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if we are going to fix this financial train wreck, it is not going to be with the very people that have brought us to the edge of the abyss. We will have no recovery until the system is reformed and brought back into a sustainable balance. To achieve this end, the banks must be returned to business of banking again, with the reinstatement of Glass-Steagall. The hedge funds must be restrained through fundamental regulatory reform.
A private agency like the Fed is not capable of performing these tasks. The Fed, for all the rhetoric that surrounds it, is a private enterprise owned by the banks. The effectiveness of self-regulation and the rational efficiency of markets are the great myths that have led us to our current crisis.
The Fed as the great regulator for multiple markets is an attractive choice for the government, because when it fails the government may point the finger of blame, and absolve itself of all responsibility for our ruin as they are attempting to do now. The mantra from the American people should be shut the Fed and in turn go back to a US Treasury banking system that the founders had entrusted to the people. Not to a private banking cartel whose only interest is the industry which they serve.
Excellent point. "The Fed" needs to change its name from "The Federal Reserve" to "Banking 'Trust' Corporation" so people can wrap their minds around it is NOT a government agency. The name change, that WOULD NEVER HAPPEN, would pull back the curtain on who is REALLY controlling money policy.
Tar and feathers, anyone?
If not, then we should go to plan B....
Animal House had it right !!
cry me a f*cking river.
I just saw that boob, Chuck Todd, on MSNBC try to equate this to "a Terry Schiavo moment." Oh, just stop it, Chuck. Stop trying to "make news" happen. I'm hoping there are enough Americans, like me, who can REMEMBER where all this started. I can guarantee this wouldn't even be an issue without the disastrous last eight years. We, as Americans, did the right thing in voting in a new political party and a Democratic President. We need to remember this crap didn't happen overnight and we aren't going to be able to fix the last eight years during Obama's NON-EXISTANT honeymoon or "first 100 days" of office. Americans need to realize the Republican party has screwed us, and screwed us good.
Senator Grassley, made another unfortunate comment about "sucking the tit of taxpayers." I certainly agree I'm feeling like "Judy" right now:
http://3.bp.blogspot.com/_vC43AIa-0YU/SN_yU-CKh...
That said, I'm not going to forget who got us in this mess in the first place, and I'm not buying this whole knee jerk reaction from the corporate media. I'm sure they would just LOVE for Americans to stupidly go back to supporting the Republican agenda and clowns who got us into this mess, but I'm not buying it. This is NOT a "Terry Schiavo moment" for me. The untold lost blood, money and tears in Iraq was a Terry Schiavo moment for me, and I'm not going to forget it anytime soon. AIG Bonuses or not.
1) creating a distraction to enrage the masses so the focus is on a tiny symptom instead of the much larger problem
2) protecting THEIR way of life / lifestyle and that of the folks they spend "quality time" with at their parties / resorts / ect.
How sad that it is only now that AIG employees are worrying about the future of their children.
http://www.rollingstone.com/politics/story/2679...
None of them has an iota of integrity or a moral compass of any kind.
It's not like the dot coms didn't do a lot of damage too.
Change laws so abuses don't happen again.
But punishing for polical deafness strikes me as counterproductive.
I have a solution! Lets bring back FAIR TAXES FOR THE WEALTHY. The tax rate has gone down for them year after year. Lets bring back the same tax rate they lived under during Reagan's Presidency. Yes, it was higher back then when Ronnie Raygun was President. The whole trickle down shit doesn't work. They can make all the money they want but they need to live on a reasonable amount of resources, like the rest of us. If you give them too much, it becomes a drug to them and then they start rattling cages for a war to increase their "defense investments." Make them LEARN to live moderately like THE REST OF US.
Wouldn't it be funny if some people dressed up in overalls with "American Tax Payer" on them waving Cardboard pitchforks showed up outside their posh corporate offices LOL.
Not just AIG but Citi as well LOL
They would sh*t a brick. LMFAO !!!
http://3.bp.blogspot.com/_vC43AIa-0YU/SN_yU-CKh...
LOL
Sorry, I keep posting links to "Judy" but I really think its funny.
If any of us did something like that, we'd be fired and/or behind bars. These jack holes deserve nothing less. They certainly do not deserve a Million Dollar Bonus.
Gays and lesbians have to worry about the safety of our families and friends who support us all the time. Why should AIG execs be any different? Sure, its wrong, to threaten violence but I've actually EXPERIENCED violence simply for choosing to be honest about my sexual orientation. Well, then again I guess I brought it on myself for daring to have a "Thanksgiving celebration" for "United Methodists for Lesbian and Gay Concerns." Silly me...
