MarketWatch: Wall Street's 'Disaster Capitalism for Dummies'

[marmar]

Wall Street's 'Disaster Capitalism for Dummies'
14 reasons Main Street loses big while Wall Street sabotages democracy
By Paul B. Farrell, MarketWatch


ARROYO GRANDE, Calif. (MarketWatch) -- Yes, we're dummies. You. Me. All 300 million of us. Clueless. We should be ashamed. We're obsessed about the slogans and rituals of "democracy," distracted by the campaign, polls, debates, rhetoric, half-truths and outright lies. McCain? Obama? Sorry to pop your bubble folks, but it no longer matters who's president.

Why? The real "game changer" already happened. Democracy has been replaced by Wall Street's new "disaster capitalism." That's the big game-changer historians will remember about 2008, masterminded by Wall Street's ultimate "Trojan Horse," Hank Paulson. Imagine: Greed, arrogance and incompetence create a massive bubble, cost trillions, and still Wall Street comes out smelling like roses, richer and more powerful!

Yes, we're idiots: While distracted by the "illusion of democracy" in the endless campaign, Congress surrendered the powers we entrusted to it with very little fight. Congress simply handed over voting power and the keys to trillions in the Treasury to Wall Street's new "Disaster Capitalists" who now control "democracy."

Why did this happen? We're in denial, clueless wimps, that's why. We let it happen. In one generation America has been transformed from a democracy into a strange new form of government, "Disaster Capitalism." Here's how it happened:

* Three decades of influence peddling in Washington has built an army of 42,000 special-interest lobbyists representing corporations and the wealthy. Today these lobbyists manipulate America's 537 elected officials with massive campaign contributions that fund candidates who vote their agenda.

* This historic buildup accelerated under Reaganomics and went into hyperspeed under Bushonomics, both totally committed to a new disaster capitalism run privately by Wall Street and Corporate America. No-bid contracts in wars and hurricanes. A housing-credit bubble -- while secretly planning for a meltdown.

* Finally, the coup de grace: Along came the housing-credit crisis, as planned. Press and public saw a negative, a crisis. Disaster capitalists saw a huge opportunity. Yes, opportunity for big bucks and control of America. Millions of homeowners and marginal banks suffered huge losses. Taxpayers stuck with trillions in debt. But giant banks emerge intact, stronger, with virtual control over government and the power to use taxpayers' funds. They're laughing at us idiots! ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/14-reasons-main-street-loses/story.aspx?guid=%7BF63EC448%2DD9C1%2D4138%2DAC18%2D97BF0FE68EE3%7D

[Greyhound]

1. I'm surprised. This is not a popular topic anywhere in Amerika and especially

in financial circles.

He's laid it so well even an idiot sheep should be able to see where this is going. Few have any idea just how rich these parasites are and don't understand that this is exactly what they need to consolidate all that power they've garnered over the last quarter century.

"Just sit back and watch the prices tumble", "When everybody's broke, the guy with a thousand dollars can buy a house", well these vermin have so much money they will be the bidding against each other for the right to enslave your kids.
:kick: & R

[marmar]

7. True....I'm surprised Paul Farrell keeps his MarketWatch column.....

.... Much of what he writes is antithetical to the KoolAid that they peddle.

[Greyhound]

2. No one? n/t

:kick:

[Hannah Bell]

3. k/r

[marmar]

4. A kick of your kick.....

:kick:

[bread_and_roses]

5. another K&R here (n/t)

[MsLeopard]

6. Wow

Required reading. K&R :kick:

[whatchamacallit]

8. Wow, Naomi Klein lip-serviced in Market Watch!

Too bad Market Watch wasn't watching until after the crime.

Edit: After reading the whole piece, I've gotta say the old guy has balls. Wonder how long he'll be employed by the WSJ...

[bvar22]

9. K&R

We started getting worried after selection 2000.
Property values were increasing at incredible (artificial) rates with little or no value added to the property itself. Most people jumped for joy celebrating the Free Money. It scared us. We're simple people, and when something is suddenly/magically worth twice as much without a lot of hard work, we want to know why.

After Bush* was installed by the Supreme Court we were outraged.
When the Democratic Party posed NO OPPOSITION to the little Reagan on steroids, and in fact helped him, we were truly frightened.

The final straw was campaign/election 2004. We were sure something very bad was coming, and started making plans. Over the next two years we sold everything, cashed out most of out 401K, bought Bubble Proof property in a very rural unspoiled/undeveloped area with an abundant clean water supply surrounded by National Forest in the South (plenty of wildlife, long growing season, low energy demands, very low property taxes).
In 2006, we quit our jobs, left the Big City (Minneapolis), and moved to our new place.
The performance of the Democratic Majority in Congress since 2006 only reassured us that we made the right decision.
We ARE registered to vote, and will support the Democratic Party 100% this election, but don't hold much hope that anything will really change. Our focus has become local Humanitarian/Community Issues, and methods of denying support for Corporate America.

We have planted a large vegetable and fruit garden, have two healthy HoneyBee colonies (expand to 4 colonies next Spring), and keep a dozen chickens. More fruit trees and a large BlueBerry Patch will be added this year. We are freezing and canning this year for consumption over the Winter. Next year we will be drying BlueBerries, Figs, and Lavender for marketing.

We will no longer pay for the obscenity this country has become.
We have reduced our taxable income to near poverty levels.
We no longer use "credit", don't have a mortgage, build everything ourselves, buy "used, 2nd hand, or salvage" directly from previous owners, and Barter, Trade, or pay CASH to avoid all taxes whenever possible.
As much as possible, we have stopped consuming in the Corporate America sense of the word.

We are still on the Corporate hook for electricity, Sat TV, some gasoline, and about 1/2 of our food, but have plans to eliminate or minimize those. Internet access is by cheap Dial Up.

We realize we are very fortunate to be in a situation to do this. We have no dependent children, and are in good health. We miss the advantages of Urban Consumption, but have no desire to return.
We pray that an Obama administration and a Democratic Congress can turn things around for America, but see no signs that this will happen.


We quit.
We refuse to be Good Corporate Citizens.


Spring Promise 2008