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We the People Must Punish Big Banking & Finance

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Headlined to H3 12/12/09

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Okay, let's explain this to ourselves as if we're five-year-olds.

Churning money on Wall Street makes nothing of value.

Printing money at the Fed feeds nobody.

A corporate merger, in and of itself, is intrinsically worthless.

And a bailout of a failed company or bank just punishes viable competitors.

Spin the money all you want; without the sweat of the worker, or some other energy input, it all grinds to a halt.

According to Paul Volcker, this is something Wall Street didn't know.

Really?!?

Mr. & Mrs. America, your money and jobs are going, going... gone. So, what are you going to do now? More importantly, what will your children do in General Electric's Great Big Beautiful Tomorrow?


Will your children be prisoners of the banking system too?

We need to force change. Not slogan change - real change. Read no further if you like the fairytale of the politicians making everything better.

First, please raise your hand if, by now, you don't realize that collateralized debt swaps and obligations, and other sophisticated (Ha!) derivatives, are nothing more than subterfuges for the Biggest Con every perpetrated, a masterpiece that continues today unabated.

No hands? Just you over there at Goldman Sachs? We don't need or want you.

Second, digest this: There is no free lunch in the absolute worlds of physics, economics and politics. You get what you put in. That's right, there's no such thing as a perpetual motion machine or a wind-up Obama that produces change without an ounce of fuel.

Is it the Internet's virtual world that has somehow convinced us that words are enough to get us what we want?

Yes, it was easy to be seduced by the election narrative of the new transformative leader. But, now it's time to grow up, dear parents.
Blogging and moaning on websites this piece included is nothing compared to forces so powerful they put the fix in for their con with nearly every politician and agency in Washington, DC.

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
 
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...since I closed my last US bank account 3 years ... by ProgressiveBum on Saturday, Dec 12, 2009 at 5:42:26 PM