....is money*, and who has all the money? The BANKS!
Funny how bank shenanigans were in the news multiple times today. First was a report that banks were rapidly piling on more fees, putting the screws to us deeper than ever. Free checking will soon go the way of the dinosaur, and fees to use bank debit cards are becoming more widespread, too. Remember when banks used to be satisfied making the spread between what they charged us on loans and what they paid us on deposits? Hahahaha! There's another one for the history books.
The second mention concerned how Europe's rapidly deepening debt crisis is coming ever closer to engulfing us here on this side of the pond, too. Seems the origin of the problem there was....ta da....the BANKS! Always looking to make a fast buck (or couple 'o BILLION bucks), they offered cheap money to the second tier European countries, knowing that the first tier European countries would ride to the rescue if it ever hit the fan. And now it has, and they probably will.
So the banks / bankers made BILLIONS, will probably ultimately write off some of it, pay a few hundred million in fines, and escape Scott free with the rest, unscathed. No jail time for the scoundrels (who no doubt knew exactly what they were doing but didn't care), no public lynchings, nothing. They can just ride off into the sunset and enjoy their happy, posh retirement.
Boy are we taxpayers (around the world) saps.
S
*It's in the Bible. Look it up.
Read a great essay by the late Joe Bageant on this very subject. At one time I had the highest respect for anyone who achieved an advanced college degree. While I still respect many who have earned something I failed I have come feel that just as many are just as idiotic and delusional as many rednecks who think "commonsense" is all you need in life.
ReplyDeleteHere is the link to the essay, its crazy but I now believe civilization could collapse just as much by financial mismanagement as it could from nuclear war, pandemic, or ecological collapse.
http://www.joebageant.com/joe/2010/07/waltzing.html
Interesting read, Bum. "Financial mismanagement" is much too kind. I see it as out-and-out fraud. They know exactly what they're doing, what their odds of success are, and who (taxpayers) will backstop them if something goes wrong. They know this because it is THEY who are pulling the politicians strings, and the politicians control the pursestrings to the taxpayer's treasury. Smooth, huh?
ReplyDeleteS