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View Diary: Taibbi, Naked Capitalism Re: Our Bipartisan "Fraudemocracy" (261 comments)

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  •  I'll say it again...and again (16+ / 0-)

    It's not about right vs left

    both parties have acted in the interests of elites.

    -Clinton signed the repeal of glass steagall, passed by repub congress
    -Bush approved bailouts, brought to you by dem congress
    -obama kept the gravy train going

    it's not right vs left.  It's power vs people.  The government serves power, not us.  Obama is no different, at least not yet.

    Isn't it clear that there is recovery on Wall Street?  Failed banks are saved, but, you can't get a job?  At least, 1 in 10 of you can't, and that's just the group that actively looks. About 1 in 5 of you are underemployed.  But, hey, banks paid bonuses with your TARP money.

    That's why there is no WPA or related program.  Stimulus?  Awesome, until the debt is due.  You want a WPA?  I'm afraid we need to go find the money that was transferred to bankers, and take it back personally.

    •  That's why I have to say it again (3+ / 0-)
      Recommended by:
      gmb, bobswern, elwior


      Every single dollar. Tarp was a small fraction of what they took.


      •  Then here is what we must do... (5+ / 0-)

        You need to support the efforts making their way through Congress to audit the federal reserve.   That's where the serious, serious theft is taking place.  Here's an example:

        the fed lends to banks at about 0.1%

        the banks buy treasury debt paying about 4%

        banks keep the spread.  In other words:  the fed lends to the banks at  0.1%.  Banks lend to the government at 4%.  We pay the interest.  That's the real scam.  So let's get all the TARP money back, and then let's audit the Fed.

        •  I know this. (3+ / 0-)
          Recommended by:
          ilex, elwior, James Kresnik

          I also know that they handed over all their toxic MBS to us, the taxpayer.

          I also know that they took the bailout money and kept it to recapitalize themselves and for their own bonuses and not to lend.

          I also know that their quant trading is a insiders' game.

          I also know that they are nothing but legalized gambling houses not banks in any sense of the word.

          But do most Americans know this?

          •  One teeny correction... (5+ / 0-)

            The toxic MBS are on the Fed's balance sheet.  They are not yet the Treasury's problem.  Fed officials have floated this as a reset; that's outright theft at that point.

            When they sit on the fed's balance sheet, they are assets.  They must be matched to liabilities, which are (a) dollars and (b) excess bank reserves.  This is why excess reserves are so high.  

            The fed preposterously carries these assets at face value.  One of the assets the fed assumed in the wake of bear stearns' collapse was a loan to the red roof inn.

            There is no mechanism in place to get these assets off the fed's balance sheet.  Obviously, they could sell them, but that won't work because there are no buyers at anything near face value.  Or they could hold them to maturity, at which point they would be paid off.  Many of these assets, which are loans, will never be repaid.  So holding to maturity is laughable.

            The point is, we the people need to know immediately what the federal reserve has on its balance sheet.  The argument against this is the same one the fed always uses: it could spark a run on the dollar and collapse the system.

            Just like with TARP, they're holding us hostage.  It's time to call their bluff.

      •  the onion did a very well thought out piece (2+ / 0-)
        Recommended by:
        elwior, James Kresnik

        about the trillions dumped into the national money hole.  It is quite funny in light of the whole tragedy of human suffering because of the monetary fiatsco due to greed and avarice:

        "Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild, 1790

        by FreeTradeIsYourEpitaph on Sun May 02, 2010 at 10:40:13 AM PDT

        [ Parent ]

        •  Ever seen (0+ / 0-)

          what a gold miners quality of life is like in the third world?

          There's your human tragedy.

          •  ever seen (2+ / 0-)
            Recommended by:
            ilex, James Kresnik

            the life of the seamstresses in India that make the clothing that sit on the shelves at walmart, kmart, target, old navy, et al? There is another tragedy working 12 to 20 hours a day, 7 days a week.  Pay less, live better they say. I guess you didn't see the video on Free Speech TV.  I'm sorry I can't find the link, it was done all with hidden camera's so the sweat shop owners wouldn't kick out the reporters.

