Back to the Trough for Happy Piglets

[marmar]

Sunday, June 14, 2009


Back to the Trough for Happy Piglets
by Dollars and Sense


A comment from Morningstaronline.co.uk; hat-tip to Bob F.:


And it's back to the trough

Friday 12 June 2009 | Comment | Morningstaronline.co.uk


It wasn't that long ago that the banks precipitated a crisis that shook the world's economy to its roots and is still causing the loss of thousands of jobs every month at undercapitalised and credit-starved manufacturing companies.

A cycle of share gambling and outrageous risk-taking came to crisis when the banks even stopped trusting each other and refused to lend to other banks for fear that they had been lying about their exposure to unsafe debt.

This came about in part because of an unrestrained drive for multimillion-pound bonuses and other payouts by the dealers and high-level market manipulators employed by the banks to generate profits for them from speculation.

At the time and, indeed, ever since, the apologists in the capitalist media were carrying on about the emergence of a "new, moral capitalism" minus the short-sellers and speculation that had brought such discredit on their system. ..........(more)

The complete piece is at: http://www.dollarsandsense.org/blog/2009/06/back-to-trough-for-happy-piglets.html