Progressives "hate that" (0+ / 0-)
wrong! it is the systemic problems underneath that have not been addressed. The financial derivatives: black holes that are not subject to disclosure. The failures to maintain chain of custody on property deeds, the falsified notaries, and deceitful discovery behind the foreclosure crises. The failure to hold the credit ratings agencies accountable.Never mind jailed: less then a handful and none of the principles were even indited for blowing up the worlds economy with financial explosive devices of market destruction.
High speed tax free computer autonomic stock trading, Credit default swaps and offshore tax havens are not available or part of reality for the 90%.
It is "Gotcha"Capitalism that has progressives as myself so riled. We can't seem to make money in this society ethos just by providing a service or product: No; we've got to trick you! Tripwire penalties and punishing fees for ordinary consumers. Late a day? Too Bad! If you can't buy out the competition, crush them! The only rule is "don't get caught".
As my mothers Trust Officer candidly conceded: "We don't know what AAA means; we know what it's suppose to mean, we know what they say it means, but we can only trust that which we can do our own do diligence".
And speaking of 'Trusts', that constant 1% Treasury rate has pretty much destroyed mom's money. The trust can't engage in stock speculation so as the interest rate declined below her standard of living so did her standard decline AND the principle shrinks. Social Security will be all that's left after this next year.
Everything costs more (the consumer price index is a statistical lie); the financial chickens of the Afghanistan / Iraq military adventurism coupled with tax cuts are coming home to roost. To my knowledge never in history has a nation gone to war, borrowed the money from foreign 3rd parties AND then cut taxes on the wealthy!
There is no compartmentalization in the US financial industry: To many shopping centers without customers, to many office buildings without leasers, and too many housing additions with the owners either foreclosed, underwater, or not even sold. The worst offensives are not even illegal: congress and the mantra of "deregulation" saw to that!
It's the final market correction and world wide reckoning that has me worried. It's the underlying soundness of the Insurance industries reserves (what ever happened t those S&L TARP properties: the Penn square $6M weed encrusted lot is still a $600K weed encrusted lotin eyesight of the OKC capital building).
I question the fundamental soundness of the worlds economy and the United States in particular. The best prediction I have seen is a more complete collapse somewhere around 2015-2016 (dependent on any corrective measure being introduced). It would be interesting to see how this turns out 2 generations from now.
