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May 25, 2013
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Some Blame Must Follow the Financial CollapsePosted on Nov 11, 2008PARIS—During a weekend discussion of the world credit crisis by the Trilateral European Group, meeting in Paris, one of a panel of bankers said that the time for recriminations is past: “We all made mistakes, now we must look to the future,” etc. At that, a member who is also a deputy in the French Parliament leaped up and demanded the floor. “What am I going to tell the public when in a few months the French unemployment rate has soared, and there are 3 million people marching in the streets of Paris? That ‘we all made mistakes’? That no one was really responsible?” The indignation was completely justified. Not only are there guilty men, but many have since compounded their guilt by what they have done with taxpayer money handed over to banks and financial institutions to restore the flow of credit essential to the economy. In the U.S., some have coolly diverted the money to buy up distressed institutions to aggrandize their own organization, profits and personal perquisites. In Washington, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson failed to impose conditions on the use of government aid, and only belatedly, under congressional pressure, stipulated that the public should benefit from any eventual profits generated by currently unsalable instruments. Taxpayers should have a share in any turnaround. When British Prime Minister Gordon Brown introduced his plan to partially nationalize British banks, they were instructed that the money was for business loans to get the economy functioning. The American reluctance to set conditions apparently reflected the assumption that business and financial circles would consider this “socialist” interference with the free markets whose self-inflicted collapse had brought all of this on. Advertisement The major West European banks that seem to have best survived are Spain’s, where despite protests that this was outrageously reactionary, government insisted that banks build a high designated cash reserve against loans, and in France, where despite Nicolas Sarkozy’s romantic view of America, the traditional centralization and political oversight of financial institutions and corporations spared the country the worst of the crisis. As others have said, to little avail, the fallacy in modern market economics and hence of contemporary capitalism is the assumption of the perfect rationality of economic actors. They are expected consistently to make good-faith decisions that serve their own interests, which in interaction with others making similar decisions are expected to result in market equilibrium. As Mark A. Sargent of Villanova University recently wrote in reviewing Charles R. Morris’ book “The Trillion Dollar Meltdown,” a positive result of the deregulation of the 1970s and 1980s was the leveraged buyout of many inefficient companies. This was followed by the unforeseen contamination of the system by a proliferation of deals lacking any economic rationale other than to produce fees for deal-makers and advisers, leaving companies ruined by debt. The credit market, fueled by speculation, “started to freeze in October 2007,” with the undermining of trust among institutions, with the result a year later of “an interplay of greed and fear (that) burst the credit bubble.” The result we see today. The speculative bubble rested essentially on stealing from the poor by persuading them to buy mortgages they couldn’t afford. Those mortgages, merged into a mass of funds of similar anonymous origin, were arbitrarily treated as valid “securities” from which multiple derivative credit instruments could be created. No one guilty? For one example, read the account by Gretchen Morgenson in the Nov. 10 New York Times of how Merrill Lynch ran its highly lucrative “subprime” mortgage business. It penalized those on its staff who warned of risk and deliberately weakened internal credit controls. When the AIG insurance group (with its own crisis impending) refused to continue to insure the supposedly highest-quality Merrill specialty-product “synthetic collateralized debt obligations” because AIG management was concerned about “overly aggressive home lending,” Merrill coolly continued business with its mortgage bets uninsured. The man brought in to clear away the wreckage, John Thain, head of the New York Stock Exchange, said no trading business should take risks able “to wipe out an entire year’s earnings,” not to speak of risks able to destroy the earnings of an entire company. In September, of course, Merrill was taken over by Bank of America. As this crisis works its course of devastation through what bankers once described with disdain as “the real economy,” it is unthinkable that in America and abroad there will not be demands for a legislative or blue-ribbon panel investigation of these practices, and of the business executives who invented or condoned these practices, followed by civil or criminal prosecutions. Not that this will help the people in the streets—either demonstrating or taking up abode there, for lack of any other. Visit William Pfaff’s Web site at www.williampfaff.com. © 2008 Tribune Media Services, Inc. New and Improved CommentsIf you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy. |
By Folktruther, November 15, 2008 at 2:53 pm Link to this comment
Anarcissie- The reason that the Educated are more suberviant than the ignorent is because you cannot become Educated without being indoctrinated to identify with power. Of which the banks, governments, etc are primary embodiements.
