Economy
Related: About this forumWHY WE’RE SCREWED
Author: L. Randall Wray
EconoMonitor
As the Global Financial Crisis rumbles along in its fifth year, we read the latest revelations of bankster fraud, the LIBOR scandal. This follows the muni bond fixing scam detailed a couple of weeks ago, as well as the J.P. Morgan trading fiasco and the Corzine-MF Global collapse and any number of other scandals in recent months. In every case it was traders run amuck, fixing markets to make an easy buck at someones expense. In times like these, I always recall Robert Sherrills 1990 statement about the S&L crisis that thievery is what unregulated capitalism is all about.
After 1990 we removed what was left of financial regulations following the flurry of deregulation of the early 1980s that had freed the thrifts so that they could self-destruct. And we are shocked, SHOCKED!, that thieves took over the financial system.
Nay, they took over the whole economy and the political system lock, stock, and barrel. They didnt just blow up finance, they oversaw the swiftest transfer of wealth to the very top the world has ever seen. They screwed workers out of their jobs, they screwed homeowners out of their houses, they screwed retirees out of their pensions, and they screwed municipalities out of their revenues and assets.
Financiers are forcing schools, parks, pools, fire departments, senior citizen centers, and libraries to shut down. They are forcing national governments to auction off their cultural heritage to the highest bidder. Everything must go in firesales at prices rigged by twenty-something traders at the biggest and most corrupt institutions the world has ever known.
And since theyve bought the politicians, the policy-makers, and the courts, no one will stop it. Few will even discuss it, since most university administrations have similarly been bought offin many cases, the universities are even headed by corporate leadersand their professors are on Wall Streets payrolls.
Were screwed.
Read more: http://www.economonitor.com/lrwray/2012/07/23/why-were-screwed/?utm_source=rss&utm_medium=rss&utm_campaign=why-were-screwed
DontTreadOnMe
(2,442 posts)See.. we are still Number ONE! We have the best guns.
Who needs schools, parks, pools, fire departments, senior citizen centers, and libraries when we can have guns.
Red Aegis
(5 posts)The reason that those services are being cut is because it is in the best interests of the ruling class to cut them. They will push back on social spending like they push back on pressure for higher wages.
If you would like to talk more I'll be here: [link:http://socialistphalanx.com|
Kablooie
(18,645 posts)We'll find out soon.
Mojorabbit
(16,020 posts)MannyGoldstein
(34,589 posts)cut Social Security, Medicare and Medicaid.
Agony
(2,605 posts)at least we are freeeeeeeee!
woo me with science
(32,139 posts)truedelphi
(32,324 posts)Go out and buy a copy of Barofsky's book "BailOut."
Doing so, I admit, will not change the world.
But if that man were the type of candidate either party tried to get on the top of its lists, and had been president, we'd be in a whole different world right now.
Especially if we had 50% of Congressional seats filled with people like him.
And I could start sleeping at night again.
Po_d Mainiac
(4,183 posts)corazonroto
(12 posts)You are right. It pretty much is US vs THEM at this point. There is also a serious problem with the Emergency Unemployment Compensation Program, and the Feds are trying to cover it up:
Read this first:
Mr. President, there is a serious problem with the EUC08 program
http://www.dailykos.com/story/2012/08/09/1118321/-Mr-President-there-is-a-serious-problem-with-the-EUC08-program
then read,
Part One
If Regulations are Broken in the Forest, and "Nobody" Sees and Hears them get broken...
http://www.dailykos.com/story/2012/07/21/1112290/-If-Regulations-are-Broken-in-the-Forest-and-Nobody-Sees-and-Hears-them-get-broken
Part Two
ARRA Fraud in the Emergency Unemployment Insurance Program
http://www.dailykos.com/story/2012/08/04/1116763/-ARRA-Fraud-in-the-Emergency-Unemployment-Insurance-Program
Part Three
Mr. President, I hear FOIA calling...
http://www.dailykos.com/story/2012/08/05/1116884/-Mr-President-I-hear-FOIA-calling
EUC08 Whistle Blower
http://www.facebook.com/investigatetheeuc08errors
http://www.facebook.com/pages/Stop-the-Department-of-Labor-Extended-Benefits-Mistake-Cover-Up/120673654739454
Recovery Fraud Complaint RATB-2011-DOL-9DF2506-0
CUIAB CASE A0-265448 STILL STANDING!
mother earth
(6,002 posts)is what unregulated capitalism is all about. ]
The collateral damage of their greed will end these systems, they just don't see it yet.