Sunday, April 25, 2010

It Was Never About Capitalism: It Was Always All About Money...

There is a difference.
Capitalism, socialism, they're only systems, only a way to acquire things and reach a goal.

They are complex arrangement of ideas, people and environments that give absolutely no guarantee of success.

The only way people can win all the time - in any system - is by cheating.

Wall Street decided to give themselves a boom and bust version of capitalism ideology that will let them cheat and win every single time.

After the 1929 stock market crash, the American government  put in place modern market regulations to prevent any more depressions lead by panicked investors and banks.

The SEC was created and Kennedy Sr was its first chairman.
And it worked: for 58 years, there was not one market crash since Roosevelt's intervention.

But we all know how Republicans could not leave all this good work alone.

Reagan came in and lifted most regulations (Hand in hand with Margaret Thatcher who was doing the same thing oversea by stopping exchange control and turning a blind eye on the activities of the London Stock Exchange) and crippled federal agencies so that controlled capitalism could be easily replace by uncontrolled greed.

The result was the Savings and Loans scandal and the very first post-1930s bailout of private financial institutions - under Daddy Bush himself - for almost 125 billion dollars worth of bad loans, deposit brokers commissions and real estate investment failures.

That scandal put the government in a deficit state that would take 20 years to correct - before another Bush came around to play with public funds.

Do you see a trend here yet?

If not, you should.
One way or the other, all your tax dollars will go to Wall Street.

There has been a big syphoning of public money toward bailing out irresponsible, gambling addicts.

Wall Street is very unhappy right now because Obama would like to see the moolah party end in our generation. Addicts being addicts, they just can't stop cold turkey without help, mental and otherwise.

Seeing the Forest have again put their hands on a gem: a regulator is crying for help and saying that their role is now to be complacent decoys, supporters of fraud and laissez-faire.

1 comment:

  1. What!!!! the republicans were protecting and profiting from these scams!!!!! I'm shocked!!! Well... not really. It's easy to profit from such thing when you are aware of them. you just have to take what you can and make sure the other guy is responsible.