And this has been possible for thousands of years because of a biologial-cultural inheritance discussed by Freud in his analysis of religious delusions in FUTURE OF AN ILLUSION.
Humans have a longer childhood than most other species, when we are dependant on the power of our parents for our very survival. We therefore tend to identify with power. Both Divine power and earthly power. This tendency has been coopted by the Edcucated classes to impose on the population the inherited misconceptions that legitimate their power.
consequently the maistream truth traditions of power systems are formulated from the perspective of power, notably class power, rather than from the perspective of the population. It is this that must be reversed, an enormous historical undertaking.
But we are living at a time in history when we can begin to do so, indeed, are doing so. This can be legitmated in simplifying conceptual stuructures that convey the simple truth. The folk truth, if you will. But to legitimate this truth requires a conceptual revolution in social science similar historically to the scientific revolutions in the history of the natural sciences. And such a revolution has been ideologically repressed because it has very explosive ideological implications.
Report thisBy Anarcissie, November 14, 2008 at 7:17 pm Link to this comment
kloe—I don’t think illiteracy is the problem—in my experience the literate are more subservient than the illiterate. I fear we may be coming up against basic primate psychology. Still, some of us have escaped, even if we’re programmed otherwise. Maybe more can.
Report thisBy KDelphi, November 14, 2008 at 5:25 pm Link to this comment
We was robbed
Report thisBy yellowbird2525, November 14, 2008 at 12:58 pm Link to this comment
Truth: our Gov is a “tool” used by Corps to do whatever they want to do, and as they run around the globe giving big $ to heads of countries saying “now you are the powerful politicians, you can do whatever you want to do, and will never have to go to court to be prosecuted!” we have done it in the USA for years: and gotten away with it! Global dominion in every country with the same Corps backed by the military of the USA Gov with 70 contractors (mercenary) getting $9,000 each per month per a man who was there & saw it first hand (this was in Iraq); consider: usury laws around since banking began ignored; laws were ignored; taken before Congress repeatedly NOTHING was done: for the PEOPLE; banks went to colleges, bribed them to promote them: they gave them credit cards with the name of the school on them (YALE), said they were the “preferred choice” for student loans; as so the unsuspecting were billed far more than they would have been under OTHER companies: all know, consented to & no problems with the “lawmakers” Congress: “they were adults” was Congress’s stance; and of course, with the inside knowledge our “lawmakers” got very wealthy; everyone knows what loansharks are: they are laws re loan sharking, & exceedingly far above that is what is known as “predatory” laws; everyone knows what sexual predators are; how they stalk, target, & do crimes against children: etc; THIS is what has been going on in the USA AGAINST the people of the USA in every aspect. “license to steal” explained exactly HOW stealing of peoples funds went on in Wall St with full knowledge & consent of the USA Gov; The AG’s are all in on it; the Judges are all in on it; nothing is done except thru BRIBERY: and “compensation”; it did indeed NOT just “happen”. It was a long term plan, with goals, & doing 1 step at a time, further & further & further against the people & the planet every single step of the way, with a great deal of malice against the PEOPLE. This is nothing new folks: go to http://www.democracynow.org and search “drilling and killing”; in the Congo, the same Corps with the USA there are stripping the land, and they RULE: not govern, & there is no justice to help anyone just like in the USA; and NOTHING is done for the PEOPLE. Consider: even the collection laws were ignored & the “barrage” of calls which in my mind equates to “torture”; calling repeatedly 5 & 6 times a day every single day DEMANDING payment; the amounts doubling: while the Gov with the Corps brought in illegals by the millions & gave them political preference; job preferences; drivers licenses illegally; flying them in from other states to Oregon to get 8 years licenses so they could “vote”; (in Oregon you have had to show Soc Security numbers for years to get drivers licenses;) 3 members of the STATE Congress, Peter Buckley, Alan Bates, Sal Escaval, at a Town Hall meeting, stated that all illegals coming into the country would get drivers licenses, the ones here illegally would keep the ones they had; yet they passed a “law” that LEGAL CITIZENS have to provide notorized birth certs to “try and keep illegals & possible terrorists” from illegally getting drivers licenses. GETTING the PICTURE YET FOLKS?
