Saturday, April 5, 2008
As this credit bubble continues to unwind, and more facts come to light, it become ever more apparent the immoral and ridiculous nature of the system. One goes through one’s life and is told by respected elders to do the right thing, follow the rules, be fair, don’t lie, don’t cheat, and don’t steal. But, it is in fact the ability to game the system in your favor, to bend the rules, to cheat, lie, steal and deceive that gets you a house in the Hamptons. The rest of us have become de-facto drones who must only sit and watch with bemused amazement at how institutionalized pilfering has become a state sponsored entity. On America’s Most Wanted, they show the foolish bank robber going in with a mask, risking his life, for an average of $2,000. The reality as it turns out is that the real thieves are in the Wall Street Cartel, backed by U.S. taxpayer largesse. How did we get here? Is this really the way our country works? Has it always been so? Perhaps we are just naïve in believing that justice will find it’s way to the canyons of Wall Street. That the U.S. has entered its inevitable decline from glory is almost beyond doubt, the only question is over what time period and who will bear the greatest pain. As the oligarchs have ensconced themselves in a citadel of deceit and power, the rest of us are left exposed to the erosion. I believe that the system has become so corrupt, that change from within is impossible. All our blogging and blathering about how unfair everything is will not change the facts on the ground. There is opportunity cost to all this ranting and raving, and the reward is diminishing quickly. The deck is heavily stacked in the favor of the financiers, one just needs to accept it and move on. Until our whole credit/debt finance system collapses in conflagration, nothing will change. Perhaps it has always been this way.