Guest Post by Jesse
“Give a small number of people the power to enrich themselves beyond everyone’s wildest dreams, a philosophical rationale to explain all the damage they’re causing, and they will not stop until they’ve run the world economy off a cliff.”
Philipp Meyer
“Wall Street is not being made a scapegoat for this crisis: they really did this.”
Michael Lewis
“My daughter asked me when she came home from school, “What’s the financial crisis?” and I said, it’s something that happens every five to seven years.”
Jamie Dimon
“The greatest tragedy would be to accept the refrain that no one could have seen this coming, and thus nothing could have been done. If we accept this notion, it will happen again.”
Financial Crisis Inquiry Commission (2009–2011)
The US has been in a cycle of bubbles, busts, and crashes since at least 1995, and more likely since Alan Greenspan became the Chairman of the Federal Reserve in August, 1987.
The cycle is the same, only the depth and duration seems to change in a continuing ‘wash and rinse’ of the public money and the real economy.
It has become a machine for transferring income, wealth, ownership, and power to the very top.
This is not ‘the new normal.’ This is financial corruption and the erosion of systemic integrity.
Are there any markets that have not been shown to have been systematically manipulated, for years?
This is just institutionalized looting.
When the Dow Jones plummeted after 2001, I had a friend ask my advice regarding his mutual fund losses. I told him to consider “real property & stuff”. He started buying everything from classic cars, to engine blocks to precious metals. When the dow crashed again in 2008, he was flush and selling stuff at a great ROI. He even bartered a half-rebuilt Chevelle to a contractor who remodeled his kitchen. Pretty cool…
Two of my favorite quotes:
“We can guarantee the currency to meet all commitments, we cannot guarantee what it will buy” Alan Greenspan
“The illegal we do immediately, the unconstitutional takes a little longer.” Henry Kissinger, NY Times Oct 28 1973
Can anyone disprove either one?
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Bankers live and die by bonuses. It’s what they do, it’s who they are, it’s all they know.
If a nation lives by fiat money, it dies by fiat money.
“Looting”… what a great descriptor!! The central banks loot countries
with their fiat paper, to in-debt governments…corrupt the politicians and
enrich themselves and the mega-corporations they own. The lowly worker,
trying to eke out a living, and get supper on the table, is then responsible
for the debt. The markets are rigged by the bankers for the bankers, and
their special clients. The everyday person works their life away and the more
they “make” the more they take. Then we have a race or two of freeloaders
becoming more envious and angry by the day because they aren’t getting
enough stuff. They are entitled to it, don’t you know. Respect!! They demand that
too. I know there are whites on welfare and disability…where are they supposed
to get a job anyway. Low wage and off the books jobs are going to immigrant
workers. The Goldman Sachs administers the SNAP $. What a country.
In a just world, the richie rich rich would choke on their mega-money,
get constipated, then die.
Apologies,
Angry Rant