Report thisBy Tijeras, November 14, 2008 at 8:51 am Link to this comment
(Unregistered commenter)
If you think that the collapse of Bear Stearns, Lehman Bros, Fannie and Freddie and Merrill Lynch was a mere matter of group think or just a mass escape into make-believe, then you should read Morgan Ibarra’s novel, Scamming God. It plumbs not only the rampant philosophy—Objectivism—that had spread like AIDS through the sales forces, but also the myopic kind of criminal personalities that have dominated the financial business since the late 70s. Laissez-faire capitalism has reached its end-stage: mafia capitalism, as one (I believe) Hungarian economist put it. But behind all the Ism’s is a distinct and destructive mentality (often a “loophole mentality”), a dominating presence, and a charismatic personality, the kind of persons who have run roughshod over the rest of us for decades
Report thisBy kloe, November 14, 2008 at 8:23 am Link to this comment
Anarcissie,
Your statement, “Unfortunately up to this point most people prefer to worship the government, the banks, the corporations, the celebrities, and so forth. I’d like to know how to change that, but I haven’t figured it out yet.” is spot on. It never ceases to amaze me that those around me at work worship the corporations they work for while simultaneously acknowledging they are being screwed (for lack of a better word) by these very corporations and the government who act on their behalf. I’m not very hopeful that things are going to “change” that much when its really the citizens, and not the political and corporate elite, who need to become more literate about the political, social, financial and international events around them. Reference Chris Hedges most recent article, “America the Illiterate” for more on who is ultimately responsible for the present and future affairs of our country. http://www.truthdig.com/report/item/20081110_america_the_illiterate/
Report thisBy oldog, November 14, 2008 at 3:12 am Link to this comment
Bank officers have been receiving rewards for gambling with depositor’s money. They lost all that money and, thanks to leveraging, lost 100 times that amount at the same time.
Now the government in its panic wants to make good on those gambling debts, and further reward those same officers, to save the depositors and restore the credit market.
Those banks are taking the money to continue business as usual, taking the 1% loans from the Federal Reserve to buy other failed banks, and NOT making credit available.
It would be 100 times cheaper to refund the depositors directly, and fine the bank officers to recover those rewards.
I guarantee that new, competitive banks would spring up overnight to fill the needs of of the credit market.
Only the same gamblers who caused this crisis are being rewarded and ensuring their dominance for the future.
Report thisBy KDelphi, November 13, 2008 at 6:40 pm Link to this comment
Anercissie—I am glad to hear you say that. I am a “socialist”, but, I am open to other ideas—social democracy, marxism, communisnm, socialist democracy (which I like the best).
I had some hopes that, after the financial collapse (you know—the one that happened last month—not 4 yrs ago, or 10 yrs ago, or 20 yrs ago—lol), people would pay more attention to how social democracies run their markets. It was very brief, and then, the neo-cons came out with “SOCIALISM!! AAUUGGHH!” , and the Dems denied it as hardily as they denied that Obama was a Muslim.I asked some supporters about it, and, I got the old “he has to to win” stuff.
There are groups—but i’m sure you are aware of them. I have been going to wsws.org (world socicalist web site) alot lately. I wil think on it. You , too.
Brian Moore/Alexander, of sp-usa.org got 8500 votes. McKinney was another option. I think she got .1%—but I stand to be corrected , there. You sure couldnt find it here! I first found McKinney’s stats at Le Monde (Paris)
Report thisBy Anarcissie, November 13, 2008 at 6:04 pm Link to this comment
KDelphi—I prefer communism, or at least cooperation, to charity. We can give to the poor (which the rich will then take away from them), or we can try to organize institutions and relationships of mutual aid and benefit with the poor, because in relation to the elites and the ruling class we are the poor. Thereby we could make the rich irrelevant.
Unfortunately up to this point most people prefer to worship the government, the banks, the corporations, the celebrities, and so forth. I’d like to know how to change that, but I haven’t figured it out yet.
Report thisBy KDelphi, November 13, 2008 at 5:36 pm Link to this comment
Anarcissie—I am talking about people giving a damn about each other. I know that it is in short supply in the uS—but we will have to try. Things are going to get very rough here.
I mean voting for things that do not necessarily directly benefit you.I did that fairly uncomfortably this year. And I suppose, demanding that our govt respond to what the average (and not so average—the poor) need.
I vote for school levies here all the time. I , nor any of my family, has ever gone to these schools. I have no money at all. I stil think it is important that kids have a good education (which BTW—they stil do no t get here) I think that the middle and lower classes shoudl not have to bail out speculators. I made my feelings known.If I had the money to get to DC, I probably wouldve gone.
