Donnerstag, April 22, 2010

...a tale told by an idiot, full of sound and fury, signifying nothing...redux

Once again back to what is happening on Wall Street.

But this time not from a purely economic viewpoint, but rather contemplating what it means.

I've pointed out here on a number of occasions that President Obama is a product of the Chicago Machine of the Democratic Party, which is truly corrupt and deeply ingrained in the structure of that city: it lives off the people there, with corruption manifested as literally thousands of poorly done contracts that waste taxpayer money and puts it in the pockets of the carefully chosen; people with multiple jobs that don't show up for any of them except when it is politically needed; with deliberate over-staffing and political largess that prevents any real change to the system. Too many live too well, placed deep through the system, prevalent and able to nip any reforms either in the bud or able to thwart any real change.

It's the sad story of US corruption, but it's also what finances the Democratic Party in Chicago and has made it the de facto permanent party-in-power. That is all what drives the Democratic Party any more: no desire to actually help the economy and let people enjoy the fruit of their labors, but rather the virtually complete control of the economy for the benefit of the party. It's a sad, sad state of affairs for the Democrats, but one which the Party faithful have firmly committed themselves to. It didn't start with Obama - it's been this way, really, since the Reagan era led to the demise of the old-style Democrats - and the only way it can end with him is if the political commitment to routing out this most dangerous of corruptions wholesale, regardless of the costs (I estimate that you'd have to put around 2500 Chicagoans behind bars to even begin to clean up that city, at a minimum) both political and monetary.

Now, what is going on with the SEC, Goldman-Sachs and the White House?

Put simply, this is the game plan:

The only way that you can gain the kind of party loyalty needed to ensure that the game works is to make millionaires out of annointed Democratic Party activists. To this end, we can see a revolving door between carefully chosen Wall Street companies and the Party faithful; both Fannie Mae and Freddy Mac served this as well, and continue to do so, albeit on a smaller level. Rahm Emmanuel and other Party faithful made their millions by being appointed to the boards of these entities and making the policies that drove them into the ground.

Why are the financial companies willing to do this? Simple: access to information and being able to bend the rules with the complicity of oversight. The SEC has, obviously, been compromised severely, as you can see by the revolving door between the SEC and financial institutions.

Now, at some point the financial institutions think that they are in control, that they've bought and paid for their politicians, and that these need to pay attention to them right and proper. Of course, the politicians have their own agenda, especially Chicago politicians, and this is where it gets interesting.

You see, the Obama Administration needs a scapegoat for the SEC, and wants to remind Goldman Sachs who is wearing the pants in this relationship. Hence the move by the SEC on what is increasingly looking like a weak case against Goldman Sachs, ensuring that it actually does go into court, in order to point out to the world that current laws are inadequate and that the US government needs to be more firmly in control of the financial intermediation business.

Hence the case that the SEC is bringing will be largely fruitless, but will serve as leverage to pass legislation regulating Wall Street heavily: the goal is to tap into the Wall Street salaries and bonuses for the Party faithful, enriching them beyond their normal means and ensuring absolute political servitude for those who are tools, and simple enrichment for those who are pulling the political strings.

Read this and see how this fits. Then read this and understand more.

President Obama is presiding over the greatest fraud in US history: create a crisis, use it to get your tenterhooks into the money-making machine, and cream off the top while ignoring the common man. The goal is to get hundreds of millions for the the apparatchiks of the Democratic Party, to ensure that they have theirs and can therefore easily weather the probable wilderness that the Democratic Party will face after the mid-terms.

The public "outrage" of the Democratic Party towards Wall Street is nothing more than a tale told by an idiot, full of sound and fury, signifying absolutely nothing.

At some point you have to stop admiring the audacity and sheer corruption visible here and realize that this is the attempt to create the same kind of permanent money machine that drives Chicago politics, but this time on a national scale.

It remains corruption.

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