Matt Taibbi writes: "The mental stumbling block, for most Americans, is that financial crimes don't feel real; you don't see the culprits waving guns in liquor stores or dragging co-eds into bushes. But these frauds are worse than common robberies. They're crimes of intellectual choice, made by people who are already rich and who have every conceivable social advantage, acting on a simple, cynical calculation: Let's steal whatever we can, then dare the victims to find the juice to reclaim their money through a captive bureaucracy."
People walk down Wall Street, 09/28/10. (photo: Spencer Platt/Getty Images)
|
THE NEW STREAMLINED RSN LOGIN PROCESS: Register once, then login and you are ready to comment. All you need is a Username and a Password of your choosing and you are free to comment whenever you like! Welcome to the Reader Supported News community. |
Comments
We are concerned about a recent drift towards vitriol in the RSN Reader comments section. There is a fine line between moderation and censorship. No one likes a harsh or confrontational forum atmosphere. At the same time everyone wants to be able to express themselves freely. We'll start by encouraging good judgment. If that doesn't work we'll have to ramp up the moderation.
General guidelines: Avoid personal attacks on other forum members; Avoid remarks that are ethnically derogatory; Do not advocate violence, or any illegal activity.
Remember that making the world better begins with responsible action.
- The RSN Team
Yep, loose out on yet another era of greed and fraud. Which reminds me of the Enron era - the 90's.
We don't learn our lessons well - these economic bubbles are not healthy.
30 years of financial deregulation, made possible by capturing the hearts and minds of regulators, and of politicians on both sides of the aisle, gave a narrow private-sector elite – mostly on Wall Street – almost all the upside of the housing boom.
The downside was shoved onto the rest of society, particularly the working poor, who now have lost their pensions, their houses, their jobs. These people did not cause the crisis. But they are paying for it.
I said, everyone then piled on; but it was begun by HUD ordering the lowing of lending requirements and then by setting historic massive goals to push poor minorities into the real estate market. Like this little tweak. This is but one:
The proposal - http://archives.hud.gov/news/1999/pr99-131.html
The regulation: http://archives.hud.gov/news/2000/pr00-317.html
Read that last one - it's only two pages.
Even Obama is on record in saying this is what started the process - which got out of control.
You see, even here, it's the federal government ordering Fannie and Freddie to buy up these Trillions of dollars of mortgages (under performing), then to package them up into these GSE (Gov't sponsored enterprises) -- then sell them to Wall Street.
I'm not defending Wall Street - but if the government had not created this mess - Wall Street would not have had all of this junk to play with.
Besides, the country by early 2000 was reeling from the dot.com bubble crash - and then got leveled with a recession - then 9/11.. this gov't fed housing bubble powered right thru it. Amazing.
I realize that what you are seeking to do here is transfer the blame from Republicans and Bush to Clinton and the Democrats for this. Clinton gets plenty of blame for signing the repeal of Glass-Steagal. Bush is the one who amped up the pressure to put every American into home ownership. Or have you forgotten that very vocal and visible part of his administration' s agenda?
So we can rant and rave to no avail. They will do the bidding of their masters
Q: Why do the people put up with this?
A: Propaganda, attitude inoculations, & other distractions; and because, not knowing any better, they (almost) always have.
Obviously, this semi-barbaric practice will not last very long into the 3rd Millennium. We know as much as they do.
Over and over, even the most obvious cases of fraud and insider dealing got gummed up in the works, and high-ranking executives were almost never prosecuted for their crimes. In 2003, Freddie Mac coughed up $125 million after it was caught misreporting its earnings by $5 billion; nobody went to jail. In 2006, Fannie Mae was fined $400 million, but executives who had overseen phony accounting techniques to jack up their bonuses faced no criminal charges.
And as the article points out, NONE of the executives involved EVER goes to jail.
Just like the banks own the Comptroller of the Currency.
And big ag owns the Department of Agriculture.
And just about every moneyed interest owns Congress.
