Yes! – Its Banking Armageddon!
Hooweee! Northern Rock, Bear Stearns, now Lehmans and Merril Lynch with AIG looking distinctly ropey. How to explain the tottering of giants whose feet really were made of clay all along? Well, one way to look at it is that ever since Thatcher came to power in 1979 it has been a 30-yearlong gangbang of greed; Thatcher and her undead army came to power with the express intent of turning Britain, still in possession of something resembling a manufacturing and mining sector, into a global finance powerhouse, AKA monster moolah trough for the elite. Of course, in order to do that they had to basically throw about 2 thirds of the country overboard, y`know, destroy all those making-things jobs that weren`t providing whale-choking levels of profit. Oh, and wrecking the local economies of most of Britain north of Watford and east of Hampshire.
Then there was getting rid of all those pesky regulations, which Unca Ronny Reagan was pantingly keen to get started on. Amongst that long bonfire of the legislations we can most recently count the repeal of the 1930s Glass-Steagall Act in America, a financial regulation enacted during the Depression to control the excesses of the banks, especially with regard to speculation. It was repealed in November 99 by the Gramm-Leach-Bliley Act, one of whose proponents was Phil Gramm, US senator; Gramm was, until July this year, John McCain’s presidential campaign cochair and senior economic advisor. Isn’t that just sweet? Gramm was forced to step down from that position after an interview in which he poo-poohed the idea that we were in a recession, and said that America’s leaders were whiners, although the media framed it as him saying that the American people were whiners.
What a charmer. Bet ol` Phil won`t be shopping at Pound City and Farmfoods for the foreseeable future. Unlike former employees of Lehman Bros.
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