[b][i]The following story appeared in my morning newspaper and I thought it worth sharing. I guess I should warn you ahead of time, that Diane Francis is one of Canada’s best financial writers, either as an advisor or a critic of the markets and those who play tiddly winks with our money and finances. Do not make the mistake that she is a Canadian Liberal. She is very much a conservative, as am I, but we believe in fiscal responsibility, totally unlike GWB and his cronies. I noticed that yesterday, I wasn’t alone as many Republicans rose on the floors of congress to offer their criticisms of the mad policies of GWB and his henchmen; all unfortunately too little, too late. I hope nobody will be offended but this is a decidedly Canadian view point on American fical policies and practices. I’m not complaining; I, personally, exploited many of these policies but could see the gathering storm for some time and bailed out some time ago, putting my ill gotten gains in a safe, off-shore, secure tax haven. Most of my actions were based on following the advice of this writer, so I thought it time to share.[/b][/i]
[b]Dawg[/b] :0 🙁
[b][i][u]In the U. S., the monkeys guard the bananas[/b][/i][/u]
Diane Francis, Financial Post
Published: Tuesday, September 23, 2008
Protecting the American people from terrorism should include internally, but apparently Homeland Security and All the President’s Men didn’t put on their radar screens attacks that have been underway for years against New York’s towers from the inside by capitalist cowboys.
Now Wall Street is no more — that cavernous intersection of greedy human nature and the uniquely Republican dogma of deregulation or “invisible hand-ism” or financial hockey without referees.
Weekend news that Goldman Sachs and Morgan Stanley will become “holding companies” is simply a finesse intended to disguise the fact that all five Wall Street firms are now gone. And deserve to disappear. Of course, the victims are the taxpayers who, Treasury Secretary Hank Paulson informed yesterday, will be on the hook for US$700-billion. Others put that tab at US$1-trillion or US$2-trillion if the contagion keeps spreading despite increasing amounts of backstopping.
Frankly, lawsuits and handcuffs and RICO (Racketeer Influenced and Corrupt Organizations Act) prosecutions are in order, but let’s see if this attack results in mass arrests, full body searches, shipments to Gitmo or pinstriped stints in the slammer. I think RICO’s a fine idea and taxpayers should be able to seize all the assets of all the managers, directors and executives who oversaw this conspiracy of recklessness for years. The money shot for me would be front-page photographs of government-induced foreclosures in Palm Beach and Palm Springs of Wall Streeters’ mansions, stock portfolios, Porches and private jets.
But don’t hold your breath because the monkeys guard the bananas in the United States and always have. Take Mr. Paulson, who, frankly, would have a major conflict of social interest in taking tough measures against the culprits.
After all, he swam in those charmed circles. His remarkable career has spanned from a stint in the 1970s as assistant to Nixon sidekick John Erlichson (remember Watergate?), to a business career ending in his ascension as chief executive and chairman of Goldman Sachs. This made him the Czar of the Street in his day between 1999 and 2005, when he answered the call to public service and became Bush’s Treasury Secretary.
He cashed in his Goldman options for a staggering US$700-million to go to Washington, which makes him the best market-timer in the history of Wall Street, I reckon.
Paulson will leave along with the rest of the Bushies, having bailed out problems he helped create, and not a minute too soon. The Bushies won’t attack their base because after they leave Washington they will be hanging out in Palm Beach and Palm Springs with the gangs that got away. The only hope for justice would be to bring Eliot Spitzer out of mothballs or purgatory or wherever he is these days.
[b][i]Frankly, Bush and “his brains trust” should be held accountable for this attack on America’s financial system. They let the capital and derivatives nonsense grow until they became the “financial weapons of mass destruction,” as Warren Buffett astutely described them two years ago.[/i][/b]
[b][i]PS[/i][/b] Don’t worry; America can weather this; Americans are tough and resilient but it isn’t going to be very pleasant for some time to come. My own personal advice is put a lid on the so-called Christian Right and never let them anywhere near the levers of power ever again. Don’t take this as an endorsement of Obama; I think he would be way beyond his depth and abilities in the midst of the forthcoming fiscal fiasco.[b]Dawg[/b] ]:)
