Sep 26 2008
Let’s face it, if the US economy goes down in flames, Canada is screwed (and if you don’t believe me, maybe you’ll believe this guy). The Wall Street crisis looks to be impacting Main Street like a giant radioactive meteor.
I’m increasingly sympathetic to the idea of the FBI arresting all the heads and chief executives of the banks that helped get the US into this mess and confiscating the 2007 income of people like Kenneth Griffin, the head of Citadel Investment Group, who made $1.5 billion in 2007. Nobody is worth $1.5 billion a year. Hell, some countries aren’t worth that much a year. I’m not saying take ALL their money — just what all these egregiously overpaid execs made last year. Most of them could probably live off the interest from their previous earnings until about the year 4008, so they probably wouldn’t miss it. Then bail out the US economy with the money that these CEOs took out of it at a time when their companies, and their nation, could least afford it.
Of course, such a move would result in a catastrophic flight of capital out of North America. The US would be shooting itself in the foot — and the heart — and likely taking us down with it, if it ever took such steps. So it ain’t going to happen, and it shouldn’t… Damn.
But it is awfully nice to daydream about such options when you recognize that some of the people who helped create this economic nightmare make more money in the first 15 minutes of the year than most people make ALL year.