Tuesday, May 19, 2009

Masters of Propaganda: the Banks

This line is inspired by Goebbels:

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Let's step back and think about this. Please!

The card issuers (the Banks) made the conscious decision to give out unsecured lines of credit to less-than-stellar people. That decision was not made because the Banks were nice guys. The decision was made in order to INCREASE BANK PROFITS and "market share".

Now that Banks are losing money because of their really, really, lousy credit decisions, the Banks' flaks and professional dissemblers cannot blame themselves for their stupidity and/or greed.


Instead, they will blame the bad credits, and shape the story so that the "good guys" feel like they have to bear the burden.

The bankers who MADE the lousy decisions will keep their TARP-paid salaries, stock-options, and bonuses. But they will blame the schlubs to whom they GAVE FREE MONEY--and tell the New York Times' reporters that "good guys" will pay.

And yup, the NYT will repeat the line, and Hot Air will repeat the line, (etc., etc.). No thought required!

Damn!! That's Great Goebbels!!

1 comment:

Left Coast Rebel said...

You are so right here, Socialism creates the opposite of that which it purports. People that work hard, have clean credit and habits, end up supporting the 'losers' that act irresponsibly. Dumbing down everyone to a lower level of success.