What kind of people makes what kind of country. When young college students are angered by the corruption committed by politicians, they shouldn't ignore the fact that all those corrupted politicians were once young college kids with ambitions and, aspirations.
Connecticut Democrat Senator Christopher Dodd is the Chairman of the Senate Banking Committee. A provision he inserted in the stimulus plan allowed AIG executives to receive multimillion dollar bonuses after the company received $182 billion federal bail-out money, even when they screw up the company.
'Right Wing' radio hosts have been talking about the provision since last weekend, yet Mr. Dodd has the courage to swear to TV cameras on Tuesday that he knew nothing about the provision. He was seen fussing, throwing things like a mad street cat when asked about it by reporters. Overnight, on Wednesday, he suddenly confessed that he inserted the provision himself, however, on request from the Treasury.
Of course, according to a WSJ article, "Administration officials said the Treasury didn't suggest any language or say how the amendment should be changed. They said they noted legal issues that could likely lead to challenges, but was the end of their involvement. The official said Mr. Dodd and Congress made the final changes on their own." The nation will see a newer version of Mr. Dodd's account the next morning.
So how the hell did Mr. Dodd named the Chairman of the powerful Senate Banking Committee, even amid tremendous concerns over his ethics in the housing giants Fannie May and Freddi Mac, which actually led the nation to the current crisis? Mr. Dodd was nominated by the Democratic leadership, and supported by his colleagues in the Senate. That's why. The entire Democratic delegate on the Capital Hill has been rotten to its root.
Having that said, is there an escape by claiming "people is good, only politicians are evil?" That's the cliche made up by President Regan on the case of former USSR. That claim was never correct. What kind of people makes what kind of country. Chinese people chose the Communism for a reason 60 years ago, and they deserve what they get if they do not make another choice today.
Talking to many foot soldiers working in the financial sector, some traders, some quanta analyst. It's amazing that they still agree that had the Fed bought out all the 'sub-prime' mortgage last year, the US could have been business as usual. Well, even many college professors share the view. For people like this, they deserve what they get.