I continue to marvel at the arrogance and ignorance that came together to form the perfect storm that was the financial system meltdown.
Two separate stories here. the first is a better assessment of exactly how much of our tax money was given to the financial institutions to keep them afloat. We were never truly told how tenuous this financial system was. And how much it cost us taxpayers to make sure the bankers continued to award themselves huge salaries and bonuses. And the whole story will probably never be told. But this is a good read:
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
the second story here is about how the state of Illinois is being held hostage by companies such as Sears (and motorola, CME, etc).
http://www.usatoday.com/money/companies/management/story/2011-11-25/sears-holdings-headquarters/51423932/1
In the same manner that the federal governmemt was held hostage by the "too big to fail" line of bs, Illinois, which has already increased taxes to the point where any company would have to consider leaving, is having to bribe companies on an individual basis to not leave.
Why would any company in Illinois not threaten to leave unless their taxes were cut? after all - the temporary 66% individual income tax is only temporary - until it is made a 75% or 80% increase.
Illinois - what a shithole.
Two separate stories here. the first is a better assessment of exactly how much of our tax money was given to the financial institutions to keep them afloat. We were never truly told how tenuous this financial system was. And how much it cost us taxpayers to make sure the bankers continued to award themselves huge salaries and bonuses. And the whole story will probably never be told. But this is a good read:
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
the second story here is about how the state of Illinois is being held hostage by companies such as Sears (and motorola, CME, etc).
http://www.usatoday.com/money/companies/management/story/2011-11-25/sears-holdings-headquarters/51423932/1
In the same manner that the federal governmemt was held hostage by the "too big to fail" line of bs, Illinois, which has already increased taxes to the point where any company would have to consider leaving, is having to bribe companies on an individual basis to not leave.
Why would any company in Illinois not threaten to leave unless their taxes were cut? after all - the temporary 66% individual income tax is only temporary - until it is made a 75% or 80% increase.
Illinois - what a shithole.
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