What I think they don’t get is that finance has virtually become the US economy — if you subtract it, there is nothing left besides hair-styling, fried chicken, and colonoscopies. By “righting the economy” do people mean the ability to keep running a transparently fraudulent set of rackets that have nothing whatever to do with financing real productive activity?
I concur with Clusterfuck Nation (a handle I wished I’d thought up first).
Relunctant class warriors – good on ya
And yet another:
Somewhere in the Hamptons a high-roller is cursing his cleaning lady and shaking his fists at the lawn guys. The American poor, who are usually tactful enough to remain invisible to the multi-millionaire class, suddenly leaped onto the scene and started smashing the global financial system. Incredibly enough, this may be the first case in history in which the downtrodden manage to bring down an unfair economic system without going to the trouble of a revolution.
A sort of relunctant revolution, then.
Then, in a diabolically clever move, the poor–a category which now roughly coincides with the working class–stopped shopping. Both Wal-Mart and Home Depot announced disappointing second quarter performances, plunging the market into another Arctic-style meltdown. H. Lee Scott, CEO of the low-wage Wal-Mart empire, admitted with admirable sensitivity, that “it’s no secret that many customers are running out of money at the end of the month.”
A Minsky Moment to be sure (stability fosters instability).
It gets worse though. While with one hand the high-rollers, H. Lee Scott among them, squeezed the American worker’s wages, the other hand was reaching out with the tempting offer of credit. In fact, easy credit became the American substitute for decent wages. Once you worked for your money, but now you were supposed to pay for it. Once you could count on earning enough to save for a home. Now you’ll never earn that much, but, as the lenders were saying–heh, heh–do we have a mortgage for you!
Looks like the squeezers shall soon be squeezed themselves.
It’s like deja vu all over again
Heckuva job, Stickler.
After his nomination was twice rejected by the Senate, President Bush gave Richard Stickler the mine safety job with a recess appointment.
That’s a presidential appointment made when congress is not in session.
Karl Rove had a step dad
His step dad had a cock ring.
This gent has it in his possession.
Stange bedfellows indeed.
Now for a humorous take on the entire situation
Mr. Carroll sums it up nicely applying some good old American horse sense.