It is NOT capitalism…it’s corruption!
By Daniel at 3 November, 2009, 3:39 am
Government access and favoritism is NOT capitalism…it’s corruption! Government is suppose to be impartial and objective, doing what’s best for those they represent…the American people, not corporate America.
Politicians of the last 30 years are clearly MORE representative of ’special interest groups’ rather than the American people. Scandals and conflicts of interest are no longer kept in the shadows but are brazenly displayed with neither remorse nor concern. Voter fraud is clearly on the rise in this country with results no more convincing than those held in third world countries.
The mere fact that Paulson was the former head of GS and clearly gave them preferential access is WRONG because of a conflict of interest…it may not be illegal but it is clearly WRONG. The fact that GS is clearly, by a MONUMENTAL margin, prospering far better than any of its competitors is a sign that something is amiss and, because our tax dollars funded / backed them substantially, should be cause enough for an investigation between what really transpired between Paulson and GS. To not do so is further evidence of our corrupt government.
It isn’t only GS that Americans are angry about.
Americans are angry that large Wall Street Banks did reckless things, brought the entire financial system to near-collapse (and along with it quite a few American families to real financial collapse), got bailed out by taxpayers whose children will have to pay the bill, and are by the admission of our elected representatives “too big to fail,” so they have an implicit government guarantee for their reckless ways which they seem to be blithely continuing as if all is well. Oil speculation, for example, continues and drives up the price of gasoline which average Americans have difficulty with.
If Google fails, no one (let’s hope) is going to bail it out. It doesn’t get to borrow at 0% interest from the Fed. Americans like success stories, and don’t mind if successful folks get rich. However, when most Americans take excessive risks, they have to pay for it. They are angry that Wall Street bankers seem to be immune from this.
One aspect of the culpability of Wall Street that has received little discussion that I’ve seen is what a black eye all those bad mortgage CDO’s gave America throughout the world. Those CDO’s were sold to towns in Europe which are now bankrupt, to an entire nation–Iceland–which is now effectively bankrupt. And while they were selling these products as AAA and safe, the bankers were betting against them. I think there’s a great deal of this process that was illegal if anyone had the will to prosecute. When Chinese firms manufacture and sell toxic products like lead-tainted toys, the Chinese government shoots the leaders of those firms–it doesn’t reward them.
- JMV, Dlee
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