The Rich Get Richer

Naomi Klein writes that the muti-trillion dollar stealth give away to the banking industry was done with bipartisan collusion and was an attempt to mitigate the apprehension and volatility of the toxic little brat known as the stock market. The banking industry and the sociopathic dons who call the shots have long and strenuously lobbied for deregulation. The doors to the chicken coop began to open during Clinton’s social – Darwinian reign with the help of narcissistic Fed Chairman Alan Greenspan, a pathetic man who idolized the powerful and Ayn Rand. Democrats and Republicans found much common ground in their zealous efforts to deregulate investment banks. The results of their noble efforts unleashed orgasmic spasms of  leviathan greed without limits that brought the global economy into a freefall downward spiral.

  Secretary of the Treasury and former Goldman-Sachs CEO Hank Paulson’s prescient two page analysis of the subprime meltdown called for the original 800 billion dollar "rescue" package. Since Paulson’s concise, but frantic bailout “plan”, the Federal Reserve has doled out trillions of dollars in emergency loans to undisclosed entities. Apparently the American people have no right to know how their money is being spent, what kind of criteria went into determining eligibility for these loans, and what collateral, if any was required to secure the loan. 

This sounds strangely like the legerdemain that took place during the apex of the housing bubble and the criminal behaviors responsible for it. Toxic mortgages were eventually bundled into worthless securities and sold to pension funds and retirees who foolishly believed what the lying bastards told them. Mortgages were given to applicants who were required to show little more than a pulse as proof of their ability to make monthly payments on what they often thought were fixed rate loans.  In Ohio twenty one mortgages were given to deceased home buyers. This does make some sense because after all what right does the government have to demand anything from the private sector and the invisible hand of the undeniable miracle of free market capitalism? That would be socialism. That would be bad. That would be un-American. That would have limited Goldman – Sachs amoral profiteering.

I hope, at the very least, that all involved in the greatest scam ever told were wearing their American flag pins proudly on the lapels of their plutocrat vestments as the ink was drying on the toxic assets they handed over to the American people. Meanwhile, the mad loot stolen was doled out to the corporate welfare queens of global renegade capitalism.

Richard Pryor said that in America the rich don't care about justice, only "just us". I would add that in America we privatize profit, but socialize risk. Regulate these d-bags, but hang them first.