Friday, March 20, 2009

Taibbi on the financial meltdown

Excellent article by Matt Taibbi. It's not the whole story but it should give the flavour.

The amazing thing about AIG was that it was the counterpary in all those big CDS deals because it was rock solid. Yet making the deals undermined that solidity to the point that there was nothing left. Unfortunately, Cassano will not go to jail for destroying the American economy, because Wall Street bought the law, and he did nothing illegal.

You Americans don't have a democracy. You have a choice of two business parties. It's a bit like having a choice of which guy rapes you. Both promise that the other one is really the rapist, but whichever you choose, three months in, yet again, there's a hot cock in your arse. Until (and that "until", I recognise, has the connotation "this will never happen") you stop allowing people to buy political power, stop making elections beauty contests and stop swimming in a sea of propaganda, you're stuck with it. Welcome to slavery, land of the free.


At 6:39 pm, Anonymous Anonymous said...

The thing is, the US was never intended to be a democracy, it was set up to be a republic; it's a representative democracy, which is not a democracy at all except insofar that its royals are elected in a way that cannot easily be shown for a sham.

But, the people have been convinced it's a democracy, and they'll fight and die to protect their democracy.

It's all a sad mess. It'll never be solved short of a violent revolution which is of course illegal and a bad thing anyway, or a total collaps which is of course inevitable.


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