By Malcolm Campbell
No Tyranny here? Follow along.
In 2011 Standard and Poors downgrades US Debt (on the heels of fiscal profligacy and political gridlock back in the summer of Tea-Party-Love). Market tanks.
In 2012, Libor Scandal breaks (primary rate manipulations [lending] by big banks costing the world [borrowers] trillions in bogus spread related fees). AKA Lieborgate. The scandal outcomes so far are small and insignificant compared to big bank revenues and profits, no headline criminal convictions just the token liquidation of a couple of minimum-bonus-pool pawns. (move along nothing to see here).
January this year PBS Frontline interview with DOJ assistant AG Lanny Breuer admits equal justice does not apply to big banks. In anticipation of market jitters related to the ongoing fiscal-cliff-come-sequester-come-debt-ceiling saga and the likely S&P US debt downgrade redux, DOJ goes after the rating agency with a nuclear lawsuit to the tune of billions. According to today’s WSJ, “all the earnings the firm has reported in the last seven years” are in play. WSJ Opinion headline, It’s Payback.
People need to wake up.
This is not an R thing or a D thing this is a powers-that-be thing. You know them…the big-banker-smokers-of-schlong, Obama, Schumer and the play- along-to-get-along establishment Repubs. They are so afraid of the impending failure of Too-Big-to-Fail (our generation’s Manifest Destiny), that the stock market must be propped up BY ANY MEANS NECESSARY. And if that means an end around on the rating agencies to keep doing the reach around on you, then so be it.
Where have we seen this movie before? Oh yes, it was the big banks who badgered the rating agencies to mark subprime mortgage crap as AAA in the lead up to the housing bubble. Private profits/public losses followed. How soon you forget.
Friends should recall that violence is an option under Malcolm X’s doctrine of “by any means necessary”. As you may recall things went swell for the Native American under Manifest Destiny. How will the deciders decide under the blow back of too-big-too-fail? Do you suppose they dread going there? You have been warned.
Bottom line, leaders choose tyranny when they are scared of losing control. That is until the people rise up and say “No more” with an equal and opposite force. So, this is as easy to read as playing poker. Via DOJ, the Obama admin fears the likelihood of an upward move in its precious borrowing rates. Implications would suggest;
-A stock market correction and general loss of investor confidence.
-That debt actually DOES matter.
-That spending really IS a problem, and
-The critters in congress will have to catch the kicked-can now-in-play.
-Followed by the goring of Golden Oxen
– And, blow back from the low information dependency class.
-Oh and that Keyensain Grand Wizard, Paul Krugman, is revealed to actually be a kook.
Pray for our leaders. For the time is coming when you may feel the calling to represent a force far more fearful than TBTF bankers. But first turn in your guns. The Bankers have requested that your revolution not be televised.