And yet another good article by Paul B. Farrell
Titled "King Henry Paulson says: 'Buy banks!'
But gurus say no: Cool Andy, Mad Jimmy, Genius John, Nervy Naomi,"
In his article Paul quotes:
Andy Rooney: "The single dumbest thing I do is invest in the stock market,"
Jim Crammer: "Whatever money you may need for the next five years, please take it out of the stock market. Right now. This week. I do not believe that you should risk those assets in the stock markets."
And after a discussion of that lead in, Paul quotes Naomi Klein: "Nobody should believe the overblown claims that the market crisis signals the death of 'free market' ideology. Free market ideology has always been a servant to the interests of capital, and its presence ebbs and flows depending on its usefulness to those interests. During boom times, it's profitable to preach laissez faire, because an absentee government allows speculative bubbles to inflate."
Naomi adds: "When those bubbles burst, the ideology becomes a hindrance, and it goes dormant while big government rides to the rescue. But rest assured: the ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis that will be the rationalization for deep cuts to social programs, and for a renewed push to privatize what is left of the public sector."
Just wonderful. I already have to pay a private company for the water I drink that comes from rain and snow. And I guess in the future, if my house catches on fire or if I am burglarized, if I can't afford to call Acme Fire Deparment or Blackwater Police services, I'm out of luck. It all makes me wonder how long it will be before I have to pay some company for the air I breathe?
Anyway, Paul Farrell ends with this prediction: " But then, by 2011, they will once again breach the "moral hazard" barrier as Reaganomics greed resurfaces in a new disguise, creating a new bubble and a bigger meltdown, triggering the "Greatest Ever Global Depression." "
Great, and to think I once had dreams of a secure retirement. Great Depression anyone? Stumble It!