All threats of violence are wrong, but I have a big problem with AIG execs who's actions got a bunch of crazies angry at them versus "average gay and lesbians Americans" who experience threats all the time from the same bunch of right wing idiots simply because we choose to be honest about our sexual orientation. AIG has some gall, as well, trying to get congress to feel sorry for them. Congress not only gets threats, but Democratic congressmen experienced ANTHRAX letters! I'm truly sorry for the children, but until one of the execs winds up strung up on a fence, like a scarecrow, in Wyoming or their kids actually start experiencing all kinds of hateful abuse at school because "Heather has two mommies" then its kind of hard for me to feel too sorry for them. The majority of those AIG execs are Republican and would have an anyeurism and their head would explode if gays and lesbians ever get the "Hate Crimes Protection Act" to pass that would include protections for lesbian and gay Americans. So, they can talk to the hand.
My point is simply that it's bad reporting. The quote was taking out of context. Here it is IN context: "'You have to understand,' he said, 'there are kids involved, there have been death threats. ...' His voice trailed off. It looked as if he was fighting back tears."
The way it's summarized here, it makes the guy seems like even more of a self-centered ass who is just worried that he won't be able to buy his kids a new pony. The second one reads more like a dad who is worried that his kids are going to be hurt by people trying to get to him. Maybe it doesn't seem this way to you, and that's your right, but the full quote should still be printed so that people can judge for themselves. I read this blog daily and quite enjoy its content. I just think it should try to adhere to journalistic standards of integrity (real ones, not the fake ones adopted by Faux News and its ilk) including providing adequate context for direct quotations.
i don't care if the whole credit universe collapses in on itself
we can start over and do better
Ooops...
I mean, violence is what people have turned to in the past when they have lost faith in the capacity of the political process to solve problems.
Aren't we kind of reaching that point?
I mean, Jaysus.
So, if someone wants to loan me a pitchfork, fly me to new york, and cover me for the days I miss at work, I'll gladly be on the front lines, pitchfork in hand, just waiting for my chance at them!
"Somehow it’s always reasonable to hurt the poor as a way to make them shape up. Tougher bankruptcy laws, welfare reform, it’s all good social engineering.
But if you talk about hurting the rich to make them reform, it’s terrible. Taking money away from a guy with plenty more to spare is worse then taking money away from a person with none left."
No, that doesn't work. They lack the sensitivity to feel anything coming close to human emotions for the people whom they have damaged so badly. Remember Barbara Bush's reaction in the Astro Superdome to seeing those people displaced by Katrina? Look at Bernie Madoff. All Madoff can manage is a very insincere apology and, at the very best, feeling sorry for himself that he was caught. They are not capable of any regret, guilt or empathy. Rocks have more feeling.
Not sure that punishment is any better. Instead of even at best, inhibiting their antisocial tendencies, punishment will build their resentment and thirst for revenge. But, on the other hand, long, long prison terms will at least lock them away and prevent them from committing more such crimes and protect decent, hard-working, honest folks.
Another thing we need to do is restore the laws and regulations that will prevent a repeat of such excesses of greed, dishonesty and insane gambling with other people's money, and oh yes, the crackpot compounding of such grambling with derivatives. Yeah, and stop pouring hundreds of billions of dollars into the pockets of these crooks, rather put the money where it is needed and will actually end the crisis. Robert Sheerer says only a couple hundred billion dollars could actually stop the home foreclosures plus regulation to put an end to those ballooning unfair, racist interest rates.
I'll bet they haven't seen a lot of Daddy, anyhow, and they might see more of him in the future. This would be a good thing.
Barak Obama $104,332 (#!)
Christopher Dodd $103,900 (#2)
This backlash has been a long time coming. It is just, and correct.
This is the beginning of a revolution of sorts. The "system" has been corrupt for years, and the myth of "free market" is uncovered...
We don't need little princes and kings. Don't feel one bit of sympathy for the pampered "finance warriors" at all.
The rest of us manage to survive on quite a bit less than that, asshole.
This reminds me of Ed McMahon, crying on Larry King for help. His trophy wife (about 40 years younger than he) was also upset. Oh yes! McMahon was filthy rich and suddenly was losing his house. As someone else said "boo fucking hoo." Oh, and what a SMALL house it was. I wonder how many Larry King watchers felt sorry for him.
Clue phone, Americans -- if something seems too good to be true, it probably is.