“Concentrated power has always been the enemy of liberty.”
— Ronald Reagan
Wall Street blames Washington for all the financial crises. And Washington blames Wall Street back. It would be amusing, if it wasn’t so pathetic.
Now we know the truth — that both are taking turns bringing us to the brink, with only their own self-preservation in mind.
As we emerged, rather confused, from the 2008 financial crisis, a posting appeared in the comments section of The Wall Street Journal. It was as prescient as it was disturbing. It appears in my book, but I am re-posting it below.
Whether you are a Democrat, Republican or Independent, it is worth a read. It is also worth considering that while Wall Street bewails any hint of a redistribution of wealth to the unwashed masses, the largest-ever redistribution of wealth occurred right under taxpayers’ noses to the banks by the billion-load — Wall Street’s greatest coup ever, rubber-stamped by our own elected officials.
“All this goes to show we are now entering the second phase of the world financial crisis. Despite the fact that the anti-social nature of banks has been found out, the corruption of the Fed and the finance committees in the Senate and House are now public, and the solutions to the problems are well known, we still do not possess the political will to carry them out.
“It is clear that a larger problem now looms — the crooks are firmly in power and intend to stay there . . . Americans are again ruled by a plutocracy that has no interest in them other than the money that can be made off them, the same as in 1776 . . . If we cannot kick these people out of power, we are no longer America. And most people sense that. We have become the pleading chickens our founding fathers would have despised.”
On Friday I started a trip to the Midwest and went to the local giant bank branch in DC to withdraw some cash in case the world financial system melts down this week and/or the bank decides to freeze my credit card because I might use it in 3 successive states too fast. After waiting patiently in line for 15 minutes behind the other beggars, with timidity and trepidation I approached the teller at the branch–a woman that I knew by name—and stammered out my request,
“May I please withdraw $4000 from my account?” There i said it–I wanted to rob the bank–to take money out!
The tension mounted quickly as she sternly with clipped tones stated, “No–you must order funds in such large amounts a week ahead.” My heart sank—“well, uh uh how much money may I be allowed to have?”
At this time the manager got wind of my attempt to take the bank’s money—–“you know we have rules about removal of large sums like this. You just must use our credit card.” I pleaded–pointing to my son–we have to drive all the way to OHIO [John Boehners’s district]. “I just really would feel much better if I had some cash—credit cards being the way they are”
“Well its dangerous to be handing out large amounts–its for your own protection” [We stood in the middle of Crystal City–a closed community largly populated by CIA and US marshalls–every 3rd person in military camo—-snipers on roofs—within spitting distance of the Pentagon]
In growing dismay I pleaded–“just this once could I please please have some money for my trip —I wont do it again–I promise—and Im only a couple blocks from my apt”
They relented and dug into drawers to locate this incredible sum of THE BANK’S MONEY.
I breathed a sigh of relief as i prepared to run the gantlet—and use my credit card in 4 states to buy gas. I did not make it out of the metro area———by Pennsylvania the computers had my number–I was spending money on my credit card. “Card denied–contact inside”
I had to call th credit card number to explain that I was traveling home for a week-“-may I please use my card?” The credit card people wre much nicer–once I asked permission to travel–all was well.
Until I got to Ohio. I had endorsed over a $37 check from the State of Ohio — a refund–to my son. We dropped by 5th 3rd Bank in Findlay Ohio to deposit this check to his account. He ran in while I waited in the car–reading the WSJ that they had reluctantly allowed into the town at the one store in town that allowed the sale of out of state newspapers.
My son glumly returned to the car ” they would not allow me to deposit the check” . “You must come in and tell them that you endorsed it” I was taken aback-his local small town bank would not allow him to deposit this $37 check–usualy they are quick to take your money–this was a new experience. I pondered what bank rule I had violated??? My signature written too large–unreadable???
His name and mine the same–his account longstanding—we did not even want to take their money out?
“We need to verify your identity” the teller says in the empty bank
My recollection of the law of negotiable instruments was whirring away hee at this—they wanted my drivers license–which I had left at home. My son was driving.
“Well here I am–I endorsed the check –that is my signature on a state check. ” I would have to be standing here committing about 10 crimes if it was not.
“Soory—we cant deposit a check endorsed by an unknown person”
[bad quoute–she did not say sorry–she wasnt sorry at al—she was enjoying our anguish over this $37 –at least I felt ] Well I said “but we dont want the money –just deposit it” If I endorse it its to go through his account and if something is wrong it goes back against his account–you put a hold on it anyway dont you/?”
