It’s About Power

I’ve mentioned the power of Matt Taibbi’s writing a couple of times before. Here he is again writing about the shenanigans on Wall Street. Worth reading in full.
“The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That’s $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG’s 2008 losses).
So it’s time to admit it: We’re fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we’re still in denial — we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream…”
Addendum July 2017: …and, wouldn’t you know it, Mr. Taibbi turns out to be a despicable human being himself.

About Geoff Coupe

I'm a British citizen, although I have lived and worked in the Netherlands since 1983. I came here on a three year assignment, but fell in love with the country, and one Dutchman in particular, and so have stayed here ever since. On the 13th December 2006 I also became a Dutch citizen.
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