Thursday, May 31, 2012

More Legal Trouble For JP Morgan, Obama’s Brilliant Banker

The story just gets more surreal.    This is starting to share some resemblance to the last time we were told a firm that used unregulated, opaque, leveraged smoke-and-mirrors to hedge something or another.  They were also the smartest guys in the room.  A corporation that also had very close ties to a White House.  A corporation that used those ties to subvert sanity and the rule of law to rig the system in their favor to loot our society for their own delusions of grandeur, greed and arrogance.   That shouldn’t be a surprise.  As we have noted on here before, Enron was a creation of Wall Street.   Every large Wall Street firm involved paid massive fines for involvement in Enron’s collapse but never had to admit criminal wrongdoing.  Wall Street still is essentially running the Enron scam with their manipulation of energy markets with unregulated, opaque, leveraged smoke-and-mirrors.   

Jamie’s got $80 trillion of derivatives and countless more hundreds of billions of dollars in assets that are most certainly going to see their risk profiles change substantially in the future…..    I suspect it’s about time the corporate and political propagandists will start spouting plausible deniability; a favorite manipulation of the systemically-incompetent, dumbed-down corporate state.  How could we see this coming?  It’s a once in a life time crisis.  Of course.  How could you see this coming?  You don’t have the knowledge, ability or competence to be doing what you are doing.   Merit in our society is nearly dead.  Our government and corporations are run by dunces who got to their positions through cronyism, propaganda, endless money to create false images of reality and through the rigging of our economic and political system.

We will never have democratic capitalism or a democratic merit-based economy until democracy owns banking and money.   We need a public banking system and a democratic monetary system to fund it.  One that is protected from political toads and special interests. 

posted by TimingLogic at 11:37 AM