What we really need is a complete overhaul of this failed capiralist state, in my opinion.But, many people wil not have it—they think that their mohey is stil going to be worth something.
I am “relieved of that burden”.But, I felt that way before also.When, exactly, did this system work, for the majority? Even when it created a big middle class (not as big as some woudl like to believe), it was unsustainable.
YOu cannot sustain a populatin when 2% has 98% of the wealth. But, it seemed like no one noticed, until it effected them. Even now, everyone is “waiting on thet big payout”. Theyve already taken it.
Report thisBy Anarcissie, November 13, 2008 at 5:15 pm Link to this comment
KDelphi—Well, we’ve been talking about banking, among other things. Where’s our credit union?
Report thisBy KDelphi, November 13, 2008 at 5:00 pm Link to this comment
Exactly…
I am suggesting that our fortunes rise and fall together..
Report thisBy Anarcissie, November 13, 2008 at 4:44 pm Link to this comment
KDelphi—I can’t do solidarity all by myself.
Report thisBy KDelphi, November 13, 2008 at 11:53 am Link to this comment
Folk and Anar—I hope you are both correct, that a re-alignment is coming. I think that this countries survival depends on it.
I see what you mean about the rich not paying—-but why can we not change that? Why do we allow Hedge Funds, mark to market and this other crap? Why not just put everyone’s pension in Vegas, where the returns COULD be even greater?
Why not the lottery? Why pay taxes on lotto winnings and not capital gains? How are these things not income? Of course they are, but people have to LEARN to accept these standards, and are afraid to call them what they are for fear of “fomenting class warfare”. I say,lets get on with it.
It bothers sme some that you are concerned only that YOUR banks might collapse—you may not have meant it that way, but, as part of the working and middle classes, isnt a little solidarity in order?
The upper classes have already shown you how much they care if you starve in the streets.
Or would the middle classes prefer to just keep bailing out these useless basterds?
Report thisBy Anarcissie, November 13, 2008 at 11:02 am Link to this comment
KDelphi—The rich seldom actually pay for anything. The progressive income tax is a sham. The problem is that the rich wouldn’t pay a flat tax, either, so the question is really pretty academic.
Folktruther—KDelphi suggested canceling “personal” debt, by which I figured plastic and related types were meant. Canceling all mortgage debt would certainly be quite a shock. Then my bank would go out of business, so if it’s coming up, I’d better get a gold brick or two for under the bed and try to make the best of it.
I think you’re correct about a sort of major realignment of ideologies and interests going on. Perhaps we are living in the “interesting times” of the legendary Chinese curse.
Report thisBy Folktruther, November 13, 2008 at 10:13 am Link to this comment
KDelphi and Anarcissie- home morgage debt is about 11 trillion dollars. There is no way to cancel it without destroying the American power system.
Which in any case will probably collapse within a few decades. The American power system is increasingly obsolete, corrupt and oppressive. It simply doesn’t work anymore, which is why the Bushites led a counterrevolution installing creeping despotism. Which Obama is continuing.
American liberalism traditionally thought of government as a benign institution used to oppose the selfishiness and greed of the corporations. In the US it trumped marxism, which conceive goverrment as the agency of the whole ruling class.
As the US power system degenerates, the marxian view increasingly prevails. But since liberals have been Educated and Informed to identify with governmental law and power, they are behind the historical curve. Meanwhile conservatives,who dispise and fear government and taxation, now see its oppressive features more clearly;
Therefore there is a coalesing of the right and left ideology against oppressive power. Previous rightists, like Paul Craig Roberts or Scott Ritter are attacking oppressive power from a liberterian perspective, joining with leftist attacks. This is illustrated by Counterpunch which has both extreme right and left truthers.
therefore a new ideology is in historical formation that is superceding marxism. And all of us radicals, from our different perspectives, are tending to arrive at similar anti-imperialist views.
Report thisBy KDelphi, November 13, 2008 at 9:58 am Link to this comment
Anarcissie—A so-called “flat tax’ would be a disaster for egalitarianism. It would raise sales taxes on good s that poor and average people have to buy to survive. I am actually surpised that you would be seduced into going against a progressive tax. After all, who woulsd pay for your “owed investments”? The poor and middle classes simply cannot throw together enough money to pay you back for your risk-taking. You will simply have to ask the rich.
Anyone who is still concerned with being “inconvenienced” has not seen the tail end of this current economic depression.
