Wall Street stocks edged higher in midday trade on Monday as the US Treasury unveiled plans to shake up the regulatory framework of the American financial system.I have been hearing abut this plan all day long on the radio - NPR.
All eyes were on Hank Paulson, Secretary of the Treasury, as he talked through proposals including giving the Federal Reserve increased powers to regulate investment banks and limit the risks that they take.
I don't know the specifics of the plan. Yet without knowing any specifics, without knowing anything, I can already tell you a major aspect of the plan.
It will give broader and less regulated powers to corporations. This is a given. Look its the Bush Administration. That's the key - Bush.
This plan is a disaster without even knowing anything about it. Do we want the Bush administration reworking the rules and regulations that markets play by...
Wall Street does, they would want Bush all over this. But if you value the few peanuts you have squirreled away, guaranteed you do not want a Bush reworking of these rules.
This is another disaster. Bush specializes in disaster.
Addendum: This is classic Bush policy. Wait until there is a collapse, such as 9-11 or Katrina, then install a new paradigm. The new paradigm will bring more power to the federal government especially the Executive Branch, it will remove any vestiges of democracy, it will place the ordinary citizen in a suspect role - everyone is a potential terrorist, it will transfer large sums of money from the collective monies of taxpayers and place it in the pockets of an elite greedy few. Recall that Bush's brother was at the center of a huge banking fiasco in the 80s where he walked off with billions. You want Bush messing with the economy - absolutely not.
3 comments:
Exacto mundo!! The BV$H Deconstructionists are literally frothing at the mouth to get in their and finish off the few of us with anything left to steal. These are a bunch of fricken pirates!! When they say regulate they mean me and you not their pals on Wall Street and every other major Corp. But don't worry Paulson can fart plans out his ass all day long but u can bet Congress will do next too nothing. They certainly aren't going to allow Mr. Lame duck Emperor to touch the already sick markets thats for sure! He obviously has the reverse midas touch thats for sure. At least for the 99% of us anyway. For his pals he is indeed Midas maybe even a super Midas.
Basically we need to send Bush off on a 9 month long farewell world tour before he goes off to cut brush. He can hit all the hot spots where he's really huge - Albania, Saudi Arabia, UAE, then he can go on and do extended vacationing in Iraq and Afghanistan, his two biggest fuckups. Finally we can send him on vacation in the outback western tribal regions of Pakistan where he can hunt bin Laden with a musket from his bicycle. But we sure as hell don't want him touching the economy, we don't even want him tipping the waiter.
BV$H was a Disaster Capitalist's wet dream a King Midas in reverse. Everything he touched turned to shit. But, they love him because with so much wreckage they can endlessly find profit in the ruins and get to rebuild the world in their image. ( a cross between a 12th century feudal fief and the Roman empire.) Over turning 2,000 yrs. of social and economic progress is hard work but BV$H has almost made it look easy.
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