A Nation of Whiners? No, Just Wall Street Beggars

Friday, July 18, 2008 | 07:00 AM

Pathetic, but all too true:

"Phil Gramm, the senator-banker who until recently advised John McCain's campaign, did get it right about a "nation of whiners," but he misidentified the faint-hearted. It's not the people or even the politicians. It is Wall Street--the financial titans and big-money bankers, the most important investors and worldwide creditors who are scared witless by events. These folks are in full-flight panic and screaming for mercy from Washington. Their cries were answered by the massive federal bailout of Fannie Mae and Freddy Mac, the endangered mortgage companies.

When the monied interests whined, they made themselves heard by dumping the stocks of these two quasi-public private corporations, threatening to collapse the two financial firms like the investor "run" that wiped out Bear Stearns in March. The real distress of the banks and brokerages and major investors is that they cannot unload the rotten mortgage securities packaged by Fannie Mae and banks sold worldwide. Wall Street's preferred solution: dump the bad paper on the rest of us, the unwitting American taxpayers."  (emphasis added)

-William Greider, Wall Street's Great Deflation

The once great Street of dreams has been reduced to beggering for handouts.   

~~~

In a truly disturbing sign of our times, I am adding the category "Bailouts" to our list . . .

>



Previously:
Idiots Fiddle While Rome Burns (July 2008) 
http://bigpicture.typepad.com/comments/2008/07/idiots-fiddle-w.html

Amity Shlaes Does Not Know What a Recession Is  (July 2008)
http://bigpicture.typepad.com/comments/2008/07/amity-shlaes-do.html
>
Source:
Wall Street's Great Deflation
William Greider
The Nation, 07/14/2008 @ 12:38pm
http://www.thenation.com/blogs/notion/336722/

~~~


Friday, July 18, 2008 | 07:00 AM | Permalink | Comments (24) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c52a953ef00e553a881748833

Listed below are links to weblogs that reference A Nation of Whiners? No, Just Wall Street Beggars:

Comments

You say "bailout".

I say Organized Crime has been stopped in it's tracks and has taken an ungreased corn cob up the arse. With luck, more corn cobs will follow in the form of criminal investigations of price manipulation and myriad other illegal activities.

It's interesting to see the two camps on this issue. Some, such as Cramer, appear to have a moral compass and can differentiate between a great opportunity and a financial crime of opportunity. Others, such as Erin Burnett, appear to envy and admire the robber barons. I used to like her. Now she appears to be either a one dimensional thinker of economics or a shill for the brokerage thieves. I don't if know she is naive or amoral. Maybe both.

I suspect some editorials in the WSJ today will decry the steps that the SEC has taken to make the markets safe for investors. If not today, then certainly in later issues.

I also had a stray thought that the many of the people with the most money really hate us. Is it possible that at least a few of the oil thieves are using money provided by middle eastern nutballs who think that destroying the US economy is a good use for oil profits, even if they lose a few billion in the process? I not only think it is possible, but likely. Just think, one or more large investment banks are willing tools of the terrorists in a scam to drive oil prices to the moon and ruin the infidel economies in the process. And shills on CNBC and the WSJ provide cover. Neocon retards.

Posted by: cinefoz | Jul 18, 2008 7:45:23 AM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner