Posted on 02/10/2010 6:03:51 AM PST by AndyJackson
Mr. Tisch did not create the bubble economies. John Q public and his elected officials did. They demanded a free lunch and the politicians promised they could have it. The corporate execs did not create the manufactured goods deficit. Once again it was the politician and the unions who created the free lunch and punish the producers mentallity.
Have you paid attention to the news at all? The majority of corporations that took bailout money didn't want it. They were forced to do it. Meanwhile the Feds were intimidating companies into deception to cover up the truth. I have no love of corporate execs, but I also realize that they sold snake oil because the public demanded snake oil.
When the government at the behest of the citizenry punishes productivity and rewards risk, where does the government and citizenry get off complaining about the result of that risk?
We’re in the hotel business in the Midwest. Times are tough. Occupancy is way down for everyone- no matter what your market is. Business travel is off dramatically and it doesn’t appear to be getting better. We are trimming expenses every possible way and just trying to keep people employed. The few salaried positions are absorbing shifts from hourly employees in hopes that the hourly employees would prefer having their hours rather than their positions cut.
And congress killed the US Yacht building industry with their "Luxury Tax". Tens of thousands of Americans lost their jobs over that and boat building moved off-shore.
Oh HS! Mr. Tisch and his family made their money off of the real estate bubble. They created it by taking easy money and dumping it into real estate in the first place. They got the easy money because Alan Greenspan thought there was nothing wrong with easy money. Indeed, Sir Alan stated that he never believed that executives would put the existance of their corporations at risk for their own personal gain.
One person is innocent and that is me, since I have told everyone this loose money inflating a real estate bubble was bad policy since I came of working age.
I know it is tough. My family has a business in a related industry. But you are not Tisch whining to the federal government because times are tough.
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