September 15, 2008 – The Date That Should Live In Infamy (September 16, 2013)
. . .
C “Five years ago in the morn, Senator McCain, the pundits and the powerful proclaimed that the fundamentals of the economy were sound.”
D “Didn’t seem that way to me then. Doesn’t seem that way to me now.”
C “Didn’t seem that way even to them in the afternoon. Those running the game realized that the hollow economy could not be propped up with lies and smoke and mirrors. September 15 is the date that should live in infamy.”
D “If market forces had been allowed to continue without the TARP and other interventions, the current generation would have endured its excesses rather than heaping them on the younger generations.”
. . .
C “And two years since the emergence of the Occupy movement. The folks shared a concern that something is wrong with the economic and political game even if they could not explain the problems or advance the solutions.”
. . .
D “No one has ever audited the Federal Reserve.”
C “Some companies claim to have paid back some of the government loans, but who really knows.”
D “No one has ever been prosecuted except a few unconnected fools and Madoff who made the mistake of purloining from the powerful.”
. . .
C “The Dow’s new highs are a sign of peril not of promise. As long as the Federal Reserve keeps fabricating phony funds, the Dow will keep providing phony figures.”
. . .
C “All the counterparty agreements are essentially insurance policies. An insurance company is required by law to provide adequate reserves to satisfy possible claims. Every concerned citizen should have reservations about an insurance scheme with no regulation or even reserves.”
D “Insurance companies have historically been regulated by states. The most likely state to regulate the financial industry – New York – has no incentive to regulate and every incentive to allow unregulated criminality. New York is profiting handsomely from the criminality,”
C “Laissez faire, they say. Those in power are too lazy to create a fair economic system.”
D “The same old same old.”
C “The same old same old.”
D “The same old same old is getting old.”
. . .
[See the “e-ssays” under the Category “TARP” at https://e-commentary.org/category/tarp/ and any of a few dozen “e-ssays” presented in the last nine years on the economy. See the “e-ssays” under the Category “Occupy Movement” at https://e-commentary.org/category/occupy-movement/.]
Bumper stickers of the week:
A system that cannot go on forever will not go on forever.
“Twenty-five years ago, I worked there during the summers for $7 an hour and now my son works there part-time for $7.75 an hour.”