Good primer [Salon, requires a “day pass”] on the credit implosion and why our “betting economy” (cos that’s what it is, really) is losing. Big time.
And it’s just just getting started!
The ratings agencies (Moody’s, Fitch, S&P) do the bidding of Wall St. without the benefit of any oversight from our “SEC.” The “investors” do a fine job of kibbutzing, looking over the poor rating clerks shoulder (IOW, not at arm’s length, perzackely) and helping to guide his dominant hand.
Of course, this is instead of allowing the market to weigh the value of any particular asset or security.
This might be construed as collusion by an objective observer of the process since the rating, and therefore any particular derivative’s value, is a total fiction.
Is it criminal to collude? If it isn’t, it IS deliberately scamming honest citizens of this nation.
Then perhaps it’s also legalized theft.
Gambling with (mine, yours, ours) pensions and retirement, and getting corpulent off fees – regardless of whether the particular investments they “manage” for you win or lose.
BTW, I pulled all of my money out of the cd’s I had had at IndyMac over a month ago. If you have anything there, or”invested” with those fine Cunts at Cuntrywide(tm) bank, you might mant to consider doing the same.
I’d also suggest keeping a few grand (ahem) in greenbacks “around” just in case.
Wall St is truly to blame here, and if there is a bailout of any kind, it’ll be these “risk takers” who will benefit (remember it’ll be our tax dollars – and how’s that for a double whammy?).
Which, when you ponder it, is really annoying.
These putzes don’t ever lose- we, citiizens of this country called the UNited States of America, do. They’ve taken the risk out of the system allright– the risk to them! If investments go bad- or worse, belly up- that’s not their money- it’s yours and mine! They’ve already collected their “fees!”
When LTCM failed, did anyone go to jail? No! They just turned around and started another hedgie!
Let’s not forget these Wall St. turd lickers are the same assholes who cry foul about welfare, unions, transparency, and would be dead set against any bailing out of p*wned homeowners (who shouldn’t be, but that’s beside my point).
One blog compared our nations economy to the Enron “busines model” and DAMN if it wasn’t spot on!
The Salon column uses a sports-betting analogy that really goes a long way to explaining this mess to most of us laymen.
And the conclusion I draw from it is, there are not nearly enough referees, let alone honest ones brimming with integrity, to keep this shell game, this ginormous Ponzi scheme, this adult version of Monopoly, game under control.