How am I relating it to Economic downturn ?
There was this Big Mine called wall street, and there are 32(Hypothetical Number related to miners rescued) banks which are helping the big mine to function properly without any issues, the Big miners wanted profits all the time...so their executives and investors can make big bucks, based on the profits.
32 banks with all that they had put every effort into making the whole working style look like a successful model available for profit Mantra. Then there comes a day where the Make look good schemes starts to crumble down the Mine, stuck in the big mine.
If 32 banks operated on their own, I would not have written this article, They have used public funds and public trust to function badly and still get heavy bonuses for the operating executives, If that is the case...why pay somebody so much when his/her Job resume/profile did not contain the word "Loooser", which they did not mention while being selected for that position.
There is a very famous Line going all over the world, "Don't Bite off more than you can chew".
I did the same, but I was punished. compelling me to take financial losses. At the same time the one who encouraged me to chew are rewarded with Bailouts...It seems like the Law of Jungle..
Just a reminder....Grass eaten by Deer, Deer eaten by Lion......
Long Story short...Is this rescue needed ? Why do the Gov have to save this trapped Banks in the MINE>>>
** My Personal opinions in interest for my fellow beings who are in trouble and see no ray hope from Jobs or from Mortgage rescues.