Friday, February 15, 2008

The washroom attendant at the Fed and the grand guignol at Treasury stumble badly

Ben Bernanke chief bathroom attendant at the Fed stumbled once again. He's not sanguine about the US economy. His prognosis is bleak, very bleak, indeed! His remedy: more cuts in the prime rate, and that will give another shot of vitamin B to an economic America. Eyewash. The grand guignol Paulson at the Treasury is no better. He knows how to make money in investment banking for clients and coupon clippers but he cannot do squat to relieve the onerous load the ordinary rate or taxpaying American bears to keep his friends in the manner bloodsuckers on the US economy have come to think their right.
They've no imagination beyond the fat wallets that they sit on. Bernanke from his aery academic perch and Paulson from the high office on Wall Street fought for their class of thieves and tax evaders. They have no idea of what it means to struggle for a living everyday, to survive. They believe in the free market who as the father of economic twaddle Adam Smith loftily put it, 'corrects itself' in crisis.
Well the cancer of the subprime scam is spreading fast and furious and the ball of string of 'prosperity' is unravelling madly. The revolution the sainted Ronald Reagan brought us meant more taxes for the little man, exemptions for the rotting barrel of fish called the rich and the super rich and their hanger ons and combers of the fine hairs in the ruling class' collective anus. Steep cuts in funding for schools, roads and bridges, and healthcare and all the means that make life in the loudly proclaimed most powerful economy and country in the world bearable and more. It went far in militarising the economy and with Herr Bush it meant war, war, and more war, and incompetence, and even more myopic vision and more and more debt and great impoverishment. So it has come to pass these free marketeers who believe in the market are fat cats who mouth market discipline but don't practise it for themselves, but tell us all to snap to it. But for them use the whip of more consumerism, more easy money, more market hedonism...which landed us in the matatisising cancerous economy we are in now.
Had they an ounce of historical vision they would look back at the fall of the baht in Thailand in 1998 and what mess that causes in east Asia. Today Asia is awash in cash and buying our banks and businesses and anything else they can lay their hands on. They could look to FDR's new deal for consolidating bad mortgage in order to bring relief to those facing foreclosures, high debt, and the means streets of poverty. But no, they have lost touch with the ordinary folk, and we are their cannon fodder... McCain looks as though he has a good chance to win the presidency, and if he does, god help us, for it would mean more of the same and incompetence a la Herbert Hoover. Should Obama or Hillary win, well, they won't have time to breathe as the mountain of problems mini mouse Bush and his storm troopers of Republicans in the houses of Congress are bequeathing them, either may not find a way out of the mess if they have to rely on the same old crowd who believes in radical free trade and open markets.

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