http://www.dailyreckoning.com.au/seventh-biggest-drop-in-wall-st-history/2008/10/24/ An independent perspective on the Australian and global investment markets Sat, 21 Nov 2009 10:39:45 -0600 http://wordpress.org/?v=2.8 hourly 1 http://www.dailyreckoning.com.au/seventh-biggest-drop-in-wall-st-history/2008/10/24/comment-page-1/#comment-48538 Anthony Teamson Fri, 24 Oct 2008 14:42:55 +0000 http://www.dailyreckoning.com.au/?p=4175#comment-48538 The only naivete of the American homeowner was that he/she did not realize billionaires get first dibs on their tax dollars. Who cares that a bunch of dumb schleps are going to lose a home, when you have Wall Street shills about to lose million dollar bonuses. The American homeowner gets a pious moralization about not borrowing money they could not pay back, while bailed out AIG executives go off to luxury spas,knowing they do not have to pay back their Government "loan". As an acquaintance of mine, who started one of the Pacific Northwest's largest banks, said about the $700,000,000,000 bailout: "There are going to be a lot of wealthy bankers and many, many more poor tax payers when this is done." The only naivete of the American homeowner was that he/she did not realize billionaires get first dibs on their tax dollars. Who cares that a bunch of dumb schleps are going to lose a home, when you have Wall Street shills about to lose million dollar bonuses. The American homeowner gets a pious moralization about not borrowing money they could not pay back, while bailed out AIG executives go off to luxury spas,knowing they do not have to pay back their Government "loan". As an acquaintance of mine, who started one of the Pacific Northwest's largest banks, said about the $700,000,000,000 bailout: "There are going to be a lot of wealthy bankers and many, many more poor tax payers when this is done."

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