The bank had 2 customers and 5 employees—–the manager was on me in 15 seconds–troublemaker. “Yes thats correct but you must prove who you are; We must protect your son”
The irony was too much–I walked out.
i went next to a body shop to discuss an estimate—trip already in trouble——-we are sitting in the sole proprietor managers office as he is pricing the damage to my car done the day before by a wayward teenager in a hurry–no relation.
The phone rings–the manager–a calm mam iv known for years turns red and starts yelling–“weve been thriugh this before…how many times do i have t go thru this with you?.”
Im thinking to myself “its a bank ill bet”——–sure enough–5th 3rd.
>> Leah shared via WordPress.com · http://lnkd.in
/rXuub8
LEAH IS A TOUR DE FORCE, A LITERARY GENIUS NOT AFRAID TO TELL IT LIKE IT IS;
BUT IN THE CONTINUUM OF TIME , WE ARE BEARING WITNESS TO A NANOSECOND IN HISTORY;
A MERE WRINKLE IN TIME.
IF MY MEMORY SERVES ME CORRECTLY,
IN THE IMMORTAL WORDS OF ROBERT MICHELS,
IN HIS BOOK ENTITLED: “POLITICAL PARTIES”
HE ONCE QUIPPED
“AN OLIGARCHY IS SELF- PERPETUATING, IN THAT IT CONTAINS AN OLIGARCHICAL NUCLEUS”
OTHERS MAY POINT TO ANOTHER FAMOUS QUOTE:
“POWER CORRUPTS, AND ABSOLUTE POWER CORRUPTS ABSOLUTELY”
THESE ARGUMENTS CUT ONE WAY.
THE ANTITHESIS CUTS THE OTHER WAY.
THERE HAS, ALWAYS BEEN AND ALWAYS WILL BE, DUAL FORCES OF GOOD AND EVIL ,
GREED AND ALTRUISM, COEXISTING.
WALL STREET IS DARWINIAN BY NATURE.
IT IS NOT A MERITOCRACY.
IT IS WINNER -TAKE- ALL.
IN HER FABULOUS WORK “THE RENEGADES”
LEAH MCGRATH GOODMAN APTLY CHARACTERIZED NYMEX AS A FORM OF PURE CAPITALISM,
WHICH INDEED IT WAS. IT WAS A BEAUTIFUL THING.
DEBAUCHERY, CORRUPTION, GREED, MAY WELL BE PART AND PARCEL OF THE “LIFE ON THE EDGE”, OF MARKET MAKERS ANS POLITICIANS.
WHETHER IN THE PUBLIC OR PRIVATE SECTOR, THE RUSH OF MONEY AND POWER IS BIG.
IT WOULD BE GREAT IF THINGS GOT CLEANED UP A BIT, BUT HEY, LET’S BE REAL. THE VALUE SYSTEM OF THE SOCIETY IS REFLECTED IN ITS INSTITUTIONS.
AND SOME MIGHT ARGUE
SOMEBODY’S WORTH AS A STATESMAN
OR CORPORATE TITAN
SHOULD NOT BE MEASURED BY METRICS TALLIED
BASED UPON ACTIVITIES BEYOND THE SCOPE OF THE JOB DESCRIPTION.
I AM NOT CONDONING THE LACK OF MORALITY
I AM AS DISGUSTED AS EVERYBODY ELSE
BUT GUYS ARE ALWAYS GETTING CAUGHT WITH THEIR PANTS DOWN OR THEIR HANDS IN THE TILL.
I DOUBT A NEW REG IS GONNA CHANGE THAT.
OH, SURE ,THE TIDE WILL EBB AND FLOW A BIT;
PENDULUM SWINGS RIGHT, PENDULUM SWINGS LEFT.
BUT EVEN MONKEYS WILL HORDE AND HIDE EXCESS STASH OF BANANAS,
FROM OTHER MONKEY TROUPES COMPETINGING FOR FOOD.
IT IS WHAT IT IS.
PRIMATES DO WHAT THEY DO.
IT S THE NATURE OF THE BEAST.
A SMALL PERCENTAGE OF THE POPULATION HAS ALWAYS OWNED MOST OF THE WEALTH.
