Thursday, February 25, 2010

Roll Out the Barrel. We’ll All Have Barrels of Funds

The Glass-Steagall Law erected barriers between banks, brokerages and insurance companies in the wake of the 1929 stock market crash. This New Deal reform cancelled by Clinton (he added NAFTA to the corporate lunch and the Bush Administration went on steroids) reflects a major shuffle with a handful of trump cards disappearing under the table.

Solid business used to be the goal. Today, running the show into the sewer and begging for a handout is the game. With auditing practices complex enough to fool the fox in the hen house, with CEOs who let the dice roll instead of maintaining a safety valve for investors and stock holders, we’re “led” to the alters, the wars, the echoes in the mall and the silence between national drumbeats so thin the music doesn’t even play.

The loan sharks are in the bedroom. Its din din for Jesus and the cash. This Wallow Land of epistemic opacity and eulogistic sound bytes, runs up the tab, bears arms for oil, or sits under the Congressional flagpole waiting for the next job, the next hurricane, the next foreclosure, the next shoe to drop from Uncle Sam’s never ending slog to corporate victory.

What an orgy. Create the crisis. Demand payback for years of economic polymorphic perversion. Streamline the hedge funds with no promise of return. Add Presidential power at the Congressional Dance Hall this week. We’ll hold our breath while the global financiers pant for more. In this flushed out game of drop the soap, perhaps a worldly body condom is in order.

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