We have a right to regulate any industry that no longer serves the needs of the majority. (see below, on Paul__GA’s post)“Not playing the blame game” is, to my mind, a way of rationalizing “doing nothing”. It is not always a “game”, and, often some are to blame.
Report thisBy Anarcissie, November 13, 2008 at 9:34 am Link to this comment
KDelphi—Leona Helmsley was basically correct. Although nominally speaking rich people often pay taxes, they have more power than poor people, so they can take money away from poor people to compensate themselves for their payments. An actually enforced and paid flat tax for the rich as well as the poor—if you could do it—would probably be fairer than what we have now.
Present credit card debt amounts to about 900 billion dollars, so it could probably be canceled without bringing down the economy. However, no one would then want to issue more credit cards, which would be inconvenient for some people.
I am not sure Single-Payer is going to turn out to be cheaper than what we have now. The economics of the medical business are quite mystical. The insurance companies are raising their rates 12-15% this year, I am told, even though many people are going broke. If capitalist institutions can raise their prices in a competitive market during a recession, imagine what the same people will be able to do with the power to tax.
Report thisBy Paul_GA, November 13, 2008 at 8:42 am Link to this comment
Until the overcentralized, fat, bloated, corrupt federal government is changed in this country, there can be no democracy over here, Mr. Moore.
Time to brush off the Declaration of Independence and read the part that really counts—not “all men are created equal”, but that “whenever any form of government becomes destructive of these ends [of securing the rights of life, liberty, and the pursuit of happiness], it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles, and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness.”
Report thisBy carl moore, November 12, 2008 at 11:29 pm Link to this comment
Karl Marx wrote that until they recognize a free, independent and sovereign Ireland there shall be no democracy in the United Kingdom.
Report thisThis remains true to this day.
Until the United States recognizes a free, independent and sovereign Palestine
or a free secular, Israeli-Palestinian state with equal rights for all, we shall not have democracy in the U.S.A.
We’ll just continue being oppressed, lied to, robbed and sent to fight wars of our masters’ choosing.
By KDelphi, November 12, 2008 at 10:01 pm Link to this comment
Anacessie—I see. How about cancelling all PERSONAL debt on the grounds that the contracts were changed illegally—as in credit cards and some loans? Of course, with Biden and other Dems credit card and bankruptcy bills—maybe, almost nothing they do is considered illegal anymore. Immoral—always get those confused.
I would expand Social Security to give everyone a guaranteed small income for life, when old or retired. I just do not think the middle class has business in the stock market.
The way to bail out GM is to pass single payer health care—that is such a large part of their expenses now. Other countries know this.Another huge part of expenses are pensions (private)and CEOs ridiculous salaries.
Reminds me of Leona Helmsley—“Only little people pay taxes.” Yes indeedy!
Report thisBy Anarcissie, November 12, 2008 at 9:26 pm Link to this comment
KDelphi—I didn’t lose any money, I gained money. My complaint was against a suggestion that all debts be cancelled. Banks owe me money (deposits, retirement accounts, and so forth) as does the Federal government (Social Security) and canceling those debts would leave me virtually destitute. I think there are many millions of working- and middle-class people in my shoes. Others are of course already destitute.
Folktruther—Quite right about Social Security. It’s being gutted by deliberate inflation. But the Left in general doesn’t seem to get it about money. I guess we are too humanistic or something. Money is supposed to represent value; value comes from labor; labor is part of one’s life. Devaluing the money, then, is a way of destroying people’s lives—working people’s lives. The rich have clever lawyers, accountants and other consiglieri who can find tricky ways to protect their money for them. Smart leftists would be big fans of hard money, low taxes, and fiscal prudence on the part of the government. But in fact poor people, who should not be taxed at all, are often taxed ferociously when you count federal, state and local income taxes, Social Security, and property and sales taxes. However, most of “us” seem to fall for the Bismarckian devil’s bargain of allowing ourselves to be taxed harshly in exchange for a few alms from the chariot and an exciting war or two.
Report thisBy msgmi, November 12, 2008 at 8:13 pm Link to this comment
(Unregistered commenter)
Wall Street is overjoyed about Paulson and his cabal’s bailout package without transparency conditions. What more can be expected of the former Wall Streeter where transparency is an unknown commodity.