WE ARE ANGRY BECAUSE OF LATE IT HAS GOTTEN TOTALLY OUT OF CONTROL.
MANY PEOPLE ARE OUT OF WORK; GLOBALLY NOT JUST HERE. OTHERS STILL FEELING THE STING OF THE MADOFF FALLOUT, INSTITUTIONS AND INDIVIDUALS ALIKE.
SOME SAY IT BEGAN WITH REAGANOMICS.
REAGAN EFFECTED A HUGE TRANSFER OF WEALTH.
THE RAMIFICATIONS OF WHICH HAVE IMPACTED US YEARS LATER.
OTHERS DISAGREE, AS TO WHO OR WHAT IS CULPABLE. THOSE WHO ESPOUSE REAGANOMICS,
THEY POINT TO NAFTA AND THE CLINTON ADMINISTRATION INSTEAD.
BIPARTISAN POLITICS ASIDE,
LET US NOT DESPAIR.
THE ILLUMINATI MAY WANT IT ALL
BUT THAT S JUST HUMAN NATURE.
LET US LOOK AT THE POSITIVE.
A SYSTEM OF CHECKS AND BALANCES DOES EXIST EVEN IF IT SEEMS LIKE IN NAME ONLY
AND IT IS BEING GIVEN TEETH, EVEN AS WE SPEAK.
MANY PEOPLE ARE WORKING VERY VERY HARD TO AVERT FURTHER FINANCIAL CRISIS, BOTH ON THE STREET AND IN DC.
IN MYRIAD CAPACITIES A LOT OF ENERGY IS BEING CHANNELLED TO ILLUMINATE THE ISSUES, AND THE
GLASS -STIEGLE ACT MAY YET LIGHT UP THE MARQUIS )
EVEN WITH ALL THE B.S. THAT HAS BEEN GOING ON;
BUSINESS AND WORLD POLITICS ARE INTRINSICALLY
SOLUTION DRIVEN.
LETS LOOK AT THE FACTS.
YEARS AGO,
DUSENBURY WROTE ABOUT
BUSINESS CYCLES AND ECONOMIC GROWTH.
AND DECLINE.
ALL FIAT CURRENCIES HAVE FAILED ULTIMATELY.
EMPIRES HAVE RISEN AND FALL.EN SINCE THE BEGINNING OF TIME.
LET’S LOOK AT THE FUTURE.
THIS IS A NASTY DOWNTURN ,
BUT EITHER “THIS TOO, SHALL PASS”, AS MY LATE FATHER,( A BRILLIANT MAN, WHO FORSAW THIS DOWNTURN), USED TO SAY
OR…
AS WE SAY ON WALL STREET:
THEY WILL F’****ING FIGURE IT OUT…
WE’VE GOT SOME REALLY SMART PEOPLE
ON WALL STREET, AND IN WASHINGTON.
MY HAT IS OFF TO LEAH
GREAT JOURNALISTIC MUCKRAKING.
COURAGE TO CALL A SPADE, A SPADE.
I WAS GOING TO SAY LET ‘S HOPE FOR THE BEST,
BUT THAT MIGHT GIVE THE MARKET MAKERS AN IDEA
FOR NEW INSTRUMENTS TO TRADE
I CAN ENVISION NEW MARKETS AND EXCHANGES
… FORMER NYMEX TRADERS BACK IN THE GAME, BETTING ON THE POSSIBLE OUTCOMES.
(LIKE THEY DID WITH BASKETBALL) 🙂
I CAN JUST SEE THE NEW DERIVATIVE INSTRUMENTS
THAT COULD EMERGE…
TRAUNCHES OF SECURITIZED PROBABILITY THEORY
“DEBT NO-FAULT SWAPS”
TO REPLACE “CREDIT- DEFAULT SWAPS”.
SERIOUSLY, IT IS NO LAUGHING MATTER.
AS LEAH SAID, WHAT HAS GONE DOWN WOULD BE AMUSING IF IT WERE NOT SO PATHETIC.
BLESS LEAH FOR ARTICULATING IT,AND PUTTING IT IN PRINT.
CHANGE BEGINS BY PEOPLE BECOMING CONCIOUS OF WHAT ‘S GOING ON
.OTHERWISE, THE OSTRICH METHODOLOGY PREVAILS.
IT S CALLED :
“STICKING YOUR HEAD IN THE SAND”
SO YOU DON’T HAVE TO SEE WHAT S GOING ON OR DO ANYTHING ABOUT IT.
