Sunday, April 25, 2010

The life blood of the American economy

The talking point of the Wall Street apologists is that we can't touch Wall Street because they are after all the life blood of the economy. The only blood in these parasites is what they have sucked out of Americans. They destroyed countless business in the eighties with mergers and acquisitions and went on to simply reduce the rest to empty shells with leveraged buyouts. There's a couple of trillion in junk bonds left over from that coming due in 2012 that will sink what's left of the economy.

Wall Street sold our manufacturing base to China and started selling off our municipal infrastructure to foreign investors to keep their cash flow going. When they couldn't make enough doing that, they started selling derivatives based on bad mortgages. They are running out of stuff to steal. A big chunk of what you pay at the gas pump goes to these weasels. Remember when the banks froze up in '08? The first thing that happened was the price of gas went down because they couldn't drive the futures market anymore.

They have been destorying third world countries for decades and they are doing it to us the same way.

2 comments:

Erikj said...

Let's short circuit Wall Street banks by creating state owned banks. North Dakota has hadd one since 1913 and they are the only state that has remained unaffected by the recession. They have a $billion surplus even. 12 states are thinking about it and we need alll 50 to do it.

Ronmac said...

'There's a couple of trillion in junk bonds left over from that coming due in 2012 that will sink what's left of the economy.'

Thankfully by that time the earth will be passing close to this massive black hole in a nearby galaxy which is supposed to overturn the laws of physics and with no gravity to hold us we'll all be drifting off into outer space.

Don't worry be happy.