« You Have to Ask Yourself | Main | Hardee Har Har »
March 20, 2009
Talk About Depression
Fluke? Credit crisis was a heistIt was no accident.
The folks in power in Washington and on Wall Street want to pretend that the current global financial crisis -- you know, the one that reduced household net worth in the United States by $11.2 trillion in 2008, according to the Federal Reserve -- was an accident caused by some unfortunate confluence of greed and asleep-at-the-switch regulators.
What we're now living through, though, is the result of a conscious, planned looting of the world economy. Its roots stretch back decades. And it wouldn't have been possible without the contrivances of the bought-and-paid-for folks who sit in Congress.
Of course, just because the plan blew up on the looters, taking off a financial finger here and a portfolio hand there, you shouldn't have any illusion that they've retired. In fact, in the "solutions" now being proposed -- by Congress -- to fix the global and U.S. financial systems, you can see the looters at work as hard as ever.
Well, I'm depressed.
Posted by tree hugging sister at March 20, 2009 09:39 AM
Comments
and the voters keep putting the facilitators of this global "Italian Job" back in power.
That's even more depressing.
Posted by: Gunslinger at March 20, 2009 05:46 PM
The fox is in charge of the hen house and has been for years. I don't see that there is any real hope that Obama will change that. So far he and Tax Cheat Timmy are pouring gas on the fire, not water.
As it's Friday night I think I'll have a beer. Cheaper than anti-depressants.
Posted by: Retread at March 20, 2009 06:55 PM
I believe I've said this before, maybe here and certainly elsewhere: there was one brief, golden moment in all of this when a line seemed to be drawn to stop the deluge. That was the day that Lehman was allowed to fail. That said, as we could have said since: let the market work, let people finally act as if there will be no more bailouts, because there won't be, and let the creative destruction ensue. That would been brave, and honest, and in the end effective.
Instead we must continue to lie, most of all to ourselves, to throw good money after bad, and descend into the mentality of a populist lynch mob. Oh shock horror, AIG execs got bonuses. That is a distraction from the real horror story, which is that AIG EXISTS, like all the other zombie institutions wandering Wall Street, solely because its stock was bought up by the taxpayers. Oh no, bankruptcy would be "unthinkable," we are told of the banks, and the car industry, and God knows what else next. Why? Isn't this exactly what bankruptcy is actually for?
Posted by: Dave J at March 21, 2009 09:21 AM
I heard a rumor - and unless I hear more detail I'm willing to dismiss it as tinfoilhattery - but a rumor that AIG is involved with backing up Congress' pensions, and that's why it's "too big to fail" or whatever the phrase is.
Does anyone know anything about it? The person who told me this is someone not known for their, shall we say, connections with reality, so that's why I doubt it - but I'd still like good verification of my doubt.
Posted by: ricki at March 23, 2009 10:27 AM
Dunno about AIG backing up Congressional pensions but, Obama is the top recipient of campaign funding from AIG.
Notice who is number two.
Posted by: Gunslinger at March 23, 2009 06:50 PM
It is amazing how cheaply people can be bought.
Most spies sell atomic secrets worth hundreds
of millions of dollars for tens of thousands.
Jack Murphy stadium in San Diego was named for
the man responsible for the stadium.The city sold
the name to a company for two million dollars. A city with a billion dollar budget sells out a man
for a lousy two million. They spend more than that
on fake overtime for employees who need extra money.
Posted by: greg newson at March 23, 2009 11:39 PM