Report thisBy Laurence, November 12, 2008 at 6:45 pm Link to this comment
(Unregistered commenter)
What do you think would happen, if on the stroke of midnight, everyone in the USA who gets more than, say, $500k disappeared? Yes, there would be problems, but most of you would get by.
Report thisNow, what would happen if everyone earning under $30k vanished? Yes - chaos.
So who is more important? The fat cats, or the people who do the real work?
By KDelphi, November 12, 2008 at 5:12 pm Link to this comment
Anacessie—I think I remember from another thread, you talking about losing a bunch of money, and I suggested it was not realy money. Am I remembering that wrong, or do I have the wrong person?
We will never know if anyome broke the law, if we do not have an investiagtion. I fear that it is useless with the current Congress. Any Congress of the last 50 years.. I was just hoping we could get some of their damn money!
That is what Bush & Co. talked most about—not being convicted of war crimes, not going to jail—bein g caught and SUED—losing their money. I’d just like to get them where it would hurt.
Revamp the entire system and throw Paulson, Greenspan, Bush, Cheney, Rummy, Rice, Powell, and all of them in prison and confiscate their ill-gained wealth.
Report thisBy Folktruther, November 12, 2008 at 4:53 pm Link to this comment
This is how the Dems are handling social security. The Gops want to take it away and put it in the stock market. The Dems, under Greenspan and Clinton, falsified the inflation rate by excluding food, etc from it, the real rate being many times the rate compenstated for by SS. SS pensions are therefore continuously much less over historical time.
Report thisBy Anarcissie, November 12, 2008 at 3:30 pm Link to this comment
The problem with the current financial and economic situation is that it requires a hard, clear look at concepts like money, value, price, labor as they are working out in the real (that is, material) world. For instance, many people are complaining about losing their retirement money in the stock market (or the real estate market). However, that money was false in the first place in the sense that it was predicated on a Ponzi scheme of credit inflation. Had the markets not collapsed, the inflated credit would have flowed into the prices of the consumer goods the prospective retirees thought they were going to buy or rent with those now-mythical funds. Except for a few lucky individuals who bought and sold at the right moment, most people had already lost the money, or rather, the value they thought the money possessed, long before the fundamental invalidity of the system was revealed.
Picking out malefactors may be gratifying, and I’m sure there are plenty of them, but it will be counterproductive—a case of cutting off one’s nose to spite one’s face—if the hunt for them distracts us from a fundamental revision of our financial system, at least. In any case I think you will find that most of the malefactors operated within existing law and will not be liable to either civil or criminal action. I have dealt with these people and that is one of their specialties. Try to imagine on what legal basis you could arrest or sue Bubbles Greenspan or Mr. Paulsen. They’re just doing their job. They were only following orders.
Unfortunately, I think the first pass at containing the present damage is going to be the printing and passing around of more funny money—the throwing of debased alms to the unwashed from Caesar’s chariot. Perhaps some sort of draft or corvée is also in the works, just in case.
Report thisBy KDelphi, November 12, 2008 at 2:22 pm Link to this comment
Folk—NO , I do not. But, I would like to know what attempt to reverse the entire power structure you are proposing.
I was hoping we coudl actually get some people’s money back. Maybe naive.
We coudl start with convictions and regulations as to how the money is spent. There are reports already that it is being used , not only immorally (which is a given), but, also illegally.
That coudl lead to investigation. Probably not.
If anyone in here wouuld like to attetmpt to bring down the stock market, along with the entire capitalist system—count me in!
Die young living like this anyway.
Or what else could be proposed.
Report thisBy Folktruther, November 12, 2008 at 1:59 pm Link to this comment
I don’t think Anarcissie is justifying or rationalizing, KDelphi. Just telling it like it is.
If villians are to be attacked, which I think everyone here would support, it should be done as an ATTACK on the system, not as a substitute. Do you think this is likely by the power struture?
Report thisBy KDelphi, November 12, 2008 at 12:37 pm Link to this comment
Anarcissie—Sorry, but this sounds like a rationalization not to hold anyone accountable. To the contrary, justice and regulation could very well follow the indictment of who helped this to happen.Otherwise, where will the anger go? I think that it would be in the market’s best interesets.
To change it, we have to point out what went wrong. Surely, there would be exposed those who backed changes that never shoudlve happened.
