Would you lie for the greater good or would you tell the truth and be honest about the way you conducts business. I think that these moral hazards and cover ups are what got us into this economic crisis among other outside factors. So what would covering up something else really help? If the data is bad why continue to cover it up and prolong the inevitable?
I know that prolonging the inevitable is favored on Capitol Hill these days, but in my opinion that just makes things worse, suckers more people into the failing financial market, and makes for a worse collapse. Let it go and give us the real facts!
Rick Santelli calls out one of his colleagues at CNBC who offers up the question as to whether or not the media should cover up the truth behind what’s going on in the financial sector for the greater good.
But, as I stated above, is that really for the greater good or is it just for the good of a political agenda and money in the media’s pocket? After knowing what recently occurred at an NBC meeting with Zucker and Immelt exclaiming that CNBC has been too harsh on the President and has criticized his policies too much recently… I can only take what they say at CNBC with a grain of salt because there may be a conflict of interest; like saving their jobs:
What are we all supposed to make of this? Why is calling something socialist such a bad thing nowadays? It’s not like Europe isn’t “out of the closet” socialist. Stop with the denial already and let’s call a spade a spade. I will write more on this blatant denial this week in an op-ed piece.
As many of us, who are on top of the news cycles, are aware, TARP funds from when President Bush was in office during the first bailout of late September, have been given back to the government. At least that’s what many are attempting to do.
The issue at play is the media is making a huge deal about all the “big guns” in the financial industry like Bank of America, Wachovia, Citibank, AIG etc. but they do not disclose that many of the smaller banks, those that are local or regional to specific states), were safe from the economic crisis because they did not get involved with hybrid securities, mortgage-backed loans or the sub-prime market.
These small banks don’t want the TARP money, they never did want it. The main reason they didn’t want the hand-out was knowing there would be strings attached from the government. We have seen what taking government/taxpayer funds has done to the likes of GM, Chrysler and AIG. I’m sure we will see more from Citibank and Bank of America in the coming months as well. The government can control what you do and how you do it. No need for a board of directors – the government will pressure the CEO to leave. No need for bankruptcy court, the government will make sure you meet its plan to restructure and then produce things that it deems acceptable – like green cars.
