Oldspeak: “A nation of sheep begets a government of wolves” –Edward R. Murrow. Exhibit Z of how thoroughly the U.S. government has been captured by casino capitalists/corporatists. Voting by and overwhelming margin to roll back already feeble regulations of the very same OTC derivatives a.k.a. “Financial Weapons Of Mass Destruction”that caused the last global economic crash. Legalized gambling with other peoples money, resources, and livelihoods and having no ability to cover bets is free to continue unfettered once again. I was casually chatting with an investment banker a couple days ago, who was talking about how much more money there was in that field than in education and non-profits and that he hoped to retire by 35, and I remarked “Well you better get it while the gettins good, because it’s all going down again and the crash is gonna be alot worse this time.” he said “Yeah, you know what you’re talkin about, it’s true. It’s going to happen again. How do you know that, do you have a background in finance?” I told him I didn’t I just read and stay informed. The conditions have been created, against all logic, with the help of your corporate-controlled selected representatives to precipitate a bigger and more devastating global economic collapse that will divest many more Americans of their alleged inalienable rights to life liberty and the pursuit of happiness. Hold on tight kids it’s gonna be a bumpy ride. “Profit Is Paramout”Related Story:
Credit Default Swaps
Out-of-control derivatives were one of the main causes of the economic crisis … and nothing has really been done to solve the problem.
Is Washington finally about to fix the problem?
Of course not … they’re going to make it worse, and roll back even the toothless psuedo-reforms which they pretended to make.
As the Washington Post notes:
To the chagrin of consumer groups, the House gave overwhelming bipartisan approval Monday to two bills easing requirements that President Barack Obama’s overhaul of financial regulations impose on some exotic financial instruments blamed for helping trigger the 2008 financial crisis.
Lawmakers of both parties said they were relaxing rules that would otherwise inhibit the ability of companies to manage the risks of prices and investments, ultimately reducing their profitability and job creation. Consumer groups said legislators were bowing to the interests of their corporate and finance-world contributors and taking steps that might prove harmful to the public.
The instruments are called derivatives ….
“End users, you know, were not the cause of the financial crisis,” said Rep. Scott Garrett, R-N.J.
Democrats praised the bills as well.
“We should allow American businesses, acting in good faith, to effectively manage risk,” said Rep. Marcia Fudge, D-Ohio.
Truth is even funnier than satire. Congresswoman Fudge, indeed …