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 . . .


Idiots Fiddle While Rome Burns (July 2008) 

Amity Shlaes Does Not Know What a Recession Is  (July 2008)
Wall Street's Great Deflation
William Greider
The Nation, 07/14/2008 @ 12:38pm


Friday, July 18, 2008 | 07:00 AM | Permalink | Comments (24) | TrackBack (0)
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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

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