Today the Republican whores in Congress are gutting programs that help the poor--because the poor don't own them. They say we need the money to make up for the billions lost when they lowered the taxes of the nation's richest.
I believe they have awakened the vilest karma to surface since the French Revolution. It may take another decade or so, but Hell is coming. Hell is coming.
"As for President Obama, what is there to be said? Goldman Sachs was his number-one private campaign contributor. He put a Citigroup executive in charge of his economic transition team, and he just named an executive of JP Morgan Chase, the proud owner of $7.7 million in Chase stock, his new chief of staff."
Of course, that's not new news to all the "Republican whores," out there. Huh?
Also seems to me that President Obama's budget - his proposal - calls for some $2 billion in cuts to federal aid which helps poor people pay their heating bills. And this had been a very cold winter, as was last winter, and seeing as how meteorologists are predicting that we are in that cycle again..
When I looked out at the landscape in late 1999 - at how we were celebrating the exceptional period of fraud and greed (the Enron) era - while the decade was producing more deaths from civil wars an genocides than any other decade since WW II (2000's were much better, or much less worse, I should say), everyone who knows me, heard me predict that hell is coming - They all knew it.
Obama's not even a closet conservative - not to mention a closet Republican. He's a social progressive - with no leadership experience who went to Washington not having a clue as to how the world actually works. He's trapped in the closet.
Politics is the real culprit, in my mind. The country was built on solid conservative views (I'm leaving religion out of this as I'm rather agnostic). The battle between the federalists and and the anti-federalist s was more about a battle between those who thought that it was a no-brainer that there wasn't much of a chance that the federal "national" gov't would get too strong, against those that thought that we needed guarantees(henc e their bill of rights).
Once again, Enron was of the Clinton era - groomed by Clinton's Commerce Dep't (1st Ron Brown, then Bill Dailey). When Bush came in, his admin. refused to renew the billions in gov't loans the Clinton team had handed out, and refused to help Rubin (at CitiCorp, which held much of Enron's commercial paper) - and thus, Enron, which had conquered all during the Clinton years, promptly went under, as had thousands of other dot.com era businesses.
But - the national main stream media and folks can all go about and spread hate and division based upong the ruse that it's only one side fo the isle.
Obama the campaigner was a progressive. Obama the president is a conservative, more in the traditional sense. He is certainly to the right of many former conservative presidents, including Ike and Nixon.
Of course, the label "conservative" has since been hijacked by the most extreme elements of the right as well as radical Libertarians and tea baggers. So it's somewhat understandable that a right of center leader like Obama would appear progressive to someone like yourself.
W.'s First Enron Connection:
Update on the Bush-Enron Oil Deal
by David Corn
In 1986, according to a publicly available record, the two drilled for oil together--at a time when Bush was a not-too-success ful oil man in Texas and his oil venture was in dire need of help. Bush's business association with Enron, it seems, has not previously been reported.
In 1986, Spectrum 7, a privately owned oil company chaired by Bush faced serious trouble. Two years earlier, Bush had merged his failing Bush Exploration Company (previously known as Arbusto--the Spanish word for shrub) with the profitable Spectrum 7, and he was named chief executive and director of the company. Bush was paid $75,000 a year and handed 1.1 million shares, according to "First Son," Bill Minutaglio's biography of Bush. Under this deal, Bush ended up owning about 15 percent of Spectrum 7...
As the details of the Spectrum-Harken acquisition--wh ich Bush badly needed--were being finalized, Enron Oil and Gas Company, a subsidiary of Enron Corporation, announced on October 16, 1986, that it had completed a well producing both oil and natural gas in Martin County, Texas...
To spell it out: George W. Bush and Enron Oil and Gas were in business together in 1986--when Ken Lay was head of Enron. (Lay was named Enron chairman in February of that year.)
If Dole would have beat Perot and Clinton and been President during the late 90's (or Bush, or whoever) we still would have had the dot.com bubble of greed and fraud. Who knows, perhaps it would have even been worse. Certainly Enron would have faired as well as better.
Can't blame Bush for Enron. For those 8 years they were Clinton buds.
On the other hand, you want to give Bush credit for Enron's great leap forward in creating massive wind farms during the 90's? (Obama's buds at GE, ended up with that business).
Well, Jesus knew how to make a fish compound, did he not? (you know - I'm a pretty fair shot.. have more fun with me, K?)
Is this not unreasonable, given that both parties (or factions of the Establishment) get most of their money from mostly the same places these days? [I won't say from the same 'people', as I don't consider corporations to be as such].
The Democratic Party has a long history in America. Some times they (their leadership) have stood up for the majority of the people; sometimes they have not. Its not the end of the world. They (party leadership) are just a tiny group of people, who put their pants on one leg at time, just like the rest of us. Get over it, please.
I fear it is the apathy that will bury us.
Excess globo-elite clubbiness at the expense of their home regions is a millennia-old (actually timeless) phenom… analogous to cancer cells on the body politic. I think one may say that such cancerous conditions have taken down ‘Western’ Civ at least 2-3 times prior:
1) c.1200 BCE [from which it took about 4-5 centuries to recover];
2) c.4thc AD [from which it took, arguably, another approx. half millennia to recover];
3) 14thc [from which it took only about a century to recover, in England, at least];
...and now, a pseudo-millenni alist 4th time around?
What's the cause 'this time'? If one takes a ‘blame the elite’ stance, its Fractional Reserve Banking and the useless old cult of 'private central banks'.
If one takes a 'blame the people' stance, however, that perhaps a national identity cycle propels formerly virtuous, civic-minded citizens into gluttonous, sybarite tubs of tyrant goo (a 'natural' national identity cycle), then its, well, a far more complex matter to say the least.
The former view is more inclined to an alert conscience/pure subconscience; leading to long term orientation.
The latter view is more inclined to pure conscience/impu re subconscience, leading to short term orientation.
-Here's what I think of the 5W's & H:
Taibbi's "...away from the rabble" ref. may mean something to the effect of 'away from the non-reLent to bullies & reSent your parents’ crowd. That condition may sound weird or abnormal, but cancer cells' takeover of a body politic is also a pretty weird (but sadly not yet abnormal) phenomenon.
What makes it happen? Mostly the elevating of certain individuals with a globo-‘post-nat ional', narrowly rational-choice outlook.
What allows this to happen?- ‘The Order’ (or, supposedly, its lack thereof) [Illuminati-Jes uits-MilitaryIn dustrial-Comple x]; perhaps to advance their own retreat from the 2nd millennium scene, in more or less accordance with their own calendar [3rd millennium for the 3rd Estate], which They made in the first place, several centuries ago.
Where?- Wherever is: a) deemed important & b) they can get away with it.
Questions of When & Why (time & motivation) I think are closely related, and have to do with something that I call the "Celestial Calendar"- which is basically a cultural system that the Order has been able to propagate (in the 20thc at least), via the good old Anglo-American- Hollywood-corpo rate media. More on this in part 3.
Regarding the When & Why questions [of the 5Ws & H]...
I think the following "Celestial Calendar" (in regards to 20thc Anglo-American- Hollywood Corporate Media Culture) may shed some 'new' [I've seen nothing about this on the www.] light on the subject. Everyone knows (or at least should know) that the Jesuits have- for nearly half a millennia- been the world's foremost calendar & astrological-nu merological experts. Why not combine the two? Not everybody knows that a lot of banks and corporations have the Knights of Malta or Knights of Columbus as primary shareholders. Again, combine the two, and you have an abundance of vehicles for propagating this 'Cosmic Calendar' to the masses here on schoolroom Earth- 'on Earth as it is in Heaven' so to speak.
I'm no expert on Astrology, but I do know the 12 basic signs, in addition to a lot about the great American 20th century private corporate media culture (& private ‘Federal’ Reserve bankrolled politics).
