Post purchase dissonance — feeling regret after buying something — prevails when you succumb to the urgency of manufactured need.
You realize you got scammed. There’s frustration, anger, regret. You vow to learn from your mistake.
The U.S. government should have post purchase dissonance after overpaying — by a whopping $78 billion — to bailout banks without any oversight or results.
The government rolled over on the banks’ “buy now!” ploy, and they got a product that didn’t work.
To please insatiably greedy shareholders, banks propped up inflated assets until the market collapsed, the government was left picking up the tab.
The first part of the bailout was supposed to inject credit into the markets. It didn’t. Now, the banks want much more than originally planned at still inflated prices. They will get it, too. So much for learning from your mistakes.
It’s appalling how Treasury Secretary Timothy Geithner convinced administration officials Monday to give the banks leeway to spend (read: horde) the bailout cash how they please while keeping their bonuses and lavish lifestyles.
The bankers will spit manufactured need before Congress today. Congress will in turn act tough, but dish out trillions for what is worth billions without having the leadership to stand up and demand accountability, much less nationalization.