Report thisBy DMFD, November 12, 2008 at 12:35 pm Link to this comment
KDelphi, I give you much props! You are the only one that has posed the question “What are we going to do about it.” While everyone else is asking what the government is going to do, we should be telling them what to do! Get a set of balls or tits and get out of this comment area and voice your feelings to your senator, congressperson, etc.. Our govt has got us here, let’s be the ones to pull ourselves out.
Good words to you too cruxpuppy
Report thisBy Anarcissie, November 12, 2008 at 12:19 pm Link to this comment
I would certainly like the issues to be demystified. Those who wish to maintain the mystification, however, will probably not have much trouble doing so, by supplying us with bad guys to hate, who, it will be explained, are responsible for all the ills of the system, rather than anything structural in the system itself. History is littered with models for this procedure and I am pretty sure it’s on the program.
Report thisBy KDelphi, November 12, 2008 at 11:19 am Link to this comment
Anarcessie—True…MANY villians.
Report thisBy Folktruther, November 12, 2008 at 10:27 am Link to this comment
This muffled opposition against individuals should be superceded by a serious condemnation of neoliberalism, now supported by both the Dems and Gops. It is allied with militarism to form the Neo-American ideology that drives American imperialism.
Obama, by his appointments of Zionist warmongers Biden and Emmanuel, has indicated his support for militarism, and with his considering re-appointing Summers as Treasurer, would endorse neo-liberalism.
Report thisBlaming the economic depression solely on Gops is a bad joke.
By KDelphi, November 12, 2008 at 10:14 am Link to this comment
Most of the posts here gladen my heart. Spiritgirl is right on, samosamo makes good points and Druthers, also. Now, all we need to ask ourselves is , why, despite most intelligent people in the uS clamoring for justice, does our govt resist us at every turn? (I think that has been answered).
Second, what are we going to do about it?
Those that resist peaceful revolution make violent revolution inevitable.(paraphrase) Marx? No. JFK.
Debs—The Am people can have anything they want. The problem is that they dont seem to want anything. (paraphrase)
Lets be on the “smart side of history ” here and demand that we have some economic justice, political justice (charges pressed),and historical justice. Otherwise, high school teachers in more wealthy countries wil be dissecting “why the US failed” as they do with Rome now. But, we wil not last nearly as long.
Report thisBy Anarcissie, November 12, 2008 at 8:59 am Link to this comment
The reason blame for the financial collapse cannot be satisfactorily affixed to some villian or wretch is because almost everyone observing and commenting on it wants to use it as an ideological weapon against targets identified as such for other reasons.
My favorite villain is Greenspan, because I saw the credit bubble from a long way off and knew it would cause a lot of problems. However, it’s been pointed out to me that observing the bubble does not explain why Greenspan brought it into being, other than temporary political convenience. In any case, what are we going to do to Greenspan? It’s not against the law to promulgate bad policies.
Report thisBy Spiritgirl, November 12, 2008 at 8:27 am Link to this comment
It saddened me when I realized that Americans would vote against their own interests, because they (the American people) bought into the propaganda of the last 25+ years! We the people have allowed ourselves to become dumbed down to them! Who are them, they are the elite corporations that on the one hand pretend to be “small businesses” while on the other are controlling the monetary/energy/defense policies etc., they are the elite Forbes 500 list, they are the pariahs in banking and finance that have far too many politicians in their pockets!!! These people can never be sated in their quest for power and their abuse of the average American citizen. What we need to remember is even sharks will feed on one of their own if it’s dying!
As this is a nation of “laws”, we have to do better, write your Congress person and ensure that enough heat is put under/on the Treasury so the WELFARE that these corporations are receiving is used for the purposes intended! There need to be rules and regulations - don’t want to be bothered with them, than don’t apply for WELFARE!!!!!
Report thisBy Druthers, November 12, 2008 at 2:00 am Link to this comment
(Unregistered commenter)
The class war waged against the American people for the last thirty years was a highly profitable one, carried out with the cooperation of the said people who voted time and again against their own interests. There was no slight of hand, people opened their wallets for the pickpockets to help themselves, going ever deeper into debt to provide even more.
Report thisThey, the corporations, the corporate elite and their banking buddies, won the war, stipped the losers bare and are now receiving “wellfare” to continue living “high on the horse.”
You can bet you bottom dollar that when the call to “sacrifice” comes they will lead the choir!
