Visualize the Dow at 6,000 - by Mike Whitney
What we are seeing today in openly in America and in a more controlled form elsewhere in the financial markets is a hybridized version of capitalism, “Paulson’s Scatterbrain Capitalism,” a hodge-podge of taxpayer bailouts, government intervention and free market mumbo-jumbo supported by a corporate controlled press. It’s a toxic mix of off-balance sheets operations, over-the-counter “unregulated” derivatives, dark pool trading, opaque hedge funds, dodgy Enron-style accounting, and complex, hard-to-pronounce debt-instruments wrapped up into one, cheesy, unsustainable shell game, managed by Harvard-educated flim-flam men and backed by a 100 percent government guarantee. That’s the system we’re supporting with our tax dollars and that’s the system that is dragging us headlong to ruin. It ain’t capitalism, my friend. It’s a crooked system run by corporate carpetbaggers and banking scalawags who’ve shot the Golden Goose in hopes of keeping the larder at the cottage on the New Jersey coast chock-full of Dom Perignon and halibut fillets. They created this nightmare and they’ve doomed us all. As long as we prop up the existing system, the economy will continue to flounder, unemployment will continue to rise, foreclosures will continue to soar, banks will continue to be shuttered, and the wobbly old greenback will continue its inexorable march towards Pesoville.
At an improvised press conference last week, US President George Bush gave what might have been the most comical performance of his eight-year presidency. Looking like the skipper on the flight-deck of the Hindenburg, Bush tried his best to reassure the public that “all’s well” with the economy and that everyone’s deposits were perfectly safe in the rapidly disintegrating US banking system.
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