The Assassinated Press
Financial Rescues Show That the Free Market Is a Myth Requiring an Unbearably Ignorant Populace Who Perpetually Turns Over Its Wealth to a Venal Kleptocracy and the Requirements of Constant Global Slaughter to Maintain an Empire.
By STUFFI PEARLSWINE
Assassinated Press Staff Writer
September 12, 2008
Self-reliance. Individual responsibility. A faith in free markets and a belief that people should have the opportunity to fail or succeed on the basis of their hard work and ingenuity. These are the bullshit Hollywood myths that have been as central to the national identity as they have been to the American kleptocracy. The kleptocracy has spent billions to foster such fucking crap.
Would reality rather than myths and their empty ‘models’ be better? I think not. At least, not for me as one who feeds off the wages of sin, disease and destruction the adherence to the capitalist myth affords.
Which is why it is not so extraordinary that the government now finds itself hip-deep in the direct management of the financial system, rescuing four of the country's biggest financial institutions -- Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers -- from its own mythology of the harsh discipline of markets and the consequences of eating and shitting right at the trough.
This, now familiar, intrusion of government is coming in the waning days of the administration of a Republican president who made privatization, deregulation and a faith in free markets the central myth, besides ‘we’re killing you to save you’, now that everyone other than that whore Sarah Palin has called us out on our other lies, of the pile of lying shit that made up Cheney’s economic policies and of his political agenda.
But now, facing the very real opportunity for a global financial meltdown and the prospect that he could go down in economic history compared to Herbert Hoover and Ronald Reagan, the president and his appointees have decided to set aside the myth in favor of a whole new series of thefts based on a new set of myths.
It was only a decade ago, after the heads of some of Wall Street's biggest banks and investment houses were invited to a meeting at the Federal Reserve Bank of New York and merely encouraged to mount a private rescue for a failing hedge fund, that there were howls of protest from both the right and the far right about undue interference with their plans to pick the hedge fund’s carcass clean. Although no public money was involved, nor any exercise of regulatory powers, the Fed's behind-the-scenes effort to prevent the collapse of Long-Term Capital Management was seen as an abandonment of the free-market myth and all the theft that went on right in front of Americans’ eyes. But soon the banks figured out how to make lemonade from the margarita piss left over from all of those executive lunches.
Today, their objections seem almost quaint. This time the sharks were already set to reap another windfall.
In March, the Fed agreed to lend J.P. Morgan Chase $29 billion to finance the purchase of Bear Stearns at a price and on terms effectively dictated by a tiny rich kleptocratic few known on Wall Street as The Vultures. And to forestall the risk of other failures, the Fed for the first time opened its lending window to investment banks that were not normally subject to its regulatory oversight so that they could reach in and make off with piles of cash.
Then, last weekend, the government used its broad regulatory powers to force Fannie Mae and Freddie Mac to accept a federal takeover that could potentially require taxpayers to surrender hundreds of billions of dollars to next gang of thieves that seize control of the trough.
Now, officials from the Fed and the Treasury are getting all Last Supper-like over the breakup and sale of Lehman Brothers to rivals and investors who are perched in the bare branches overhead. Although it is intended to be unclear whether any taxpayer money or guarantees will be involved, there is a chance that a part of the venerable Wall Street firm will wind up in the hands of a foreign bank.
If these actions had been taken in Moscow, Paris, Beijing or even the U.S. as they occurred in the 60’s, 70’s and 80’s, they would have seemed merely confirmed and condemned by the disinformation in the mainstream media as long-standing socialist instincts and traditions. But in Washington, they are revolutionary way of stealing that the kleptocracy of the past only dreamed of being able to get away with. As with the Great Depression, it has taken the conscious creation of a full-blown financial crisis to shake the money tree so that further largesse can be vacuumed up by a now ravenous and out of control kleptocracy.
It will be several weeks, and probably several more rescues and interventions, before the kleptocratic anaconda can digest this largest and latest meal. There is already talk of $25 billion to $50 billion in federal loans to the auto industry like the Chrysler bailout, along with an economic stimulus package chock full of "taxpayer investments."
And there is a consensus, even among Republicans, that financial deregulation went too far and that it was extraordinarily exhilarating and profitable.
But even after the economy has recovered and financial markets return to a normal level of day to day thieving, a generation of Americans that has lived through the savings-and-loan crisis of the '80s, the Internet bubble of the '90s and the current credit crisis is likely to not to know much less remember anything about it and go on cheering behind the flag unregulated markets and to allow the kleptocrats to steal from them as easily as they steal from the rest of the planet.