Thursday, 26 March 2009

Bailout

It seems strange to me that this whole mess on Wall Street was seen as a shock. For years the elites on Wall Street have been passing strategic measures to place themselves and their allies in positions of power. For almost a generation now de-regulatory measures have been passed which allow all sorts of companies who have no business with each other to merge (such as insurance companies and investment/ commercial). This leads to the elite banking squad sipping on rye whiskey basically gambling with money that does not technically belong to them. When AIG was bailed out, it was truly Goldman Sach’s that got bailed out because of AIGs debt. Looking at the individuals involved in the bailout such as Geithner, Patterson, and Paulson it is obvious that these are not impartial observers with the nations best interest in mind . These are all highly powerful men with a lot of influence in their respective fields. In essence this bailout has created one huge holding company with highly risky investments run by an elite squadron of folks making decisions for an entire nation. Is that dictatorial, authoritarian, socialist, or fascist? One thing is for certain, this is not a liberal democracy any more.
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2 comments:

  1. Anonymous26 March 2009 at 21:20

    What alternative was there to a bailout? Surely the collapse of the global financial system is an event we don't want to experience.

    I'd actually say the current financial climate in the United States has a socialist air about it, given the nationalisation of several financial and insurance firms.

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  2. Chris K1 April 2009 at 17:05

    I agree with Amir that the United States in it's current economic situation with bail outs by the government has a socialist feel about it.

    The United States is becoming what it fought for many years during the cold war. The United States claimed that capitalism was better than socialism in a variety of ways and today they are being proved wrong by the economic situation.

    The reality is that there wasn't enough government intervention and regulation on wall street and the banks that could have prevented the situation.

    Marx was right in saying that the bourgeois exploit the proletariat for their own benefit, especially in the current situation.

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