You are herecontent / How Wall Street Creates Socialists

How Wall Street Creates Socialists


How Wall Street Creates Socialists
By E. J. Dionne, Jr. | Truthout

If money is an abstraction, the investment industry's creative inventions are abstractions of abstractions of abstractions. Banks no longer just give people loans to buy houses. Now Wall Street's geniuses -- and they are ingenious -- trade bizarre financial products in which the original loan is packaged with thousands of others and buried under piles of equations and economic gibberish.

Goldman may face SEC charges, but it's the entirety of our deregulated financial system that's on trial. In this new order, the inventiveness of our entrepreneurs goes not only into creating products that actually enhance our lives (from refrigerators to laptops to iPods) but also into fashioning "absolutely conceptual and highly theoretical" financial products whose main function is to enrich a very small number of well-placed people.

Maybe the next time someone calls Barack Obama a socialist, the president shouldn't issue a denial. He might instead urge his accuser to read the hearing transcript of this week's congressional testimony from the Goldman Sachs guys in their beautiful suits.

Capitalism has not taken a hit like this since Mr. Potter made his appearance as the evil banker on "It's a Wonderful Life." No leftist polemicist could come up with as damning a description of contemporary capitalism as the contents of an e-mail that Goldman's Fabrice "Fabulous Fab" Tourre sent to his girlfriend.

"Well," he wrote, "what if we created a 'thing', which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?"

Perhaps Fab once read the Karl Marx who wrote: "The more abstract money is, the less natural its relationship to other commodities." Read more.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Deforming, abstracting terminology, language becomes totalitarian ideologies, class arguments. Abstracting resistance to American fascist Empire and its corrupt labels:
as "insurgents", "militants", "taliban" produces unknown enemies, shadow enemies, and endless wars.

Like NATO and American Empire, corporate fascism, like imperial fasicsm conflates totalitarian abstractions into non existing "free markets", where freedom morphs, corrupts into Fascism.....criminal miltary alliances, war criminals, and NAZIS themselves.

Essentially corrupting social, international human principles into class hierarchies, top down class despotism cripples the whole world into a FASCIST MATRIX, GLOBAL MECHANISM. SET UP SOCIAL ALLIANCES, WHILE DISMANTLING CLASS HIERARCHIES, AND WE END/SMASH/CLASS HISTORY. NATIONAL, INTERNATIONAL STRIKES AGAINST WESTERN FASCISM.

Questions for Congress
The Legality of Drone Warfare

http://www.counterpunch.org/mariner04282010.html

excerpt:

"The use of drones to target suspected militants raises a plethora of complex legal and policy questions. Notably, the United Nations special rapporteur on extrajudicial executions, Philip Alston, has voiced concern over the US use of unmanned drones, warning that the attacks may fall afoul of international human rights and humanitarian law."

NOTICE THE CORRUPT TERMINOLOGY...."SUSPECTED MILITANTS"

ANYONE OPPOSING A CRIMINAL FASCIST EMPIRE, LIKE THE U.S. IS LABELED FALSELY....SIEG HEIL.....

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Support WarIsACrime



Donate.








Tweet your Congress critters here.


Advertise on this site!




Facebook      Twitter





Our Store:





















The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.