Two of the BIGGEST Wall Street hot shots kicked to the curb in a week. Yes a three year old child could see there was something wrong with the CDO scam. See, we'll throw the bad debt in with the good debt, and give it a pretty name---how about tranche? Yeah, a word the public never heard before, some mumbo jumbo that will confer on us the status of witch doctors. If you can't trust Wall Street, who can you trust? DUH!
Posted by howard hughes blues at November 6, 2007 02:20 AMBushCo seems to handle it all, Great Depression redux? It won't affect the rich 1% George gave tax breaks to, will it? But the overall poverty will produce more street crime and that will affect the very rich. Like, robberies, muggings...
Anybody gonna mug Bush?
Schumer and Feinstein ought to be waterboarded!
Posted by Tentative Ace at November 6, 2007 06:01 AMAn in-depth article (actually testimony before B. Franks Financial Services Cmmtee) on the coming meltdown is "The Alarming Parallels between 1929 and 2007" by Robert Kuttner, financial journalist.
As in '29, the banks have been allowed to get back into the securities game (thanks, DLCer Bill C.), assets are being insanely inflated via leverage, there's no regulation so conflicts of interest are rampant, and no investor can understand what's actually "in" the supposed securities.
The Fed is currently doing everything it can to bail out the wealthy, the unregulated hedge funds, the major banks and Wall Street money boys so that our rich GOoPers preserve their cash---that's our highest priority. The Fed is doing this via interest rate cuts, even thought this will drive necessary foreign investment away and destroy our currency for a decade. And it won't even prevent a recession, just allow the rich to escape somewhat unscathed from their latest round of speculative abuse. They always "win". That's the "invisible hand" of the "market".
The Fed's role in our current fake economy is to permit rampant financial speculation in whatever asset classes the financial geniuses desire, and then when the money boys and "bankers" have taken us to the brink of disaster, step in and bail them out, basically with taxpayer resources.
So that's what is going on now, with not a story to be found, not an elected official even commenting. The candidates? That's laughable. Hillary? Can you say "Wall Street" or "Citibank"?
If we "survive" this latest round of speculation and abuse by the wealthy, it will only be through a massive, permanent devaluation of our currency and a decision by China, Japan and the Arab oil states not to allow us to implode. We certainly are not in charge of our economic destiny any longer.
Better enjoy vacationing in your own crappy American city---it's all an ordinary person will likely be able to afford for the rest of their life. Sorry kids, Bush and the "conservatives" needed to rig the financial game for the super rich, and you're left holding the bag of shit. It's mighty stinky.
Posted by euzoius at November 6, 2007 06:13 AMI voted. Did you?
Yep, snark, sure did.
Posted by iamcoyote at November 6, 2007 07:09 AMLast night's nightmare, they really don't leave.
The club controls the voting machines. The winning ticket is Giuliani/Cheney. Woke up in a sweat.
Nobody, part of me is still concerned that we won't be allowed to vote, that was my prediction following the fix of 2004. But I suppose your idea/nightmare of going through the motions and allowing us to pretend it's valid is a better way to do it, huh?
Posted by Jeff Dinelli at November 6, 2007 08:01 AMKucinich is introducing Priviledged Resolution on Impeachment of Cheney today.
The House must debate it.
It is about time.
Why not encourage our Reps to support it. Too many believe that the 2008 campaign is more important than standing up for our Constitution and the Rule of Law.
Nothing is more important than the rule of law and our Constitution. I would gladly give up 2008 in order to impeach them all and convict them all. There is nothing more important IMO.
Posted by Anjha at November 6, 2007 08:27 AMNo matter what anyone does now, there will be enough unauditable, crooked DREs in use for the next election that the election will have no integrity. The slick thing to do is just to let the voting charade continue and let us think the next president was fairly elected.
The only hope is that some greedy IT bastard tries to sell a local election today and the beans get spilt. Unfortunately, bean canning process are time-honed and effective so far.
One wonders what goods the taps have produced so that they get the cooperation of Shumer, et. al?
With our collapse in fear, our loss of integrity as collaborators in war crimes, a compromised court, a crooked DOJ, a castrated Constitution, and the loss of a reliable and transparent voting system, our exceptionalism is simply gone. The US is just another corrupt oligarchy, another police state nothing. It is another government rapidly becomining the true enemy of its own people.
Posted by Nobody at November 6, 2007 08:35 AM
Good comment, there, Nobody.
And I agree, Anjha, impeachment must be put on the table, kudos to DK. We can't impeach one president for a blow job and not impeach another president (or in this case, vice-president) for the very serious, deadly crimes he/they have committed.
One of the best books I've read in a long time is one advertised right on this page, "The Genius of Impeachment," by John Nichols. This should've been started long ago.
Posted by Jeff Dinelli at November 6, 2007 09:20 AMb-b-but Great Leader has led us into another Golden Age! right, pants-pissing peter?
The economic mess we're in is part of the reason that 3/4s of Americans think the country is on the wrong track.
Posted by Gay Veteran at November 6, 2007 10:43 AM