible by the Street’s practices.
If you bought a house, then you got a lower mortgage rate than you would have if it weren’t for Wall Street.
If you made money on the shares of Merrill Lynch or Lehman Brothers or another participant in this mess, then you shared in the profits. One could even argue that the overall stock market wouldn’t have achieved the heights it did were it not for our housing and debt-fueled economy. So if you cashed out at all, then you got some of the profits.
Regardless who profited from this mess, the majority of the blame must fall into the failed government policy and the greedy Wall Street pigs. No question about that.
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