Of course, Fractional Reserve Banking is a more urgent, global, and pressing issue right now. But I'd like to add some details about the "Celestial Calendar" in part 4, so we may have a broader view as to what has been going on in recent decades.
Basically the top suits in the UK, Ca, Au, Fr, Ge, It, Sp, Mex, Ptg, Gr, Br, Arg, Sw, Jpn, Kr, Ind, etc. use the [exact] same Calendar, the [mostly] same global float/ managed Currency, & the [mostly] similar Christian-Buddh ism type religion- at the top/elite levels. Apart from language, this is an enormous amt. of common ground. But the main core of the 'Celestial Calendar' is Anglo-Amer.-Com monwealth, & to a somewhat lesser extent EU (where everything 'from on high' tends to be more of a joke anyway).
Here are (in my opinion) the 12 signs/trends/fa ds, over the past 100 yrs (8.33 per sign):
Yang side [dom./rising=Spring]
1.Aries (cardinal fire)-1918.2-1926.6
2.Taurus (stable earth)-1926.6-1934.9
3.Gemini (mutable air)-1934.9-1943.2
[rec./receding=Summer]
4.Cancer (cardinal water)-1943.3-1951.6
5.Leo (stable fire)-1951.6-1959.10
6.Virgo (mutable earth)-1959.10-1968.3
Yin side [dom./rising=autumn]
7.Libra (cardinal air)-1968.4-1976.6
8.Scorpio (stable water)-1976.7-1984.10
9.Sagitarius (mutable fire)-1984.11-1993.3
[rec./receding=winter]
10.Capicorn (cardinal earth)-1993.3-2001.6
11.Acquarius (stable air)-2001.7-2009.10
12.Pisces (mutable water)-2009.10-2018.3
[also 1909-18]
So 'we' are now, so to speak, in the 1st decant of Pisces (i.e. Pisces-Pisces, until apr. 2012.8)
Maybe it is time the Lemming (the 95% stupid people) in the US did what is going on in Egypt. Nooo, the Lemmings in the US are too stupid to even realize there is a problem yet, but even they will get it soon. When one Hedge Fund Manager can make over $5 BILLION and at the MOST only pay 15% TAXES - you think maybe there might be just a little problem with the US Tax Code? Also, GE how many Billions do they make every year – and they DO NOT PAY ANY taxes. But GE donates lots of money to Congress every year. When are the Lemmings going to get it?
You can find out what's really going on but you have to dig and search.
I certainly hope that fredboy is correct and that Hell is coming, but I figure that when it does come we'll either be blamed or our attention will be directed to Charlie Sheen.
Skip the "supreme court" juvenilia it is really unworthy of your talents.
Keep up the great work.
If you borrow $100 from a bank, you owe the bank $100 plus interest.
If you borrow $100,000 from a bank, you owe the bank $100,000 plus interest.
If you borrow $1 billion from a bank, you own the bank and whether you wish to pay it back is entirely up to you.
The current crises may be adequately explained by the fact that people in a position to do so have simply followed the old cliche: never steal anything small.
We can't rely on our "paid for" media. We, as a people, have to do this ourselves. What do you say?
Shakespeare was wrong when he said, "First we kill all the lawyers." He, of course, meant to say, "First we kill all the bankers." Well, perhaps we should play nice instead and just send them all to a Federal Prison--Alcatra z anyone???
I quote from said article, "Egyptians watching the rise of a moneyed class widely believe that self-dealing, crony capitalism and corruption are endemic." Later, in another part of the article, there was this comment, "[In Egypt] where wealth bought political and polital power bought great wealth".
Sounds exactly like Washington, DC to me.
Yet, while I live in a small town, I wait for folks to demonstrate in the streets of both NYC and DC...but where are they? Where is our Twitter? It isnow two full+ years of this meltdown and, it seems to me, that we just lie down and take. What is wrong with us?
