Reply #10: Two great crashes, one surviving United Slaves of America

[Octafish]

Like the sage said, we need to call things by their real name.

Two great crashes, one surviving United Slaves of America

Ben Tanosborn
News Central Asia
on 22 September, 2008 12:46:44

EXCERPT...

Give me Capitalism, or give me Death! That seems to be the droning chant in America; one that long ago replaced what Patrick Henry is attributed to have said, as liberty's great luster quickly dulled and became money-matte as greed and gluttony are allowed to roam free, without appropriate restraints. And sure enough, as our capitalism has become more expropriatory, greedy, cruel and predatory, we have been brainwashed to feel we have no choice but to learn to live with it. It's our country, our way of life. and God's will being done here on earth. Americans have rationalized the suppression of two capital sins, insisting that the number ought to be five, not seven. After all, isn't greed really the basis for capitalism, and consumerism (gluttony) the way we measure well-being and success in today's society?

Quickly, very quickly, it's becoming vividly clear that our much-touted American Dream is metamorphosing into an economic nightmare, one taking place right before our eyes. Another gilded epoch in America is quickly coming to past; this time, however, its exit appears to be of the farewell-forever kind, as our nation no longer looms so vast and overpowering, economically, before the rest of the world.

A week ago, as Black Monday in Wall Street helped turn on the lights on Main Street, there was a hint of mobilization by the mainstream media to do journalistic speculation, for their efforts did appear hapless on investigation, as they started reporting that maybe the nation's economic fundamentals weren't as sound as they had been reporting all along. courtesy, of course, of the White House (and Fed) propaganda machine.

Then, after a week of turmoil and the appearance of a White Knight or, should we say, a White Trojan Horse, the US as the guarantor of last resort, the market ended the week just where it had started. And during the weekend, the polluted minds of a corrupt and incapable Congress, the "brilliant" Bush advisory cadre and an incredible Fed that has really known the facts that would bring the nation to this chaos for years, got together to construct a bailout package, or program, that they project will add up to $700 billion. And, with zero power that we citizens have in this republic of ours, where democracy is a cruel joke, the citizenry, many somewhat remorseful for their contribution to greed and gluttony, will bite their lips and take it in stride. Except for one thing. this action will solve nothing, only provide a temporary lifeline for domestic as well as foreign banks that may have been affected by the greed-induced mortgage crisis; and that eventually will help cronies acquire additional wealth as the disposition of real estate assets takes place. But these folks, who dedicated "their Sunday" to the welfare of the nation, and an orderly solution to our economic ills, are missing the point; they still don't get it!

We seem to micro-look at the situation and never grasp the problem in its entirety. First, it was just mismanaged sub-prime lending, and then the escalation went on until all major financial institutions became houses of ill-repute. But no $700 billion is going to save these institutions, nor our entire economic system; not when we may have somewhere between $350 and $500 trillion in structured financial paper (derivatives) just roaming in this US, most of it in the over the counter markets. An incredible mess!

Back in 1999, Alan Greenspan, addressing the Futures Industry Association, stated: "As we approach the twenty-first century, both banks and non-banks will need to continually reassess whether their risk management practices have kept pace with their own evolving activities and with changes in financial market dynamics and readjust accordingly. Should they succeed I am quite confident that market participants will continue to increase their reliance on derivatives to unbundled risks and thereby enhance the process of wealth creation."

CONTINUED...

http://www.newscentralasia.net/Articles-and-Reports/339.html

Thanks for putting it into words, Land Shark. It is class war. And We the People are losing.