Friday, December 12, 2008
A long list of random thoughts for a fall Friday. On a sad note Bettie Page died on Thursday after a heart attack a few days ago. A free spirit that was tormented by the puritans and exploited by the photographers of her day. This Bio book is pretty good if you are unfamiliar with her or check out this web page.
The Senate failed to Put together a bail out package for the Big 3 and now the shrub in chief is saying that the TARP will work out some sort of kick the can down the road loan. The parting shot of the free market mystics at union busting will probably give us a total cluster fuck to the bread lines. Unrestricted no strings attached money is so much better than a planned bill but hey I was against the plan anyway. I have written before about a bottom up approach to these bailouts rather than top down.
The more I read about this current financial meltdown The less sense I am able to make of it. I have more research to do but my take from readings so far leads me to think fraud is the cause more than anything else. People lying about value, capitalism in a nutshell is the root of this mess. The bond raters being paid by the bond sellers enabled a huge fraud to be perpetuated on investors. Appraisers and lending brokers getting paid on the transaction rather than the success of the transaction led to loans being made to people that had no chance to repay them. The ponzi scheme nature of our economy came tumbling down due to lying by the institutions that established the value. Putting the CDS, (credit default swaps) out of the reach of regulators by Phil Grahams Enron loopholes meant that nobody was responsible for minding the store. Greenspan robbing the poor to pay Wall street with interest rates kept the bubble building and when oil prices spiked the house of cards collapsed.
Corruption reared it’s ugly head in Illinois politics when the Gov tried to sell a senate seat. Quoting Captain Renault I am shocked , shocked to see crooked politicians in Chicago. The sad part is that it has given the right wingnutosphere the opening it needed to begin delegitimizing the Obama presidency. I do not think we are in a post partisan era, in fact the idea of a post partisan era is stupid. We are back to the Rushbo era of, “Clinton is holding America hostage” and nothing will get done. Yes I am a pessimist and the lame group of DLC and Clinton era holdovers that populate the Obama cabinet give me zero reason to question my skepticism. As I am getting a large COLA next month deflation works for me right up until the government collapses and we got to anarchy. I am way to old for that.