What's wrong? UNINFORMED and APATHETIC
that about covers it.
Thou shalt not steal, covet, lie, nor kill.
Another thing...I have yet to find a website that tells us what we are doing to battle all this. I read posts on Common Dreams that make me want to hurl, this site at least has smarter people, less prone to really stupid comments, probably cause they are more informed by their own search for truth..thank God for Rolling Stone. I don't trust the Nation as they seem to play the middle road nice rule, as does the Progressive. Hightower usually has great things to say but he needs to catch up. Forget huffingoldsheet s...it is a sad commentary that we have to figure out why this is this way. Read or listen to John Dean's "Conservatives without Conscience"...i t makes this a bit clearer. I'm anxiously awaiting the complete hacking of all government documents and the 93% powerless to show their power. Teach..Reach..B reach. That could be a motto.
And all sentencing is done by
Justice(?) Thomas.
Intricate ways allows profit for paper handlers and law system is conceived to protect all operations resulting shield to market operators.
This mechanism is seeing in the world's abroad and this are capitalism most important settings to its existence.
Today, there's no law complex in the world that can punish intricate financial operations and this occurs due to its political influence in countries economic's life, a capitalism basis. Punishing all financial crimes can be a threat to capitalism itself...
Perhaps stealing a buck is thievery, stealing millions is a statistic.
Ok, are there any lawyers out there who have started, or want to start, a citizen's charge against these crooks? It can be done, don't dismay that we can't make that work.
You can do it in USA too!
It takes
1. a critical mass of people - millions.
2. an idea or vision most people can agree upon.
It worked here because people from all walks of life UNITED. Young and old, intellectuals and workers - Muslims and Christians.
Start shouting: FREEDOM FROM ECONOMIC OPPRESSION NOW!
Make a manifesto of 1o blatant and easy to understand examples of how Wallstreet and the political system has f**ked the wonderful American people.
Give links to websites for those who want to know more.
Then circulate it on Facebook and Twitter.
Use your mobile phones to take pictures of the homeless, the jobless, the sufferings of your people. Share them.
Maybe have Flash groups suddenly appearing and shouting the above slogan.
Get together, share stories of the money- tyranny and political oppression.
Get informed. Don't listen to propaganda - use the net.
CHANGE THE MONEY SYSTEM!
Take courage - start a peaceful revolution.
NOW !
If we could do it - you can too.
The Winds of Change are blowing.
Nothing can stop an idea whose time has come.
We are with you all the way.
George Carlin is RIGHT AS RAIN. The politicians are PUT there to make you think you have control....YOU DONT.
Wisconsin just may be that tiny particle that was gotten off its ass by watching smaller particles in Egypt and what can be set into motion. STATUS QUO NO!!!!!!
THE FED MUST GO!!!!
Have we not outgrown this most ancient of swindles?
“It is absurd to say our country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the people"
- Thomas Edison
"Hello from Egypt - a magnificient example of true people power.
You can do it in USA too!
It takes
1. a critical mass of people - millions.
2. an idea or vision most people can agree upon.
It worked here because people from all walks of life UNITED. Young and old, intellectuals and workers - Muslims and Christians."
We can beat this when we all agree that neither side is legit and that we are no longer willing to take sides against each other.
When we join together to fire the crooks and jail them - which means joining together to take the legal action it is in our power to take. The movement has already started. James Galbraith, William Black, Joseph Stiglitz, Michael Hudson and MANY others are already on our side - we just have to get to work. We do that by working together to jail the bankers and restore Americans to their homes and their money. You cannot do it all at once, but you can start. We've started. And we have NO political affiliations.
``I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.''
- Thomas Jefferson
For those who are really interested in finding how things went so dramatically wrong I would suggest a little light reading, My recommendation would Noam Chomsky’s “Hegemony or Survival” and Naomi Klien’s “Shock Doctrine.” Once those books are read the causes for the economic collapse become very apparent..
www.amrev2011.org
RSS feed for comments to this post