Truly Creative Destruction

As mentioned on my Bush/Cheney Administration page, in a country where the economy crumbles due in large part to a criminally fraudulent “creative financial products” bubble-burst — as home values plummet, bridges collapse, hardworking people max out their plastic just to cover necessities, and many families end up sleeping in their cars or on the streets — there could be a virtually endless supply of overwhelmed debt-slaves and desperate indigent people to serve as cannon fodder for the Neo-con men’s excellent global-domination adventures or as indentured servants in the “enterprise zone” work camps being built, even as we type, by our fine fiends… um… friends at KBR.

The fiscal abyss into which we’re falling is not the result of incompetent governance; nor was it merely caused by the actions of a few greed-driven flimflam men in $2k suits.  They all know *exactly* what they’re doing.  The top 10% now own 85% of our nation’s wealth and assets.  This was THE PLAN.  And they are still not satisfied.

The New American Nobility — our corporate overlords, their willing puppets on the Hill, the nattily groomed MSM shills on teevee, and the loyal stenographers of the Waffle House Press Corpse (dear Helen excepted!) — honestly believe that “society is best served” if We The Peons are forced to, quite literally, live and die in service to The Entitled Ones.

This “unitary [read: urinary] executive” mis-administration and their corporate overloads have obliterated our nation’s carefully designed form of government — a constitutional democratic republic, with three equal federal branches meant to ensure the very accountability and oversight that government of, by, and for the people requires — and deliberately set out to tear asunder the very fabric of our society in order to rebuild it as desired: with multinational corporations ruling the roost and *everything* privatized. The concept of “common good” has been declared irrelevant, as have We The Peons, with The Entitled Ones avoiding all accountability for their unconscionable, unconstitutional, avarice-driven deeds.

While we muddled masses are expected to face all manner of personal accountability and pull ourselves up by the proverbial bootstraps (even after they’ve stolen our boots) — while paying for the largest protection racket in the history of the planet! — those most responsible for our sorry state (and State) are ooh so entitled to THEIR safety nets, with our children and grandchildren forced to foot the bill for their corporate welfare, Wall Street bailouts, and irresponsible CEOs’ golden parachutes.

Of all the articles that I’ve seen on the subject, I must say that Chris Floyd at Empire Burlesque has hit the railroad-spike-sized nail squarely on its gnarly head…

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Creative Destruction: The Solid Core Behind the Financial Crisis

Wednesday, 17 September 2008

“There is great disorder under heaven, and the situation is excellent.” – Chairman Mao

Fed’s $85 Billion Loan Rescues Insurer (NY Times): “The bailout [of American International Group]… effectively puts taxpayer money at risk while protecting bad investments made by A.I.G. and other institutions it does business with.”

Do you get it now? The rich and powerful spend years making foolish deals in a market they rigged with the connivance of utterly corrupted politicians on both sides the aisle; their fraudulent scheme finally collapses, exposing them to some of the most horrific financial losses in history….and YOU will have to pay for it. For generations. Not only directly, with the tax money straight from your pocket, but even more so in the further degradation of national life: infrastructure, services, programs, amenities that will be starved or abandoned as even more of the government’s money is poured out to shield the wastrel elite from suffering the consequences of their own rapacious folly.

And with all the talk of a “new Cold War,” who knew that it would be Washington and Wall Street, not the Kremlin, who resurrected socialism in the 21st century, in what the Times called “the most radical intervention in private business in the central bank’s history”? Socialism for the rich only, to be sure. Ole Joe “Bankruptcy Bill” Biden and his bipartisan cohorts in Congress have long made sure that any ordinary citizen — especially the old, the sick, the poor, the most desperate — will be squeezed to the last drop to pay off their debts, even if these were incurred through illness or misfortune. But for our boardroom Bolsheviki, the state is always there, to cushion and to coddle. ……(more)

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Cenk Uygur at Smirking Chimp said it well, too…

George Bush Becomes a Socialist

September 17, 2008 – 9:39am

We live in a wonderfully ironic world. George W. Bush might have now nationalized more companies than Hugo Chavez. He certainly has nationalized companies with far greater worth. Fannie Mae, Freddie Mac and now AIG. Let alone the bailouts of Bear Stearns and all the rest.

Who knew George Bush would turn out to be such a socialist? You might even argue, communist. What happened, I thought the government was unnecessary? I thought “unfettered” markets would do their magic if you just deregulated them. Why are you fettering?

It turns out, all that talk about not needing big government flies right out the window when the shit hits the fan. Did we need government during Hurricane Katrina? Did we need the government during Sept. 11th? That was a day when we certainly could have used some more government help, like a president reading a briefing that said they were determined to attack us. And now, do we need the government when there is a financial meltdown?

You betcha. All of a sudden, the Republicans are huge advocates of big government coming to the rescue.

Why don’t we toss a pair of bootstraps at AIG and see if that does the trick? Oh I see, that’s just for poor and middle class…… (more)

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The Leisure/Leach Class wheelers and dealers who cream their drawers at the sight of a “perfect petri dish of capitalism” — i.e. locked sweatshops in the N. Marianas — are rarely held accountable for the havoc that they wreak while pillaging, plundering, flag-waving, bible-thumping, and worshipping at the Altar of the Almighty Buck; and possible consequences are ever-irrelevant to the Old Money peeps who have escaped accountability for generations, even when they’re caught plotting to overthrow the government.

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“There’s three things to remember: claim everything, explain nothing, deny everything.”

~ Senator Prescott Bush

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Rules are for peons and other suckers.

For the New American Nobility?  It’s pass Go, collect your 200 [million] bucks, and here’s another Get Out of Jail Free card for you.

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Tags: bailout, bank failures, corporate welfare, economy

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