Here we go again. People who were never elected, who escape complete political control, acting like white-collar gangsters robbing the poor to get rich quick, destroying the lives of millions and as the stock market crisis ripples, will negatively effect the lives of billions.
Globalization has created a world out of control. At best, political leaders watch on helplessly, and at worst, are in collusion with the banking parasites. And what of the public good in all of this? If only helping people better their lives created a quick double digit profit.
Is this crisis déjà vu? Of course it is. Do you remember the Savings and Loans debacle in which tax payers bailed out corrupt bankers. What of the IT bubble? One would think political leaders would have learned it is time to regulate, monitor and intervene. Enron? Crédit Lyonnais? “Du passé faisons table rase.”
So, the central banks, also run by people who were never elected, pump hundreds of billions of ‘our’ dollars into a banking system run by their buddies to bail them out after allowing them to ruin our economies again. Interest rates may go up. This means we will pay for their greed. Economic growth will slump as credit for investment becomes harder to get. The result: unemployment, more foreclosures, greater misery.
This crisis was foreseeable. Housing prices could not boom indefinitely. Poor people with no down payment could not possibly pay up to 18% interest as the bubble burst and the price of the mortgaged homes plummeted.
Should poor people be helped to acquire homes? Of course they should. Just as everybody should have global health care. But capitalism’s nature is speculation. That is why the people we elect have to take control to insure our interests are respected.