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View Diary: The Scramble for America - The banksters bring neo-colonialism home (118 comments)

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  •  Just read this - scary! (8+ / 0-)

    The next, worse financial crisis
    Commentary: Ten reasons we are doomed to repeat 2008

    By Brett Arends, MarketWatch

    1. We are learning the wrong lessons from the last one. Was the housing bubble really caused by Fannie Mae, Freddie Mac, the Community Reinvestment Act, Barney Frank, Bill Clinton, “liberals” and so on? That’s what a growing army of people now claim. There’s just one problem. If so, then how come there was a gigantic housing bubble in Spain as well? Did Barney Frank cause that, too (and while in the minority in Congress, no less!)? If so, how? And what about the giant housing bubbles in Ireland, the U.K. and Australia? All Barney Frank? And the ones across Eastern Europe, and elsewhere? I’d laugh, but tens of millions are being suckered into this piece of spin, which is being pushed in order to provide cover so the real culprits can get away. And it’s working.

    2. No one has been punished.
    3. The incentives remain crooked.
    4. The referees are corrupt.
    5. Stocks are skyrocketing again.

    6. The derivatives time bomb is bigger than ever — and ticking away. Just before Lehman collapsed, at what we now call the height of the last bubble, Wall Street firms were carrying risky financial derivatives on their books with a value of an astonishing $183 trillion. That was 13 times the size of the U.S. economy. If it sounds insane, it was. Since then we’ve had four years of panic, alleged reform and a return to financial sobriety. So what’s the figure now? Try $248 trillion. No kidding. Ah, good times.

    7. The ancient regime is in the saddle.
    8. Ben Bernanke doesn’t understand his job.
    9. We are levering up like crazy.

    10. The real economy remains in the tank...Unemployment is far, far higher than the official numbers will tell you (for example, even the Labor Department’s fine print admits that one middle-aged man in four lacks a full-time job — astonishing).

    •  The Fed worships the Global Economy (TM) (0+ / 0-)

      I've found some earlier speeches from members of our local Fed expounding on the need to get rid of manufacturing jobs in the US and rely on the "service economy".   I should have saved the links because I can't find them now.

      They, the banks, big US corporations and neoliberal Dems have created this monster.   Its little more than a poorly developed MBA wet dream, but they constantly preach to the public that the Global Economy (TM) is inevitable.

      "My father always told me that all businessmen were sons of bitches, but I never believed it until now." - JFK during the 1962 Steel Crisis

      by Betty Pinson on Wed Jul 06, 2011 at 02:38:13 PM PDT

      [ Parent ]

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