Finance’s Slick Face Exposed
Recession impacted people in diverse ways employed lost secure jobs and homeowners were left high and dry with worthless real estate
. With economy showing revival signs, it may be just a matter of time before all these return to their pre-recession statuses. However, one alarming and seemingly irreversible upshot of economic downturn is the revelation of guileful facets of finance to the populace. Before recession manifested, affecting the lives of commoners, finance was considered the blue-eyed boy of economy. It spewed forth success stories like it were the norm and not aberration. Finance evoked envious sentiments, often bordering on resentment. Things went topsy-turvy after the economy was ravaged by the cataclysmal effects of recession. Earlier, though financial wizards made money in hordes, others had their jobs and coveted homes, which increased in worth consistently, to keep them contended. Now, jobs are scarce and unemployment galore. The plummeting property rates are forcing many homeowners with mortgaged homes to walk away from debts to keep themselves afloat. Foreclosures and furloughs have become the order of the day. With the bursting of the economic bubble and economy on the verge of total collapse, government used the taxpayers money to rescue the financial sector from its deathtrap. The taxpayers are left fuming, as they are well aware that bankers had ventured voluntarily into the high-risk zone for their own benefit. It is a fact that there was no other alternative left for the administration other than offering the bailout package using taxpayer money to avert an economic catastrophe. Ben Bernanke, the Fed chairperson puts it succinctly, I didnt set out to save Wall Street. I set out to save Main Street. But to save Main Street, I had to save Wall Street. Nevertheless, taxpayers are livid; While Wall Street was bailed out, Main Street remains down in dumps. To an ordinary taxpayer, it looks as if the bankers made hay when the sun shone by taking risks and when trapped, they cried, Help! Help! to corner a bailout. The irony is that this privileged lot is not able to understand the sudden turnaround in public attitude towards them. They still consider themselves blameless for whatever happened. However, the taxpaying public is not ready to let them off the hook without drawing blood. They want a whipping boy for the meltdown that struck them bad. Who else fits the bill other than the big finance itself? Bankers, though finding their newfound status difficult to comprehend, are making half-hearted efforts to woo back the public. Promises are raining, with strengthening of risk management topping the list. Bonuses as shares instead of cash, transparency in accounting and deeper capital cushions to absorb future shocks are some of the tidbits offered. Taxpayers are in no mood to budge they are adamant that finance is too much risk and no management. No doubt finance is vital to economic growth at all levels. Even the high-risk financial moves benefited borrowers; once classified as risky and hence kept at bay. But, recession has raised a few uncomfortable questions that need to be answered convincingly to win back public support. Does big finance boost economy or enrich those who work for it, earning them profit in good times and dumping losses on taxpayers laps when tide turns. To get over this phase, bankers need to do introspection on what went wrong. Even while taking risks, they need to be convincing that the ultimate beneficiary is the public and not banks. Only by persisting with this plan of action, bankers can expect a reversal in the present public sentiment.
Finances Slick Face Exposed
By: REI Circle
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