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Obama police blotter (just a normal morning at the NYT biz page)

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  • Thu, Apr 09, 2009 - 08:38am



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    Obama police blotter (just a normal morning at the NYT biz page)

  Just like its predecessor, everything this administration is doing in finance policy has only the goal and effect of propping up an unsustainable financial sector and an unsustainable economy in general. Growth and exponential debt are dead. The most an ideologically enthralled government can do now is zombify them temporarily, while using the fraud of claiming to restore the old system to health as a means to set up what by now is an assembly line plunder conveyance from the people to a gangster elite.  

The bailouts cannot accomplish what Obama says they will accomplish. They can only wage a financialized form of civil war.  

We’re getting more confirmation that these "stress tests" were never meant to be anything other than a propaganda exercise. Their scenarios are absurdly optimistic; and it was preordained that everyone would "pass" and yet still be found to need more wealth redistribution from the people to the asset holders.  

So here’s the process:

1. Obama and Geithner decide a priori that they want to wage class war by stealing from the people for the benefit of super-rich bankers.  

2. As an ideological exercise they want to declare that Bank A is solvent.  

3. So they set up a fraudulent "stress test" guaranteed to prop up this solvency lie.  

4. But to do so in such a way that they can say, the bank is solvent and almost healthy, it just needs more taxpayer conveyances.  

5. Repeat with every other bank, as many times as is necessary to steal all the money.  

They hoped that including some "private investors" (who are fully financed and have all potential losses preemptively guaranteed by the admin) would make this look less like a direct loot conveyance from the public to a small criminal elite, but so far it’s not quite doing the trick politically. So they now want to try to induce gullible individuals themselves to directly hand over cash to these gangsters.  

More on intentionally constructed systemic risk and "Too Big to Fail". In this case, it’s life insurers who are too interconnected to fail and who are demanding to be bailed out.  

We must be clear that the entire systemic risk buildup was an intentional historical crime on the part of a small corporatist cabal. They first collaborated with government in financializing the economy and hollowing out manufacturing, then stripped away all regulation, then wound all of civilization in the funeral shroud of exponential debt, sealed us up in the coffin of leveraged gambling, and now Obama is trying to roll a stone onto the coffin by breaking us forever under the yoke of permanent protection payments to the FIRE sector.  

What we must do, on the contrary, is eradicate this sector forever.  

Meanwhile, with an assist from alleged progressive Ted Kennedy, and in spite of all the hype about how this admin is finally going to try to impose some rationality on war contracts, they’re going to continue conveying public wealth to corporate parasites by buying worthless astronomically priced toys, in this case a "stealth destroyer" even the navy doesn’t want anymore. The article makes clear that this is for no one’s benefit but two dinosaur shipbuilders.  

In case you’re thinking that "manufacturing" as such is a good thing and needs to be stimulated, that doesn’t apply in the cases of massive corporate welfare projects which build nothing of any value (and don’t even employ many people; hi-tech war contracts as a rule create very few jobs). All this contract does is convey public wealth to a handful of already fat interests.  

What we need is to revamp real domestic manufacturing of staple products (not consumerist frills).  

As per the basic rule that during times of great crime, stocks rally or lash out inversely to the public interest, so insurance stocks led a rise as the news got around about the favorable outlook for the loot conveyance to be extended to insurers.  

But while the stock market is helpful in punishing the people where necessary, at the same time TPTB do not want traders actually being allowed to bet on fundamental weaknesses in the FIRE structure. So short selling is the one thing they believe has to be more tightly restricted.  

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