Like it or not, this is how it goes. The financial markets, through a process of incredible manipulation, intended or not, preplanned or not, destroyed one group of citizens in exchange for another getting rich. As time passes, those destroyed will be forgotten, a lot like the Veterans are forgotten. Oh, yes, much noise has been made but nothing real has happened . . . this is the way of Washington.
We will begin to hear stories about increased wealth and an improving economy. But remember this . . . it’s a little like the reverse of the Robin Hood (Robyn Hode) fable . . . robbing from the poor and giving to the rich. There will be stories of the new wealthy millionaires and billionaires . . . those who could not have made it without an inside track of some kind . . . the masterful craft of the financial markets. It is a true story.
You may be expecting a detailed list of issues with a score assigned . . . not so. Rather, this is a broad review in a few words, which asks the question . . . what happened in the financial markets over the past six years?
Prior to the election of President Obama, there was the trip down “Wall Street Lane” where the financial radicals explained to the President how they created the mess and what he needed to do to save their wealth for them. Of course saving the radicals wealth was paramount, because if the major money manipulators lost their basket of candy, the people would surely suffer more.
Welcome in TARP and changing the category of a few Money Market Manipulators to Banks with a single sheet of paper . . . time was of the essence less they lose their penthouses. And, so it was done, that major . . . lower than the curb on the street, those who should have been living out of a shopping cart . . . managed again to claim the shopping cart of the homeless . . . and make many more homeless.
With TARP came the free flow of money to those we now know as useless . . . they could buy up more of their own stock with the cheap money and yes, the value of the stock had fallen dramatically giving rise to their increased ownership. To get out of the dilemma of the huge burdens of debt, the useless now diluted their stock (selling more shares) and paid off the debt burden with money from investors on the street and pension funds.
In the final analysis the people on the street became the TARP program, and now have a larger burden of national debt to carry. Add to that the cost of lost wealth from real estate, pension funds and bank interest to name a few. The financial radicals are to the citizens as a foreign enemy. The damage they have created has destroyed the lives of our current generation and a few to come. “Isn’t every day an insider trading day on Wall Street?”
President Obama’s SEC Chairman Mary L. Schapiro entered the position with high hopes of making many positive changes and left lamenting it was not possible.
You may ask what has been done to correct the situation . . . maybe some window dressing. There is always more to the story, however it will never be told as with the other issues of the times. The pile under the rug just grows higher. Where is the press you ask? . . . it doesn’t matter . . . even if they reported the issues as they really are, nothing would happen. They have lost all credibility.