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

[DogPoundPup]

by Jim Hightower

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,.............


excerpt~
One positive to come from this collapse is that it exposes the bankruptcy of several core ideas that have been pushed by free-market illusionists. For example, market infallibility--the notion that Wall Street investors, analysts, and bankers know more than anyone else, and the government (aka the public) should just get the hell out of the way and behold unfettered genius at work.


excerpt~
Bush. "I frankly don't want the government involved," he said. "It was necessary." Bailout chief Paulson (dubbed "King Henry" by Newsweek) said, "We regret having to take these actions"--but they're necessary.


exceprt~
Why necessary? Because laissez-faire ideology is a crock. It failed. Americans are not being told the blunt truth, which is that the financial mess we're in today is a direct result of the laissez-faire fraud that Wall Street and Washington willfully imposed on our nation.

http://www.alternet.org/columnists/story/105828/the_five_most_wanted_rip-off_artists_from_wall_street_and_washington/


I love Jim Hightower and I so miss Mollie Ivins still!

[devilgrrl]

1. Link?

:popcorn:

[DogPoundPup]

3. Thank you...edited now with link : )

:blush:

[Hubert Flottz]

2. Bush has been a bigger disaster than US Grant was.