COGNITIVE DISSONANCE PRECIPITATES ATTITUDE CHANGE,
AS A FAMOUS PSYCHOLOGIST ONCE SAID.
THANK-YOU LEAH FOR PUTTING IT OUT THERE FOR ALL TO READ.
HOPE YOU ARE ENJOYING LIFE IN COLORADO.
>> Leah shared via WordPress.com · http://lnkd.in
/rXuub8
LEAH IS A TOUR DE FORCE, A LITERARY GENIUS NOT AFRAID TO TELL IT LIKE IT IS;
BUT IN THE CONTINUUM OF TIME , WE ARE BEARING WITNESS TO A NANOSECOND IN HISTORY;
A MERE WRINKLE IN TIME.
IF MY MEMORY SERVES ME CORRECTLY,
IN THE IMMORTAL WORDS OF ROBERT MICHELS,
IN HIS BOOK ENTITLED: “POLITICAL PARTIES”
HE ONCE QUIPPED
“AN OLIGARCHY IS SELF- PERPETUATING, IN THAT IT CONTAINS AN OLIGARCHICAL NUCLEUS”
OTHERS MAY POINT TO ANOTHER FAMOUS QUOTE:
“POWER CORRUPTS, AND ABSOLUTE POWER CORRUPTS ABSOLUTELY”
THESE ARGUMENTS CUT ONE WAY.
THE ANTITHESIS CUTS THE OTHER WAY.
THERE HAS, ALWAYS BEEN AND ALWAYS WILL BE, DUAL FORCES OF GOOD AND EVIL ,
GREED AND ALTRUISM, COEXISTING.
WALL STREET IS DARWINIAN BY NATURE.
IT IS NOT A MERITOCRACY.
IT IS WINNER -TAKE- ALL.
IN HER FABULOUS WORK “THE RENEGADES”
LEAH MCGRATH GOODMAN APTLY CHARACTERIZED NYMEX AS A FORM OF PURE CAPITALISM,
WHICH INDEED IT WAS. IT WAS A BEAUTIFUL THING.
DEBAUCHERY, CORRUPTION, GREED, MAY WELL BE PART AND PARCEL OF THE “LIFE ON THE EDGE”, OF MARKET MAKERS ANS POLITICIANS.
WHETHER IN THE PUBLIC OR PRIVATE SECTOR, THE RUSH OF MONEY AND POWER IS BIG.
IT WOULD BE GREAT IF THINGS GOT CLEANED UP A BIT, BUT HEY, LET’S BE REAL. THE VALUE SYSTEM OF THE SOCIETY IS REFLECTED IN ITS INSTITUTIONS.
AND SOME MIGHT ARGUE
SOMEBODY’S WORTH AS A STATESMAN
OR CORPORATE TITAN
SHOULD NOT BE MEASURED BY METRICS TALLIED
BASED UPON ACTIVITIES BEYOND THE SCOPE OF THE JOB DESCRIPTION.
I AM NOT CONDONING THE LACK OF MORALITY
I AM AS DISGUSTED AS EVERYBODY ELSE
BUT GUYS ARE ALWAYS GETTING CAUGHT WITH THEIR PANTS DOWN OR THEIR HANDS IN THE TILL.
I DOUBT A NEW REG IS GONNA CHANGE THAT.
OH, SURE ,THE TIDE WILL EBB AND FLOW A BIT;
PENDULUM SWINGS RIGHT, PENDULUM SWINGS LEFT.
BUT EVEN MONKEYS WILL HORDE AND HIDE EXCESS STASH OF BANANAS,
FROM OTHER MONKEY TROUPES COMPETINGING FOR FOOD.
IT IS WHAT IT IS.
PRIMATES DO WHAT THEY DO.
IT S THE NATURE OF THE BEAST.
A SMALL PERCENTAGE OF THE POPULATION HAS ALWAYS OWNED MOST OF THE WEALTH.
WE ARE ANGRY BECAUSE OF LATE IT HAS GOTTEN TOTALLY OUT OF CONTROL.
MANY PEOPLE ARE OUT OF WORK; GLOBALLY NOT JUST HERE. OTHERS STILL FEELING THE STING OF THE MADOFF FALLOUT, INSTITUTIONS AND INDIVIDUALS ALIKE.
SOME SAY IT BEGAN WITH REAGANOMICS.