            Maybe you can't smell the suffering and exploitation in the clothes you buy but I do and hate it. The 'Made in India' or 'Made in China' is the clue.

            "Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild, 1790

            by FreeTradeIsYourEpitaph on Sun May 02, 2010 at 03:06:00 PM PDT

            [ Parent ]

          •  I'm sure it is better (0+ / 0-)

            than the typical resident of East St. Louis, Brownsville or Queensbridge?

            Practically speaking, Augustus Caesar was much better than Julius Caesar. Morally? Not so much. -neroden

            by James Kresnik on Sun May 02, 2010 at 06:24:52 PM PDT

            [ Parent ]

            •  Unlikely. (1+ / 0-)
              Recommended by:

              I caught a BBC reality series on clothing manufacture in India.  The best aren't so terrible, though still poor by U.S. standards.  

              The worst I don't think any of us would want to trade with.  Most homeless in the U.S. at least have access to some modern plumbing (public facilities) and if they get a hot and a cot at a shelter then they are ahead of the worst off sweat shop workers.  Sweatshops are usually piece work and if a worker can't complete enough acceptable pieces in a day to pay for rent and food that is just too bad.

    •  They want us to be precarious (13+ / 0-)

      It's part of the dominant theory in capitalism today.  If workers are always precarious, everything always hanging by a thread, if we're constantly off-balance with changes of schedule and hours we'll be too fearful to resist anything, and too unsettled and confused to succeed, no rock to stand on, even if somehow we got up the nerve to resist.

      We who have been nothing shall be all. This is the final struggle. ~E. Pottier

      by ActivistGuy on Sun May 02, 2010 at 08:34:03 AM PDT

      [ Parent ]

      •  sound CT to me (0+ / 0-)

        but then I think a lot of CTs make perfect sense

        "We heard their ideas, and they stink." Hal Sparks

        by lisastar on Sun May 02, 2010 at 08:48:44 AM PDT

        [ Parent ]

      •  You have some control... (2+ / 0-)
        Recommended by:
        esquimaux, sabredance

        First - this isn't capitalism.  This is taking your money to save failed elites.  Capitalism was ready to give the banks their comeuppance, when Bush and the dem congress rode in and looted the treasury.   Capitalism lets failed business fail.

        Let's not put an -ism on this current economy; taibbi calls it fraud, I call it theft.  

        You can become less precarious by being financially astute, and living within your means.  Yes, banks rigged the housing game, but many Americans participated.    

        This financial crisis not over.  There is much to do, to fix it.

        •  Hah! (5+ / 0-)

          Since when is capitalism anything but the rule of the capitalists?

          As to "making oneself less precarious, you reveal your own privileged status by assuming most of us have choices other than to take whatever slop is thrown in our direction.  Clue train says:  most of us have no such choices.

          We who have been nothing shall be all. This is the final struggle. ~E. Pottier

          by ActivistGuy on Sun May 02, 2010 at 08:55:04 AM PDT

          [ Parent ]

          •  Don't waste energy... (1+ / 0-)
            Recommended by:

            Don't waste energy figuring me out.  Am I privileged? Yep.   So what?   Common sense financial advice and living within your means works for all of us.

            I don't buy the "no choices" stuff...too easy to lay down and give up when you think that way.  I'm no motivational speaker, but a little more "yes we can" and things willl change for the better. Hang in there, then fight back.  :)

            I always thought capitalism is the idea that money goes where return is highest.   What you're describing, and we're living, is oligarchy.    

            •  And when your means (7+ / 0-)

              doesn't cover food, medical, shelter and the other necessities? What about the tens of millions, and growing, number who are in that boat?

              Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

              by Jim P on Sun May 02, 2010 at 09:38:26 AM PDT

              [ Parent ]

              •  I agree (0+ / 0-)

                And like the end of your post states, information is power.  Corporate media favors elites because they own it.  When GE owned CNBC, immelt softenend up on Obama because they needed more bailout money.  This is routine; corporate media sucks.

                I remain shocked that the dispossessed are so, well, passive.  Either it's not as bad as you think, or, they are sufficiently well-controlled by propaganda.  I suspect both.

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