Wall Street's Toxic Message Carried in the Winds of Change

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SamLinder's picture
SamLinder
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Wall Street's Toxic Message Carried in the Winds of Change

http://jessescrossroadscafe.blogspot.com/2009/06/wall-streets-toxic-mess...

12 June 2009

Wall Street's Toxic Message Carried in the Winds of Change

Joe Stiglitz writes an important essay, and it is suggested that you take the time to read it. It helps to explain many of the things we have been saying, including the forecast that 'a new school of economics will rise from the ashes of this crisis, as Keynesianism rose from the Great Depression.'

These are changes of an historic nature, and as such they will progress slowly, and be largely unnoticed by those going about their daily business.

But the tides of change have been loosed, and what we have known, and relied upon, and expected will be shaken to its foundations.

Wall Street's Toxic Message by Joseph Stiglitz

 

DrKrbyLuv's picture
DrKrbyLuv
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Joined: Aug 10 2008
Posts: 1995
Re: Wall Street's Toxic Message Carried in the Winds of ...

Sam,

I really enjoyed this article and I think there is much truth in it.  U.S. style capitalism has suffered a major setback in the eyes of many and this is really unfortunate since western economies have been corrupted by "crony-capitalism" that is much more aligned with fascism. 

We have seen a major move towards consolidation as the big players eliminate competition with the support of our bribed government.  These mega corporations are pursuing the monopolization of industries and they have become more and more powerful in controlling and influencing the government.  This partnership is not capitalism; by definition it is fascism. 

Partnership is too nice of a word to use as it does not imply the corruption that takes place when the lines between the private and public sector are erased. Rep. Michele Bachmann hit the point, speaking on the House floor: “Now we’ve moved into the realm of gangster government. We have gangster government when the Federal Government has set up a new cartel and private businesses now have to go begging with their hand out to their local–hopefully well politically connected–Congressman or their Senator so they can buy a peace offering for that local business. Is that the kind of country we are going to have in the future?”.

Here's a video of her speech:

Larry

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