By samosamo, November 11, 2008 at 11:42 pm Link to this comment
“Let me issue and control a Nation’s money and I care not who makes its laws”. - Amsel (Amschel) Bauer Mayer Rothschild, 1838:
This is most probable the 1st commandment of the elite, and I mean the top .001% who control and hoard the wealth. I would say money but since the sneaking of the federal reserve act through an almost empty congress and each dollar now has the federal reserve stamp on it and the phrase ‘legal tender’ our money isn’t worth the paper it is printed on.
Report thisAnd the elite count on the control of the media and these central banking companies to maintain a control over as much of the world that they can. If the people all over could ever get together to break this up, there would be a better world except for the ever expanding human population that the political, economic, religious and environmental systems just cannot maintain with the current state of world affairs.
By KDelphi, November 11, 2008 at 11:09 pm Link to this comment
I know one thing—the people of France and the rest of the EU (if I know them well—) wil put up with alot less crap than USAns, and their leaders know it. And so do ours. All the govt has to do is yell “socialism!” and the ‘Merkin people are terrified! It is ridiculous. The captains of industry think we are fools—and we are.
cruxpuppy—Excellent post. I would agree with all of it! Too bad the American people are too propagandized to go for it.
Report thisBy cruxpuppy, November 11, 2008 at 9:12 pm Link to this comment
The assumption of this article is that the problem with the system is the bad apples. Weed them out and reconstitute he right regulation regime and things will be normal again.
We all yearn for normalcy again!
We shall see that the recapitalization and stimulus policies wont work and business-as-usual is no longer possible. There are certainly bad actors out there, but that’s not the message of the approaching deflationary collapse of the great greed machine, or the grand pyramid scheme. The private financial system has revealed itself for what it is: an unsustainable fraud.
It is time for a populist monetary system to become the basis for 21st century prosperity for all the people, not merely the elite few. Obama may be flexible enough and intelligent enough to embrace REAL change and recognize the need to repeal the Federal Reserve Act of 1913, but he won’t come to that insight until chaos stares him in the face.
The following principles must become policy:
● Monetary systems should be controlled by sovereign national governments, not the central banks which mainly serve private finance. The main economic function of the monetary system should be to assure adequate purchasing power to consume an environmentally sustainable and optimal level of production whereby the basic needs of every person in the world community are satisfactorily met.
● Income security, including a basic income guarantee and a national dividend, should be a primary responsibility of national governments in the economic sphere. A right to adequate purchasing power should be part of every national constitution.
● The primary function of international finance should be to assure fair transferability of
value among national economic systems, utilizing, to the extent possible, fixed and transparent exchange rates. Speculative attacks on sovereign currencies should be outlawed.
● Private creation of credit for speculative purposes should be abolished, and capital markets should be regulated to assure fairness, openness, and freedom from predatory practices.
● Every national government should have the right to spend low cost credit directly into
existence for public purposes—including infrastructure, environmental protection, education, and health care—without incurring new debt.
● The physical backing for every currency in existence should be the actual production of national economies.
● National governments should treat credit as a public utility — like clean air, water, or
electricity — and should assure its availability to all citizens as their social heritage and as a basic human right.
● National credit policies should favor the development of sustainable local and regional
economies, of small business, and of family farming.
● Credit should be regulated in order to encourage maximum ownership of property by
individuals without artificially inflating its price.
● The private banking system should be utilized to provide liquidity for business operations but should not be needed in a properly constituted system to finance consumption or capital formation.
● There should be an immediate worldwide moratorium on home foreclosures and
recognition of the right of each person to a secure home.
● An International Debt Settlement Commission should be formed and charged with producing a clean financial slate by reviewing all existing public and private debt and determining through due process what can reasonably be repaid, restructured, or forgiven.
It is time to assure that the world financial system is no longer operated for the benefit of the few over the many and that it reflects the spiritual principle that the natural resources of the Earth belong to all of humanity and must be rationally distributed to every individual, such that no one is left behind on the path of human progress.
Report thisBy samosamo, November 11, 2008 at 8:38 pm Link to this comment
Damn right! No question!! When do we start? If this country is to ever get back to strength, there will have to be a whole heap of accountability, otherwise it will just be acknowledging acceptence of all the illegal and irresponsible things that are about to crash this country.
By the way, and from what I read in this, which for me it doesn’t go far enough with enough teeth to make people pay for their crimes, is an article from msnbc about lobbyist restrictions from camp obama, it’s a start but as I said it should be a lot stronger and far reaching:
Report thishttp://www.msnbc.msn.com/id/27665871/