THESE ARE MARK'S PERSONAL VIEWS, NOT WAMU'S VIEWS, NOT AU'S VIEWS, NOT ANY OTHER U'S VIEWS........
Ira Glass's This American Life and NPR have done a great job already at deciphering the financial crisis. Tomorrow at noon on WAMU 88.5, there is another special edition.
By way of preview, here's my two cents (sorry 0.4 cents).
Its not simply that they gambled billions of investors' money, these banks. Or that they were so knee-deep in their own greed that they forced the Government into a corner where not bailing them out would have spelled disaster for the customers.
For me, it was the sheer incompetance and arrogance manifest for decades before the crisis in their derelict customer service.
You know the thing: Long lines in the branches followed by disengaged, dismissive tellers. On the phone, press one to give us your money, to withdraw yours please hold for a couple of hours, since all of our representatives are currently assisting.......
I might have some sympathy, if they hadn't been so arrogant. Five years ago a part-time finance person who worked for my wife's small non-profit was caught stealing from the bank account. Large amounts over several months disguised as payroll. It nearly bankrupted the business. Was the bank helpful? She needed someone to investigate, quickly. She needed a temporary overdraft, or a loan, she was the victim of a crime and deserved some sympathy and support. Did she receive any of those things?
No. After days and days of filling out forms, and making phone calls with no return calls, she was simply left to sink.
It was apparent then that the conglomerate of unmanageable proportions was looking gleefully beyond the average customer to its mountains of paper money, all of it about to turn toxic.
Fortunately, BB&T came along, offered her a loan and a line of credit, and took her to lunch.
Now, our taxes are going to bail out the people whose corporate monolith refused to help us in our hour of need. Its tough to swallow. At least I won't be losing any sleep over them.
