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Saturday, September 27, 2008

The American Revolution

"There is a French revolutionary air in America these days, with bankers playing the part of the aristocracy. Turn on the radio or open a newspaper and the bile comes out. Michael Daly, a columnist for the New York Daily News, yesterday wrote about 'Wall Street subslime'. Congressmen say calls to their offices are opposed to any bail-out of bankers by a factor of 100-1. Even Warren Buffett, the wise old man of American capitalism, is coming under suspicion from ordinary American voters. They point out that he seized on the chaos to make investments, notably $5bn in Goldman Sachs, which now depend for their very success on a massive bail-out". writes Philip Delves Broughton, in the Daily Mail.

America certainly is at a turning point in its history. It is an obscenity that a $700bn bail out of the greedy bankers is even being proposed- and it will be even more of an obscenity to ordinary, hard-working American taxpayers if the Bush plan does go through.

It's time for American to heed the words of one of their greatest Presidents- Thomas Jefferson:

I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.

Do we put the interests of greedy, amoral capitalists, before the interests of ordinary hard-working American taxpayers? Its 1% of the population against 99% and if the 1% do prevail, we can't call it democracy.


Anonymous said...

I'm not thinking about joining an angry mob, but then again, I'm not a Washington Mutual shareholder...

I found this video to be an even better explanation of the mess we're in, than Stephen Schwartzman's 255-word explanation.

jock mctrousers said...

douglasbass - as the critical comments point out, that video is very loaded. I can accept that the Democrats are no less guilty , but not that the republicans are any less guilty; I can accept that Obama is just more of the same , but not that McCain and that daft woman would be any better.

Anonymous said...

Neat propaganda trick - - let us blame it on the Democrats. Reminiscent of Homer Simpson's 'Gee, boss, it was like that when I got here'!

It is sub-prime mortgages this time, last time it was dot com busts, they are the symptoms of the disease, not the cause, though very painful symptoms nonetheless.

The disease is 'easy money', whose availability is determined by bankers, not government, ever since Nixon's America withdrew from the post-war financial settlement, and financiers persuaded us adopt a 'light touch' regulatory framework that made finance the master of the economy not its servant.

Result asset price bubbles, run away consumption on tick, greater inequality, future generations mortgaged to the hilt, and accelerating environmental degradation.

For one possible solution see:

Martin said...


The bailout plan is nothing more than the advent of state capitalism - in other words, fascism, defined by Gaetano Salvemini as being private profit and public loss.

What has been seen in the USA over the past two weeks has been nothing less than a coup d'etat - the management buy out of the USA's financial and political systems. The scope of the powers that it is being suggested that Hank Paulson be given are such that, to all intents and purposes, the outcome of the forthcoming election is irrelevant. Do you seriously think that if push came to shove, Obama would do anything to hurt Wall Street? The greed of neoliberal bankers having got us all into this mess, the preservation of those same neoliberal bankers, or as many of them as possible, is now the primary aim of American public policy. What 'We, the People' think doesn't really matter.

Anonymous said...

If you promise not to tell anyone, I'm agreeing with jolies-couleurs about "easy money" being one of the causes of our difficulties.

And I will admit to jock that I'm not impressed with Republicans saying they warned against this, because they were in the majority at the time they made the warnings.

On the other hand, running on a platform of easy money is a time-after-time proven political winner, as the video demonstrated...

Anonymous said...

I remember my first visit to Dublin, on the bus from the airport, sitting opposite an elderly man, who lent over saying, "Do n't you thing the interest rates, these there credit companies charge are usurious. As St. Thomas Aquinas says in the Summa Contra Gentiles..."

I think we need to be reminded as to why both Christianity (before the Reformation) and Islam today are critical of 'interest'. It divides returns from risks, returns from genuine productivity, making real things or providing actual services.

We need a moral market supervised by the public square.

documentary24 said...

The American Revolution is really a very important part of our history. There is also a great documentary about this time. You can watch it online at