Thursday, June 21, 2012
Thursday, June 21, 2012 1 comment
The stock markets were down sharply today on reports that economic growth might be stalling. Then after hours one of the big credit rating agencies downgraded the top 15 US banks, guess what the markets will look like in the morning. These credit rating agencies are just lackeys to the very banks that they are downgrading. The banks have been showing massive profits for the past three years and awarding their executives $150 billion per year in bonuses, but now suddenly they need to have their credit worthiness brought into question? NOW?
The reason given is that analysts question these massive predatory banks’ ability to make money in the future. It’s as if they see something coming the rest of us missed. Did they unearth a new Mayan tablet that goes into detail about the end of the world? Oh wait, oh wait, there’s something happening in November, if I could just remember what it is?
A somewhat cynical person might think that the Wall Street banks fear that all the money they’ve invested in Mitt Romney isn’t going to pay off, and that they’ve come up with a way to hedge their bets. The corporate media is talking constantly about the fantastic costs this downgrade will ad to borrowing, IF YOU CAN EVEN GET A LOAN! The Mayans were right, we’re doomed. At least if the Republicans can drive down the economy sufficiently by November we peasants will be.
The question is just how far will they go? Will they completely crash the banks in order to freeze up the economy? It doesn’t matter to them how much money they lose, if they can seize the entire country. Then they can print their own money. Will all the bills have portraits of Ronald Reagan on them the way the Queen is on Her Majesty’s currency?
I’m a little surprised that they’re starting this early, but they do have people who can crunch the numbers. By October, will we see lines of people outside banks wanting their savings? (Are there people who still have savings?) Will the plastic in your wallet stop working? I have no idea, but you can bet they are considering this.
Even if Obama can keep the bankers under control, the damage they do will make Obama look bad just the same. He’s probably starting to regret not putting them all in prison. Really, all the Republicans need to do is hang onto the Congress, the next four years will make the past two years seem like a picnic. Too bad that big asteroid missed us, it would have been so much easier to deal with.
Maybe I’m being too pessimistic today, we’ll see how many points the market drops tomorrow. If we start seeing daily up dates on the news about how much our 401(k) has dropped, then we‘ll know the corporations are really going for all the marbles. You know, the way that the school yard bully just steps on your fingers, and takes all the marbles. www.prairie2.com