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Author Topic: The Big Takeover  (Read 1049 times)

Offline AlexNYC

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The Big Takeover
« on: April 04, 2009, 01:51:53 PM »
The Big Takeover, an article by Matt Taibbi of Rolling Stone, is a very informative and comprehensive read on the economic crisis.

The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution

http://www.rollingstone.com/politics/story/26793903/the_big_takeover/print

Offline essen

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Re: The Big Takeover
« Reply #1 on: April 04, 2009, 04:40:23 PM »
Maybe it's a Rolling Stone thing, but I can't stand the writing style of that article.

Offline essen

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Re: The Big Takeover
« Reply #2 on: April 04, 2009, 06:15:48 PM »
And now that I've actually read the whole thing, trying to ignore phrases like "balls bulging," I will agree that it is informative, but the end bothers me. Much of the article focuses on specific agencies, groups, and individuals that caused the problems, but then comes this:

Quote
The most galling thing about this financial crisis is that so many Wall Street types think they actually deserve not only their huge bonuses and lavish lifestyles but the awesome political power their own mistakes have left them in possession of. When challenged, they talk about how hard they work, the 90-hour weeks, the stress, the failed marriages, the hemorrhoids and gallstones they all get before they hit 40.

"But wait a minute," you say to them. "No one ever asked you to stay up all night eight days a week trying to get filthy rich shorting what's left of the American auto industry or selling $600 billion in toxic, irredeemable mortgages to ex-strippers on work release and Taco Bell clerks. Actually, come to think of it, why are we even giving taxpayer money to you people? Why are we not throwing your ass in jail instead?"

...which just lumps all hundreds of thousands of "Wall Street types" into the same category of assholes that should be thrown in jail. As individuals, they aren't all responsible for this and many of them would've had no clue what's going on - because these companies are so massive that it's impossible to know what all the other units everywhere are doing. The article focuses on the 400 people who worked for the London-based AIG unit that buried the company with bad credit-default swaps. Last year, AIG was estimated to have 116,000 employees. Citigroup, 360,000. JPMorgan, 228,000 employees. Wells Fargo, 276,000. Bank of America, 171,000. Every single employee of these companies is being tarred and feathered throughout the media, when in reality I would say that the vast majority of them had little or nothing to do with the demise of our economy as we knew it. This is why anyone working for these places now fears for their personal safety, and they don't deserve that.

The article also doesn't bother addressing the role that Americans who don't work in the finance industry play by not paying back their debts. It's not just meth-heads who bought things and houses they couldn't afford simply because they were allowed to; it has been millions of reasonably sober Americans with perfectly functional thought capabilities, who were just as greedy as the bankers, just on a smaller individual scale.

Sorry, I don't mean to crap all over your link, but when stuff like that is so one-sided I get a little annoyed. Overall it is worth reading, for people who still don't understand how all these companies collapsed and the government's role in it.


 

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