Hey Washington - WAKE UP!

WARNING - I am a little hot under the collar today.

Italian historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because “the State pays for the blunders of private enterprise".  

Say what?  Did you see that word?  FASCISM.

This perfectly mirrors Nouriel Roubini’s statement about the American government’s bailout plan.

This is a crisis of solvency, not just liquidity, but true deleveraging has not begun yet because the losses of financial institutions have been socialised and put on government balance sheets. 

So what do we really have now?

• socialism-for-the-giants
• fascism
• an economy which calls itself “capitalism” but supports corporate welfare?

Ultimately, it doesn’t matter. Socialism for giants, fascism and capitalism are just different brand names for the same basic type of economy. All three systems allow giant businesses which are friendly to the government to keep enormous private profits but when they fail, they pass the losses on to the government and ultimately the citizens.

Who is doing this?  The 'too-big-to-fail' banks:  

• Citibank, 
• JP Morgan Chase, 
• Bank of America, 
• Goldman Sachs, 
• Morgan Stanley.  

It doesn't matter if we all move our accounts to local credit unions because our accounts don't add up to enough to get their attention.


Folks, its time to call a spade a spade, regardless of which party you support.  Both the House and the Senate had to vote and approve the bailout that put the losses of the financial institutions on the government balance sheets.  Much of our country's debt is not something 'We the People' did wrong, but Washington now wants to cut programs that help real-live hurting people to pay for that debt.  And what did bank executives do?  They continued taking bonuses and using the same crappy business process.  In other words, they went merrily on their way with OUR money.

I keep saying that 'We the People' must, by necessity, band together at the local level and help each other, as was done in the Great Depression.  The Occupy WallStreet movement showed how successful such co-operative community actions work after SuperStorm Sandy in NYC.  People helping people.  Not even fascism can stop the power of such a movement.  

Not sure about you, but that makes me excited and warm-tummy, despite all of the chaos and calamity in Washington.