This worked wonders during the boom of the past couple of decades, leading to rapid capital formation that underpinned a huge rise in lending. But when the music stopped, many investors were left looking for an empty chair as these products of financial "innovation" proved ruinously difficult to value.
Given this history, Wray, also a senior fellow at the Levy Economics Institute, said asset-backed bonds are the problem, not the solution. "We need to kill off securitization and go back to banking -- loan officers and underwriting."
Wall Street is a con game, it depends on confidence in order for the moneychangers to book their fees and peddle their bad paper, given the Surge II it’s apparent that the entrenched elitists are determined to wage war against any sort of change that Obama may have in mind. Given the first two months of the administration and while being mindful that it’s still early, despite some initial guarded optimism I am becoming more and more certain that nothing is changing except the management of the big white whorehouse at 1600 Pennsylvania Avenue. I now find myself in agreement more or less with those progressives who were wary of Obama from the onset. With his government packed with recycled Clinton era swine, the usual assortment of Wall Street and Federal Reserve grifters running fiscal policy and his still stinging kick in the balls from the Israel lobby over the Freeman resignation it only looks like more of the same crap but in a different package. Helicopter Ben's announcement that the Fed would now be buying American debt to save their system, the dollar immediately took a sh*t and with the coming wave of hyperinflationi as a result of this latest idiocy this story should send a cold chill up the spine of all who are onto what has really been going on as America has been gutted: The US is Facing a Weimar Moment. Read it if you dare.
As Orwell once wrote in the literary classic Animal Farm:
“All animals are equal, some are just more equal than others”
This is laissez-Faire ‘free market’ Capitalism in its ultimate form, the ‘free market’ is only truly advantageous and 'free' to those who have the most cash and assets and they are gathered at the expense of the poor who eventually are the losers but hey, that’s what it’s all about isn’t it in the Wall Street Journal's perfect world. Now that the rape of the system has nearly been completed how long is it going to take until there is a realization of just how thoroughly the free market fanatics have cannibalized the country in pursuit of profit? And the denial needs to stop immediately, the existing system has already failed and failed miserably.
Capitalism is eating itself. Like a python slowly trying to digest it’s own tail, the economic master plan, the Shock Doctrine has come home now and the sheep are being prepped for yet another shearing, soon they will served up with a side of mint jelly.
It is important to understand that a distinction needs to be made when it comes to capitalism between that which is regulated and the ‘free market’ aka Lassez Faire strain that the road to hell is paved with. The end result of unregulated capitalism is monopoly of the most extreme sort as well as the redistribution of wealth to those at the top of the class system, I wonder why nobody has ever dubbed this as ‘trickle up economics’ which is of course exactly what it is. One of history’s most important and enduring lessons is that hundreds of thousands must toil in the muck in order to allow one rotten, greedy son of a b*tch to have his face displayed on a sphinx. The American middle class are the ones who are forced by their Wall Street pharaohs to build the bricks for the monuments to the super wealthy under increasingly hostile conditions in increasingly dangerous work environments with an increasingly smaller amount of straw.
The establishment after all has a vested interest in the existence of a huge and desperate underclass. The accompanying crime and urban rot helps to breed the necessary fear that justifies increased police powers and surveillance so as to keep the interests of the elite safe and sound while they sleep behind the walls of their gated communities each night. We were swindled by the free market pimps and deregulation pushers, all that it all did was create conditions for monopolies and trusts and consumer gouging. Take an honest look at yourself, are you truly better off today than you were yesterday? Or the day before? Or five years ago?
Well understand one thing.....today is as good as you are going to have it for the rest of your life under this existing rotten system.
We Are All Losers: The system itself is designed to make losers of us all except that extreme few with the means to purchase influence and therefore protection.
Under this system we all lose, mainly our losses are incremental.
We lose our lives through an increasing amount of time spent on a job locked in a struggle of diminishing gains to even survive.
We lose our health
We lose time with our children and families, this is the most tragic loss of all in most instances as it perpetuates the cycle of the decline in human relationships and destroys the family. Despite what the establishment propagandists and their phony religious wars with their insipid ‘pro family’ sloganeering it is not the loss of morality in through cultural changes in society that is causing the degradation of the family but the greed of an unfettered and monstrous capitalist system that demands more and more in order to slake its bloodsucking appetite for profits. It is the pursuit of these profits at the expense of our humanity that has laid waste to the family, and our values and every day that we are forced to prostitute ourselves in order for the wealthiest of the greed mongers to further entrench themselves is one more day closer to the day that we will ultimately die in vain for their sins.
And in buying into the legitimacy of this lie of a system we ultimately lose our souls.
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