Chris Hedges discusses our undoing

Chris Hedges is difficult to read, but not because he is a bad writer. Rather, it is because he is not satisfied with official lies. Consider these observations of Hedges:

Our financial system—like our participatory democracy—is a mirage. The Federal Reserve purchases $85 billion in U.S. Treasury bonds—much of it worthless subprime mortgages—each month. It has been artificially propping up the government and Wall Street like this for five years. It has loaned trillions of dollars at virtually no interest to banks and firms that make money—because wages are kept low—by lending it to us at staggering interest rates that can climb to as high as 30 percent. ... Or our corporate oligarchs hoard the money or gamble with it in an overinflated stock market. Estimates put the looting by banks and investment firms of the U.S. Treasury at between $15 trillion and $20 trillion. But none of us know. The figures are not public. And the reason this systematic looting will continue until collapse is that our economy [would] go into a tailspin without this giddy infusion of free cash.
Who has the strength to see problems as immense and as obvious as these? Not many people, but their are some.
Yet we, like Ahab and his crew, rationalize our collective madness. All calls for prudence, for halting the march toward economic, political and environmental catastrophe, for sane limits on carbon emissions, are ignored or ridiculed. Even with the flashing red lights before us, the increased droughts, rapid melting of glaciers and Arctic ice, monster tornadoes, vast hurricanes, crop failures, floods, raging wildfires and soaring temperatures, we bow slavishly before hedonism and greed and the enticing illusion of limitless power, intelligence and prowess.

Continue ReadingChris Hedges discusses our undoing

The secrets and lies about the bailout

This article by Matt Taibbi of Rolling Stone is a year old, but it really lays out the national fraud that we call "the bailout." Here's an excerpt:

We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

Continue ReadingThe secrets and lies about the bailout

Senators must raise 10K per day

This is an astounding fact that, in and of itself, shouts for overhaul of the system: "A senator has to raise $10,000 every day that they are in office to make the average amount that's spent today in a Senate race." So who are the Senators going to spend most of their time with? You and me, so that they can raise $50 or $100, or with big corporations and powerful trade organizations? And what type of legislation are they going to tend to support? Senator raising money Here's another example from represent.us:

We decided to target Jim Himes because he’s emblematic of a much larger systemic problem: Our Congress is being corrupted by big money and no longer represents the people. Rep. Himes co-sponsored and helped push a bill called H.R. 992 through the House. 992 would further deregulate derivatives, a financial instrument that played a major role in the 2008 crisis (source). Our organization doesn’t have a position on derivatives trading. What we do have a position is corruption, and this is a textbook case. The New York Times revealed that 992 was written by big bank lobbyists — 70 of the 85 lines in 992 were written by lobbyists for CitiGroup.

Continue ReadingSenators must raise 10K per day

Riding A Hobby Horse

Hobby Lobby is suing to be exempted from certain provisions of the Affordable Care Act.  The Supreme Court has agreed to hear the case . . . The question at the heart of this is, should a company be forced to pay for things with which it has a moral objection? [More . . . ]

Continue ReadingRiding A Hobby Horse

What it’s like to never have enough – the story of a Wall Street hedge fund trader

This is what it's like to never have enough. It's the autobiography of a Wall Street hedge fund trader, published in the NYT:

I noticed the vitriol that traders directed at the government for limiting bonuses after the crash. I heard the fury in their voices at the mention of higher taxes. These traders despised anything or anyone that threatened their bonuses. Ever see what a drug addict is like when he’s used up his junk? He’ll do anything — walk 20 miles in the snow, rob a grandma — to get a fix. Wall Street was like that. In the months before bonuses were handed out, the trading floor started to feel like a neighborhood in “The Wire” when the heroin runs out. I’d always looked enviously at the people who earned more than I did; now, for the first time, I was embarrassed for them, and for me. I made in a single year more than my mom made her whole life. I knew that wasn’t fair; that wasn’t right. Yes, I was sharp, good with numbers. I had marketable talents. But in the end I didn’t really do anything. I was a derivatives trader, and it occurred to me the world would hardly change at all if credit derivatives ceased to exist. Not so nurse practitioners. What had seemed normal now seemed deeply distorted.

Continue ReadingWhat it’s like to never have enough – the story of a Wall Street hedge fund trader