Monday, November 07, 2011
How much longer are we going to let this game go on? Wall Street is no longer a stock market that serves the needs of capitalist system it is no longer just a way to accumulate and reallocate capital. It is not even a casino, as some have called it, where all the outcomes have an equal possibility. 13 Black, Damn it!
Wall Street is a rigged game. where win or lose, up or down it doesn't really matter because their investments are designed to profit either way. If there is good news on a Greece bailout the markets go up and they profit. S&P down grades Greece the markets tank and they profit. Got all we can, let's go to Italy. It's orchestrated volatility design to suck as much money out of the economy and into the pockets of the super wealthy as possible. And the reason have nothing to do with a free market rewarding the successful. It's about the darker side of human nature. Capitalism is not a beneviolent "invisible hand" guiding us to a brighter future. It is a jungle where winners and losers can be a matter of life and death. It is a jungle populated by giant corporations that would rather dump their waste in the river, no matter how toxic, because it's cheaper and quite frankly corporation don't get thirsty. The free market does not care if you struggle every day to survive, in fact it's better if you do so you don't have time to pay attention while they dismantle The Enviromental Protection Agency. Take the Koch Brothers they operate a Plant that some say has caused Cancer in the residents of a small town nearby. They don't care what's a few death to low income people compared to a bigger bottom line? In fact they are funding Presidencial canadates and Right Wing efforts to eliminate the EPA. What's a little Cancer?
So it's time to end the game. The current system can't be fixed by tinkering around the edges making new rules to encourage better behavior. the system and it's players are too corrupt and wields too much power to be allowed to continue or take part in the re-organization of the financial system.
We need to nationalize the banks and take over the large fInancial Institutions. Take them over, audit them then chop them up and sell them off. Institute new rules and a transaction tax on Wall Street. Restrict futures to end use customers and tighter control over derivatives. We need to reduce the princple on debt both public and private sector and reset those loans at lower and fixed interest rates.
In essence we need to reboot our financial system and restart it with a new operating system.