Jim Hightower: The Five Most Wanted Rip-off Artists from Wall Street and Washington

[marmar]

via AlterNet:



The Five Most Wanted Rip-off Artists from Wall Street and Washington

By Jim Hightower, Hightower Lowdown. Posted November 3, 2008.

Our economy didn't melt down, it was taken down the unbridled greed of economic elites, enabled by their political courtesans in Washington.



What the hell's happening here? Why is my bank in the tank? And my house and job? And my retirement money? Even my state's teetering on the brink of broke! Who did this to us?

Fair questions, but we're not getting honest answers. Last year, at the first signs of the global financial slide toward the abyss, we were told that it's just a little hiccup caused by something called subprime mortgages. Not to worry, the Powers That Be declared confidently, for we have the damage contained. And rest assured that "the fundamentals of our economy are sound."

Then, this spring, Bear Stearns cratered, requiring an emergency federal subsidy to cover billions in bad loans. Okay, admitted those in charge, that subprime stuff actually is leveraged on up the financial system, and maybe there's been a bit of greed among a few of the big players, but we really do have the problem contained now, and, hey, "the fundamentals of our economy are sound."

But in September--Omigosh!--there went Lehman Brothers, Freddie Mac and Fannie Mae, AIG, Merrill Lynch, Goldman Sachs, Citigroup, WaMu, Wachovia, and others. Well, yes, conceded the now-frazzled financial establishment, but gollies, we're throwing hundreds of billions of your tax dollars into sandbags to contain the problem, and remember: "The fundamentals of our economy are sound."

In October, the contagion rolled through Britain, Canada, and Europe; it spread to Brazil and across to China and Japan; and--Holy Schmoly--suddenly all of Iceland was melting in bankruptcy! Stay calm, cried an openly panicked chorus of Washington officials, for we're holding some big summit meetings soon and consulting our Ouija boards, and...uh...ah...um...y'all just keep clinging to the thought that "the fundamentals of our economy are sound."

Laissez Fairies

You don't have to be in Who's Who to know What's What, do you? The fundamentals are NOT sound.

Wall Street and Washington (excuse the redundancy there) want us commoners to believe that this viral spread of economic grief was caused by those lower-income homeowners who couldn't pay their subprime loans--merely an unforeseeable glitch in a complex and otherwise healthy financial system. Hogwash. The source of today's pain is the same as it was in America's previous financial collapses: the unbridled greed of economic elites, enabled by their political courtesans in Washington. ............(more)

The complete piece is at: http://www.alternet.org/workplace/105828/the_five_most_wanted_rip-off_artists_from_wall_street_and_washington/

[melody]

1. So good to know Jim Hightower is still "out there" working for us n/t

[glitch]

2. K & R for Jim Hightower always a worthwhile read (and even better listen) nt

[Jack Rabbit]

3. K/R

There may have been no crimes committed. Congress repealed all the laws.

[Lugnut]

4. If Jim Hightower says it....

I must K&R it.

[anitar1]

5. K&R n/t

[RedLetterRev]

6. Glad to K&R

Preach, Brother Jim. Eventually, America will listen.