The Big Takeover

[skank-la]

This is a long incisive but very detailed analysis of how of we Wall Street created the Global Financial Crisis.

I love Matt Taibbi, the author of this piece. Read his biography you know you are not dealing with someone who can ever be scared into submission. He will speak his piece

http://en.wikipedia.org/wiki/Matt_Taibbi

J27 will want to read & I surmise you industry insiders in Singapore will find it very interesting.
Like he says, the people that do this want you not to read it - to get a headache trying to understand it so they can go on milking the world's economic system.


The Big Takeover
The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution

As complex as all the finances are, the politics aren't hard to follow. By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.


http://www.rollingstone.com/politics/st ... over/print

[baloo]

Sorry, utter crap. It times like these I miss Mr Oz.

[skank-la]

Matt Taibbi is no conspiracy theorist, just a highly opinionated reporter. He, however, is known for getting his facts right so I suspect you'll not find any of the facts & figures are wrong'

Maybe one would have a different opinion if like myself ( & a good number of Americans) you'd have to write a huge check to the IRS on April 15th in addition to whatever had been paid over the year. This is not Singapore there is not waiting for the bill you have pay on the 15th or get penalized. The check I have to write is more than many people make in a year & I am pissed off that good portion of it has to go to bail these greedy bastards out.

I too wondered what has become of Mr OZ

[baloo]

Still utter crap.

the check you are writing mught seem big this year but over the last 8 years your government was so focused on lowering personal tax and lining the pockets of their friends that they encouraged the behaviour of the "greedy bastards" you're lambasting now.

The Bush era pumped this massive false economic bubble so they could reap the rewards. They wanted more and more money circulating and didn't care where it came from. The financial industry has been left holding the baby and it's very sick.

If you really think the industry is in any mode other than survival, then you're on the wrong track. All we need is one more major player to go under and globally we're screwed. The 1930s will be back again.

[skank-la]

I agree with you 100% on the Bush era & that is part of Taibbi is saying, & also that Wall Street dumped so much money in Washington that they bought the opposition at the time too.

I also agree that we are on a dangerous precipice. I've told this board ad nauseum that what was happening in the US had a strong chance of coming to this & that is what my Philippines escape hatch is for, however, its not what I want

I much prefer to stay here & watch my 9 year old son pitch & play 1st base in Little league & take him to see Beck's play on the weekend (He now says he is coming back-the 1st match this year is to be a friendly between Milan & LA with Becks playing for the Galaxy-they started selling tickets today)

Anything could happen, here is something from Howard Kunstler today after Obama went on TV last night & had a highly rated in viewership performance (the markets took off today)

http://www.kunstler.com/mags_diary25.html

[slinky]

the check you are writing mught seem big this year but over the last 8 years your government was so focused on lowering personal tax and lining the pockets of their friends that they encouraged the behaviour of the "greedy bastards" you're lambasting now.

US tax laws have not been changed by the current administration for the tax year 2008, so the taxes we pay on April 15 this year are still from the 'last 8 years of our government.'