… very large numbers.
Just to let you know… If we took the $700,000,000,000.00 promised in the government bailout bill passed by the House yesterday and divided that amongst the 300,000,000 or so men, women and children currently in the US, we would each get over $2300.00. For my family that would mean $13,800.00.
They are not giving that money directly to us though. We would just waste it on paddle balls, wacky-taffy and rides at the fair.
Thankfully the government is turning all that cash over to investment bankers. Some of whom have nice government jobs, our current Treasury Secretary for example.
Look at this CNN article from 2007:
A big question mark hangs over Wall Street: How is it that the top firms consistently beat the odds, earning spectacular returns on their own investments? Last year the five biggest U.S. investment banks – Morgan Stanley (Charts), Goldman Sachs (Charts), Merrill Lynch (Charts), Lehman Brothers (Charts) and Bear Stearns (Charts) – generated $61 billion from proprietary trading, about half their total revenue and a 54 percent increase over 2005.
Morgan Stanley almost failed this year, relying upon Mitsubishi UFJ of Japan to bail them out.
Goldman Sachs lost half its stock value during the last couple of months yet is expected to do really well during the bail out. (Henry Paulson, our Current Treasury Secretary, was Goldman’s CEO before he became a public servant.)
Merrill Lynch is no more… owned by Bank of America. Good news though.. the CEO of Merrill gets a great job at BoA. He gets to run all the business elements that were formerly part of Merrill. How great is that?!?
Lehman Brothers is bankrupt.
Bears Stearns was one of the first failures. Of course it may not have been their fault… it seems that some of their competitors may have spread false rumors about the company, driving them to sell their holdings to JP Morgan for pennies on the dollar.
Please remember… place your treasure in Heaven where neither rust nor robber barons can get at it.
For your edification:
19 “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; 20 but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.
22″The lamp of the body is the eye. If therefore your eye is good, your whole body will be full of light. 23 But if your eye is bad, your whole body will be full of darkness. If therefore the light that is in you is darkness, how great is that darkness!
24″No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon.
25 “Therefore I say to you, do not worry about your life, what you will eat or what you will drink; nor about your body, what you will put on. Is not life more than food and the body more than clothing? 26 Look at the birds of the air, for they neither sow nor reap nor gather into barns; yet your heavenly Father feeds them. Are you not of more value than they? 27 Which of you by worrying can add one cubit to his stature?
28 “So why do you worry about clothing? Consider the lilies of the field, how they grow: they neither toil nor spin; 29 and yet I say to you that even Solomon in all his glory was not arrayed like one of these. 30 Now if God so clothes the grass of the field, which today is, and tomorrow is thrown into the oven, will He not much more clothe you, O you of little faith?
31 “Therefore do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For after all these things the Gentiles seek. For your heavenly Father knows that you need all these things. 33 But seek first the kingdom of God and His righteousness, and all these things shall be added to you. 34 Therefore do not worry about tomorrow, for tomorrow will worry about its own things. Sufficient for the day is its own trouble.