REAGAN EFFECTED A HUGE TRANSFER OF WEALTH.
THE RAMIFICATIONS OF WHICH HAVE IMPACTED US YEARS LATER.
OTHERS DISAGREE, AS TO WHO OR WHAT IS CULPABLE. THOSE WHO ESPOUSE REAGANOMICS,
THEY POINT TO NAFTA AND THE CLINTON ADMINISTRATION INSTEAD.
BIPARTISAN POLITICS ASIDE,
LET US NOT DESPAIR.
THE ILLUMINATI MAY WANT IT ALL
BUT THAT S JUST HUMAN NATURE.
LET US LOOK AT THE POSITIVE.
A SYSTEM OF CHECKS AND BALANCES DOES EXIST EVEN IF IT SEEMS LIKE IN NAME ONLY
AND IT IS BEING GIVEN TEETH, EVEN AS WE SPEAK.
MANY PEOPLE ARE WORKING VERY VERY HARD TO AVERT FURTHER FINANCIAL CRISIS, BOTH ON THE STREET AND IN DC.
IN MYRIAD CAPACITIES A LOT OF ENERGY IS BEING CHANNELLED TO ILLUMINATE THE ISSUES, AND THE
GLASS -STIEGLE ACT MAY YET LIGHT UP THE MARQUIS )
EVEN WITH ALL THE B.S. THAT HAS BEEN GOING ON;
BUSINESS AND WORLD POLITICS ARE INTRINSICALLY
SOLUTION DRIVEN.
LETS LOOK AT THE FACTS.
YEARS AGO,
DUSENBURY WROTE ABOUT
BUSINESS CYCLES AND ECONOMIC GROWTH.
AND DECLINE.
ALL FIAT CURRENCIES HAVE FAILED ULTIMATELY.
EMPIRES HAVE RISEN AND FALL.EN SINCE THE BEGINNING OF TIME.
LET’S LOOK AT THE FUTURE.
THIS IS A NASTY DOWNTURN ,
BUT EITHER “THIS TOO, SHALL PASS”, AS MY LATE FATHER,( A BRILLIANT MAN, WHO FORSAW THIS DOWNTURN), USED TO SAY
OR…
AS WE SAY ON WALL STREET:
THEY WILL F’****ING FIGURE IT OUT…
WE’VE GOT SOME REALLY SMART PEOPLE
ON WALL STREET, AND IN WASHINGTON.
MY HAT IS OFF TO LEAH
GREAT JOURNALISTIC MUCKRAKING.
COURAGE TO CALL A SPADE, A SPADE.
I WAS GOING TO SAY LET ‘S HOPE FOR THE BEST,
BUT THAT MIGHT GIVE THE MARKET MAKERS AN IDEA
FOR NEW INSTRUMENTS TO TRADE
I CAN ENVISION NEW MARKETS AND EXCHANGES
… FORMER NYMEX TRADERS BACK IN THE GAME, BETTING ON THE POSSIBLE OUTCOMES.
(LIKE THEY DID WITH BASKETBALL) 🙂
I CAN JUST SEE THE NEW DERIVATIVE INSTRUMENTS
THAT COULD EMERGE…
TRAUNCHES OF SECURITIZED PROBABILITY THEORY
“DEBT NO-FAULT SWAPS”
TO REPLACE “CREDIT- DEFAULT SWAPS”.
SERIOUSLY, IT IS NO LAUGHING MATTER.
AS LEAH SAID, WHAT HAS GONE DOWN WOULD BE AMUSING IF IT WERE NOT SO PATHETIC.
BLESS LEAH FOR ARTICULATING IT,AND PUTTING IT IN PRINT.
CHANGE BEGINS BY PEOPLE BECOMING CONCIOUS OF WHAT ‘S GOING ON
.OTHERWISE, THE OSTRICH METHODOLOGY PREVAILS.
IT S CALLED
STICKING YOUR HEAD IN THE SAND
SO YOU DON’T HAVE TO SEE WHAT S GOING ON OR DO ANYTHING ABOUT IT.
COGNITIVE DISSONANCE PRECIPITATES ATTITUDE CHANGE, AS A FAMOUS PSYCHOLOGIST ONCE SAID.
THANK-YOU LEAH FOR PUTTING IT OUT THERE FOR ALL TO READ.
HOPE YOU ARE ENJOYING LIFE IN COLORADO.