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View Diary: Scientists *Prove* Toxic Assets are Impossible to Regulate (268 comments)

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  •  There is NO willingness in Congress (23+ / 0-)

    to even discuss it.

    What happened at the G-20 meeting in Pittsburgh is very instructive. There are some European countries (not Britian!) that wanted to discuss a financial transactions tax, but all such talk was absolutely squelched by the Americans and the British.

    In my view, if the left in America ever got its collective head out of its ass, and realized that these financial issues have literally become life and death issues (we will never get true health care coverage until the looting by the financial system is stopped; similarly, much of the environmental damage done by industrial processes can be easily solved once the usury burden, and the constant profit pressures, imposed by the financial system are removed) a tax on the financial markets will be the best issue around which to organize. But we still have people who call themselves progressives or liberals but are unable or unwilling to see that the financial system never has and never will produce real economic wealth, bit can only manage it, speculate on it, and redistribute it, mostly by looting it. People like Larry Summers or Rahm Emanuel. There was a recced diary last week by someone who basically told all the people unhappy with Obama to stfu. That diarist used to represent Enron before the UN. That's the kind of shit we have to deal with.

    A conservative is a scab for the oligarchy.

    by NBBooks on Sun Oct 18, 2009 at 07:17:49 AM PDT

    [ Parent ]

    •  The Anglo disease... (7+ / 0-) alive and well. Damn.

      The next Single Payer Happy Hour is 10/30/2009. Come in costume!
      CBO: score Single Payer!

      by Pris from LA on Sun Oct 18, 2009 at 08:04:54 AM PDT

      [ Parent ]

    •  Hammer meets nail (10+ / 0-)

      "...the financial system never has and never will produce real economic wealth, [but] can only manage it, speculate on it, and redistribute it, mostly by looting it."

      Looting seems to sum it up very nicely, and with a very hefty boost from our political system.

      DOW 10,000 really exemplifies the raging looting that is happening in plain view. Money created by the Fed, and "loaned" to the investment banks for free, is leveraged at 20 or 30:1 by those same banks to drive the DOW through the roof and generate enormous wealth for themselves and the various thieves on the inside (e.g. Galleon) who make guaranteed money in the Casino. More than 97% of US citizens will never see a dime of that money, either literally or in any marginal crumbs that escape from the maws of this monster, but are largely responsible for paying it back.

      Less obvious is the looting by a financial system that sold complex derivatives loaded with toxic garbage, and shorted them (made money by betting on their collapse). And then, when it still ran into trouble because the rest of the system seized up from this massive fraud, the government stepped in and backed it up. So it's not just looting by the financial system, it's looting fully backed and supported by the government. Evil seems almost an understatement.

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