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WB7: Today marks the second anniversary of the Lehman bankruptcy. The initial wave of the "Greenspan Tsunami" that decimated the markets, led to the near collapse of the global financial system, prompted the unprecedented Federal bailout of Wall Street leading into two years of ever racheting economic suffering for millions of unentitled Americans.
All hail the Lords of Finance for yours is theirs to plunder!
All hail the Lords of Finance for yours is theirs to plunder!
It also roughly marks the second anniversary of the WilliamBanzai7 Blog which drew it's inital inspiration (call to arms) from the fraudulent intentions, collective criminal aspirations and blatant capitalist hypocrisy of the political/financial establishment.
You've heard it too many times: "Socialism for the rich, capitalism for the poor."
You've heard it too many times: "Socialism for the rich, capitalism for the poor."
I want to thank all of the readers of this Blog for their kind support. The tripartite mission of this Blog is (i) address the hyper opprobrious financial behavior that continues to reveal and inflict itself on a daily basis, (ii) endeavor to deploy humor, wit and artistry to humiliate the culprits with satire and parody and (iii) to entertain but also inform the reader.
I would like to take this opportunity to summarize succinctly my view of what has transpired since September 15, 2008.
1. Those purportedly responsible for protecting the public interest have blatantly shirked their responsibility in favor of perpetuating the status quo for Wall Street and the power elite.
2. The glimmer of hope brought by the election of Obama was extinguished by his decision to surround himself not with reformers, but those who were directly responsible for designing our FrankenDebt economy. The consensus of those in the habit of pursuing the truth in these matters is that the FrankenDodd financial reform act is a FrankenDebt punt. No one knows how, but the ball is expected to be returned by the opposing team with all deliberate speed. The Act consists of thousands of pages of loopholes, grace periods and study deferrals for blue ribbon panels that will be loaded with Wall Street insiders. Thousands of pages to replace two simple words that worked fine for decades until a moron named SuperGramm came along: Glass Steagall.
Bottom line: financial disaster will happen again, the question is not even when, but how soon?
3. Drastic measures were required to staunch a cataclysmic economic unraveling. However, the methods taken were primarily in the nature of pumping cheap money back into the system and by so doing, attempting to re-inflate Greenspan's wonderful asset bubbles. Nothing has been done in the nature of planning and fostering the long term economic rehabilitation of the country. In this regard team Obanksta seems clueless, not that any GOP hack knows better. This morning I read something that rings very true, in America we elect lawyers to be politicians, in China the politicians are primarily engineers. Geither and Summers have no idea how to do anything but facilitate Wall Street. Their main premise is fundamentally flawed: Is what is good for Wall Street really good for America?
Before you accuse this Blogger of being anti-capitalist, consider this: there is a subtle difference between true capitalism and a rigged casino designed to enrich the dealer. Can you see the difference? What if everyone in town relies on the crooked dealers for their legitimate financing needs? What is that called?
Organized what...."
Before you accuse this Blogger of being anti-capitalist, consider this: there is a subtle difference between true capitalism and a rigged casino designed to enrich the dealer. Can you see the difference? What if everyone in town relies on the crooked dealers for their legitimate financing needs? What is that called?
Organized what...."
4. Enter the Tea Party movement. The Tea Party is more than the Fox News Freak Show that it is. It is a macabre display of public disaffection and anger. It includes extremist elements, but it also incorporates a commonality that runs across party lines: the sense that power has been abused, that the tide of corruption is overwhelming the Republic and that those now in charge are beholden to the few. It is fruitless to try to predict the precise outcome. But it will be change that neither Mr Obama, the feckless Democrats nor the Republican hypocristablishment will be calling. And like the next financial disaster, the question is not when, but actually how soon?
5. Finally, might I point out that after two whole years, the only evil one in jail is Bernie Madoff. Here's a prediction. Insofar as the Great Subprime Disaster, absolutely no one will wind up in jail. But the game is the same: Subprime P.O.N.Z.I., the game for the whole family brought to you by Lehman Brothers.
5. Finally, might I point out that after two whole years, the only evil one in jail is Bernie Madoff. Here's a prediction. Insofar as the Great Subprime Disaster, absolutely no one will wind up in jail. But the game is the same: Subprime P.O.N.Z.I., the game for the whole family brought to you by Lehman Brothers.
I could go on, but I won't. Let me close with this:
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
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