A Photo Haiku: Wall Street Battered as Industry Bailouts Fail
Wall Street Has Greatest Decline Since the Great Depression
Yesterday, The New York Times, Washington Post, Los Angeles Times, and Wall Street Journal all led with front page stories about yet another horrible day for stocks that sent one clear message: Investors are freaked out. Another grim milestone was reached yesterday as the broad Standard & Poor’s 500-stock index plunged 6.7 percent and reached its lowest level since 1997. The Congressional bailouts have failed miserably.
The S&P 500 is down 52 percent from its high reached a little more than a year ago, which marks the “sharpest decline since the Great Depression,” noted the LAT. The WSJ pointed out that if the index were to finish the year with yesterday’s numbers, it would mark “the worst annual percentage drop in its 80-year history.” And today’s not looking any better!!
While America’s Corporate CEOs Laugh All the Way to the Bank
Now in Japan, the CEOs of failed and bankrupt banks and corporations take shame very seriously. When Japanese CEOs make mistakes, they’re expected to make a big show of tearily flogging themselves in public (figuratively). But what’s going on here in America? American corporate CEOs get to screw up as bad as they want and walk away with millions, with nary a tear nor even a nice tip to the bellhop on the way out the door. They problem is that in this country, CEOs are only too happy to trade the scorn of the public for a pile of money. We can bitch all we want about golden parachutes that can top $100 million for executives who didn’t do shit except lose shareholder money the entire time they were employed, but that CEO will chuckle to himself, have his flack issue a statement, and then go enjoy his millions and millions of free dollars on a private island somewhere, full of untold numbers of prostitutes.
What the F**k: It’s Just a Recession!
We Should Send These Greedy CEOs for Some Frontier Psychatry :
The Avalanches: Frontier Psychiatry
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