Busted: Bankers and The Global Economy

April 28, 2010

Wall Street: Worse than Robber Barons

I’ve said it before. I’m going to say it again. Wall Street, the whole lot of them are self-deceived and full of themselves. They are worse than Robber Barons. Remember last November when Goldman Sachs chief Lloyd Blankfein told “adoring crowds” through The Times of London that he was, but a humble banker “doing God’s work”?

This nation and the entire world has had unscrupulous tycoons for some time now under the reign of corporatism. Now the nation takes full ownership of market manipulators and connivers, the most obnoxious and self-deceived weasels in recent history.  They hold the higher ground while admitting no wrong. They haven’t a clue what dishonest gain is about. Antisocial behavior simply consumes them. They live in their own self-made bubble of finance and privilege.

They are in bed with government minds of the same persuasion, a circle of self-dealing and wanton abandon of anything but self. Meanwhile, they pretend to tell the nation, even the world, what financial literacy is when they cannot balance, much less leverage their own checkbook.  For example, venerable chief of the Federal Reserve, Ben Bernanke applies this paradigm to you, but excludes himself, Wall Street and his banker cohorts.

An undergraduate student from Atlanta’s Morehouse College asked Bernanke what accounts for the enormous racial disparity in wealth in America. Bernanke responded that the source of the problem was the lack of “financial literacy” and “financial education” on the part of blacks, particularly with respect to savings decisions. While a scholar of Depression Era America, he clearly omitted his own knowledge of history. Bernanke never mentioned the notorious history of national violence that included the seizure, destruction and appropriation of black property, never mind the property and lives of others. The idea of financial literacy has nothing to do with principles and everything to do with who you are.

During 250 years of slavery, blacks as a people were both capital and financial assets for whites, and even after emancipation.  The national failure has been continual. At one time, the nation failed to endow black ex-slaves with a promised forty acres and a mule in any place in America. It doesn’t stop with the blacks. Today, through the Federal Reserve system of finance and government, all people have systematically have been denied the fruits of their labor. The national has simply switched gears, commandeered by the appearance of wealth, influence and power.  Land acquired between 1880 and 1910 frequently was taken by government complicity, fraud and outright seizures by terrorists. Our current reality is little different.

Regardless of race, creed or faith, few have any incentive to save in a world where Robber Barons, in this case the International Society of Bankers, simply consume any savings through the modern miracle of inflation. Inflation is the miracle of the system that regularly extracts the precious substance of American wealth because of the mindless fearful weasels that run amok in government and in finance. The real problem remains in the minds of Americans. We sit around and listen to this blather instead tarring and feathering them, even though this same judgment seems perfectly adequate in older times. Goldman Sachs is simply more of the same. Everyone else are the suckers. We’ve paid for their crimes, lock, stock and barrel.

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July 19, 2009

Economic Depression: American Resentment Flickers Against Corporate Wealth

money green with envyThe recession and the rising gulf between the haves and have nots; investment bankers versus newly impoverished and unemployed Americans is changing viewpoints. At one time, any company reporting record profits was certain to earn applause for this was seen as the American way. Americans were firmly invested in what they believed was the trickle-down theory of economics. The scam that investment bankers have pulled on the world with their highly staked leveraging games has changed much of this sentiment. Now that institutions that formerly made up the investment banking capital of the world are recovering with the intent of paying back taxpayer-backed Federal Reserve bailout money, Americans are leering at the possibilities that nothing has been learned from the crisis of financial literacy that prevails itself upon the world.

Writer David Segal has introduced the idea that class resentment is to blame as investment bankers continue to rake in the speculation-based financial dough based on the same numbers games that brought the nation to the edge of financial oblivion. The reality runs much deeper. In the eyes of Americans, the reality isn’t about making money, but how money is earned. Americans feel that they are being scammed because the nation operates by multiple sets of rules depending on how much money and influence you can peddle. Even members of Congress like Charles Schumer have demonstrated that they believe Americans are simply brutes to be used by the system to bolster corporate along with government wealth and influence.

Now that the likes JP Morgan Chase and Goldman Sachs are reporting fantastic encouraging numbers after having enjoyed bailout at the expense of Americans and the system at large, Americans see that the victory is very hollow. Recent financial victories in American are without benefit to anyone that doesn’t directly play the insider financial games on Wall Street. Multinational corporations continue to rule the roost behind the scenes, taking more out of America than they put in. Profit without personal responsibility is king. Most of America continues to be in great pain and America already knows that recent financial victory on Wall Street is a result of the same deluded thinking and policy that still threatens to destroy the financial system. It is not a system based on honesty and real numbers, but simply a gambling game of manipulation and opportunity.

The fact is that the Federal Government likes the control and authority that it wields in the banking community as a result of the bailout. The same can be said for the money that government has invested in the corporate structure. Uncle Sam holds the cards as the government maintains a front row seat at AIG. This is the only means that government now has to rein in the continued greed and avarice of Wall Street and corporate investors. The system hasn’t been reinvented as promised nor have sufficient reforms taken place to insure the safety of financial system on any level. We are still living in the last century. Nothing has changed. That is why government is so quiet about what is a hollow victory on Wall Street. ~ E. Manning

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