The United States is in the middle of the world’s largest and longest-lasting crime spree. The criminals are known– their names and photos routinely appear on the front pages of newspapers– but law enforcement has been unable to make arrests or bring charges. And, according to Rolling Stone journalist Matt Taibbi, they are likely to continue their spree until there’s nothing left to steal. The ringleader is a character by the name of Goldman Sachs, and this kingpin has set itself up so that it not only steals from the suckers, but also from the other crooks as well.
Over the course of the past thirty years, Taibbi writes, a combination of easy money thrown at banks, oversight agencies blinded, and the watchdog press put to sleep has enabled investment banks, insurance companies, and commodities brokers to inexorably suck the money out of our pockets. It doesn’t get added back into the economy in any fashion, except in the bonuses paid to CEOs, partners, and the legion of salespeople hawking their products. Unless you produce gold-plated yachts and giant houses, it’s unlikely you’ll ever see that money again.
The cons are not simple. They were devised over the years by some really smart people who had their eye on anything monetary that wasn’t already theirs. From institutional investors required to maximize profits in risky investments (have you checked your 401[k] lately?) to taxpayer-financed bailouts, these guys have created a system that privatizes their profits but socializes both the losses and the long-term consequences of their schemes.
Fortunately, Taibbi has sorted his way through both the histories and mechanisms used by these guys and come up with clear and cogent explanations of their concepts, and he steers clear of the tall grass that makes reading prospectuses both useless and soporific. He doesn’t mince words, targeting Randian Fed Secretary Alan Greenspan, a host of government/industry insiders and their gold-plated revolving door, and the elected officials who approve questionable legislation for their donors. If, as Dylan wrote, “to live outside the law, you must be honest,” it’s even better to buy the legislative process and make your crimes legal. For these guys, it’s dirt cheap and pays off every hour of every day.
One of the important points Taibbi makes is that all of this goes on in full sight of the public, but we’re too busy talking about pigs and lipstick, socialism, abortion, gas-guzzling drivers, and gun rights to pay attention. It’s easier for our press to cover the horserace and entertainment factors of our elections than to actually talk about the vanishing difference between the Democrats and Republicans and their focus on the next election cycle. At this rate, we won’t be able to buy the metal for our pitchforks and oil for our torches in another five years.
Don Corleone said that “one man with a briefcase can steal more than a hundred men with guns.” Update that to “two thousand men with guns,” and you’ve got a more accurate picture of the Griftopia we live in.
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