Perry Glasser

Taking It in the Neck

In Economics, Politics, Wall Street on September 30, 2008 at 11:12 am

Yesterday, the League of Weasels, Buccaneers and Wizards learned the limit to American stupidity. Weasel in Chief, Georgie Bush, commander of American forces deployed to export democracy by force of arms to medieval shepherds, is disappointed. The American people want the Wizards and Buccaneers to take it in the neck.

They have the strange idea that duplicitous, lying, irresponsible leadership needs to be held accountable, and so will happily stand aside while Big Investors lose trillions.

According to the Wall Street Journal, the defeated bailout proposal included

  • insufficient “mortgage reductions for homewoners in bankruptcy”;
  • left unspecified the size of the equity stake taxpayers would have in exchange for their tax dollars given to mismanaged coprporations
    (Dollar$ NO BS definition: “equity stake” = “what we get for our dough”);
  • only lightly addressed executive compensation
    (Dollar$ NO BS definition: “executive compensation” = “Bucanner rake”);
  • handed procedural decisions to the Treasury
    (Dollar$ NO BS definition: “procedural decisons” = “rules to be made up as they go along by the people who put us in this shit-storm”).

Short version: probably by accident and for the wrong reasons having more to do with partisan politics than clarity of thought, Congress rejected a safety net embroidred for the rich out of taxpayer money.

Recipient of a Dollar$ Wizard Award, bank lobbyist Ed Yingling, successfully campaigned inclusion in the unpassed bill of a tax levy on banks to pay for the bailout as it was an unfair “punishment” to banks that did not make uncreditworthy loans (Wizard Yingling called them subprime) and would “put a cloud over bank stocks.”

In my town, we pay taxes for the public good. Can you imagine, some of us without children pay the taxes that pay for schools, several of us are happy to pay for a fire department that we pray we never need, and none of us consider taxes a punishment. We call taxes the price of civilization. Wizard Yingling must have been absent that day in his 4th grade Civics class.

Maybe Weasel in Chief Georgie will resurrect his idea that Social Security should be privatized, bringing the blessings of the Holy Open Market to old age. We dodged that bit of Wizardry a few years ago: even the Leaugue of Weasels (aka: Congress) had too much shame to legalize a statutory money pump pushing taxpayer cash into stocks that could then be sold at inflated prices by Buccaneer investors. Some of us poor schmucks do not own computerized trading program that automate leveraged orders to be executed at light-speed, but cling to our 401ks, 403bs, IRAs, SEP-IRAs, IRAs, Roth IRAs, variable annuities, portable health plans, 501(c) education funds, variable life insurance, and the rest of the full panoply of Wizard-created financial instruments designed to empty our wallets in exchange for a false sense of security.

We will all feel the the pain, but yesterday’s trillon dollar drop in the value of America is felt a lot more by those Big Investors, the holders of American promissory notes that have financed the War on Shepherds–the governments of China, India, and Dubai, that are growing concerned that the dollars they collect as interest are not worth much.

A pity, ain’t it?


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