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So basically we have three models we can follow in the current economic crisis to save our failing and failed financial institutions: we can follow the FDR model and shut down insolvent entities, we can follow the Swedish model and temporarily takeover the entities we think we can restructure and save or we can follow Japan's lost decade model and subsidize and try to save nearly all of them.
Obama used to talk a lot about moral hazard but you can expect him to shut up pronto because he is clearly talking out of his ass while playing "bottom boy" for the banksters. Obama has allowed nearly 2 trillion dollars to be squandered between what the Fed has paid out and what the taxpayers are being forced to cough up for the likes of Goldman Sachs. Moral hazard, indeed...
So, we are absolutely following the Japanese model and making a huge motherfucking mistake too. Obama wants to simply re-inflate the bubble in the grand tradition of U.S. economic bubble and bust cycles. He's wrong and we are fools to allow it to continue.
More here:
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| The Daily Show With Jon Stewart | M - Th 11p / 10c | |||
| Elizabeth Warren Pt. 1 | ||||
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| The Daily Show With Jon Stewart | M - Th 11p / 10c | |||
| Elizabeth Warren Pt. 2 | ||||
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So Elizabeth does much talking because that's about all she can do. But yes, she is getting the word out and that's a hell of a lot more than what Obama is doing as bankster butt-boy.
But let's be clear about how very little oversight exists for the processes being undertaken right now in our names. It's a big fucking joke with the banksters laughing all the way to China, Japan, the Hamptons and Dubai.
We need to re-regulate the banks and undo what was wrought by Phil Gramm, Jim Leach and Bill Clinton when they repealed the Glass-Steagall Act that was originally implemented by FDR. Why in the world would they have done that? Because there was money to be made, that's why. Pure, unadulterated greed. Same old story...
Here's a funny thought: maybe as a matter of national security we shouldn't allow foreign interests to control so large a part of our financial markets. If people understood that most of our debt is held by China and Japan I would think that there might be some tumult over that very fact. And why should that be the case, after all? We should manufacture and sell in the U.S. so that we owe less to the outside world. That's what everyone else is going to do - just you watch! Some might call it protectionist; I call it survival.
Charity starts at home. So does good sense.
We need to force Obama to actually fix the problem and not just re-inflate the endless cycle of bubble and bust to which we have all grown so appallingly accustomed. Enough is fucking enough! If you are as exhausted and disgusted by Obama's last three months as I am, it's time to force his hand. There is nothing we can't fix here by regulation, Obama.
Honore de Balzac said that, "Behind every great fortune lies a great crime."
Today that crime is called a "bailout" and TARP.
