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And, yes, I DO take it personally: Privatizing profits, socializing risks - the continuing financial melt-down
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Friday, July 18, 2008

Privatizing profits, socializing risks - the continuing financial melt-down

yes, it's time to get angry...

william greider...

We are witnessing a momentous event -- the great deflation of Wall Street -- and it is far from over. The crash of IndyMac is just the beginning. More banks will fail, so will many more debtors. The crisis has the potential to transform American politics because, first it destroys a generation of ideological bromides about free markets, and, second, because it makes visible the ugly power realities of our deformed democracy. Democrats and Republicans are bipartisan in this crisis because they have colluded all along over thirty years in creating the unregulated financial system and mammoth mega-banks that produced the phony valuations and deceitful assurances. The federal government protects the most powerful interests from the consequences of their plundering. It prescribes "market justice" for everyone else.


Americans should forget about whining; it's too late for that. People need to get angry -- really, really angry -- and take it out on both parties. What the country needs right now is a few more politicians in Washington with the guts to stand up and tell us the hard truth about our situation. It will be painful to hear. They will be denounced as "whiners." But truth might be our only way out.

funny thing about truth... it makes forward movement possible... let the house of cards collapse so we can get on with it...

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