Saturday, March 22, 2008

Four horsemen of America's financial apocalypse

Splashed across today's weekend edition of 'The Financial Times of London' are in profile the 4 horsemen of America's financial apocalypse. The bathroom attendent Ben Bernanke, the fair haired youngish president of the New York Fed Tim Geithner, an heir apparent to America's future financial levers, and much tied to Heinz Kissinger aka Henry Kissinger, the 'peigne cul' Hank Paulson secretary of the Treasury, and the flunky Robert Steel US undersecretary for domestic finance. This Gang of 4 are fiddling with America's finances which are in an awful mess which the likes of the stroker of anal hairs Paulson is much to blame for, for what we know as CDO's, ABS, and other tricky financial instruments which brought on the scam everyone's call the subprime meltdown. But the flood in financial markets is drowning everyone but the top 1 per cent of the rich mafia which Herr Bush has favoured and which rule this country inefficiently.
What a difference the bankrupting of Bear Stearns by the Gang of 4. It has further destablised world markets, not to speak of accelerating the growing poverty in the US and elsewhere for everyone but the oligarchy of big banks and money that rule the US and they think the world! Eat that pie in the sky, fellows! Scrambling they are to glue together the splitting ends of the House of laissez faire capitalism which is going bust big time! The rot has spread to the UK where the governour of the Bank of England is now talking of the government as the lender of last resort and the St Bernard dog of finance capital come to the rescue by buying up outstanding mortgage. America's Gang of 4 is hesitating to take this step although there is still anemically live and breathing an FDR New Deal institution called the Fair Housing Authority which was created for the very purposes of regulating the mortgage market. The Gang of 4 as fronts for Herr Bush and his reactionary friends are resisting this but the force of the crisis will catapult them into reviving the very New Deal mechanisms Herr Bush & his free marketeers have done everything to crush and dismantle, so that they can rule with impunity through war in Iraq, bilking even the upper middle classes [read 6 to 7 figures in income] down to the very poor of a good life and a future.
By bankrupting Bear Stearns they very well made sure creditors, meaning the big boys got their money and the devil take care of the rest! JP Morgan's Jaime Diamon walks away with his pockets jingling, the Gang of 4 smile that they are handling the crisis which is abating, they think. What is sure, no one really knows the depth of the krash and the widening of what they all hate to call a recession since it doesn't meet a textbook definition---go out on the high and biways, talk to the ordinary people, you fools, you might learn something!
They are like the sorcerer's apprentice in Disney's 'Fantasia', unable to control the flood but by putting fingers in the dyke.
Everything old is new again...so willy nilly the Gang of 4 are going for the little time left in Herr Bush's longish stay in the Oval office to revive some of the New Deal solutions which the Republicans & their hanger ons have tried to flush down the crapper.

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