Saturday, December 17, 2011
Same as the rest of us
There have been a couple of posts that really got me going the past couple of days. First one is this one that lays out the issues from the perspective of the bottom end of the socio-economic spectrum. There is an abbreviated version over at Financial Armageddon that I prefer, as sometime Zerohedge drives tack with a sledgehammer.
The other one is a touch more insidious. Jesse has always been a favorite of mine. Jesse speaks for the moneyed interests who have a feeling of responsibility and duty. I have always felt that Noblesse Oblige is a emotion only felt by the noble. I respect him highly. But Jesse is now in a bit of a snit because it looks as though people who have stored their gold and silver bars in the vaults of vipers now may lose some of their money. The horror.
For the most part, there were very few grandmother's retirement nest eggs in the list of investors at MF Global. I am certain that they kept a few on retainer so that they could appear to be serving a pubic interest, but the truth of the matter is that this was a fund set up by a predator (read here Corzine) who wanted to parlay his financial (ex-Goldman-Sachs) and political (ex US Senator, ex-New Jersey Governor) influence into an even more insufferably huge wealth pile.
The people who raced to throw money at Mr. Corzine were the financial equivalent of jackals to Mr. Corzine's wolf. When the wolf took their money, they were/are aghast at the idea that someone would use them so luridly. Jesse of course finds the idea reprehensible (which it is) but come on, in the immortal words of Sister Anna Rita (Eighth grade English) if you run with a bad crowd, you most certainly will eventually end up in trouble.
Look, the system here in the land of the free (etc., etc, etc) has been financially and morally bankrupt for a while. Jesse has been one of the best chroniclers. I think that here in blogoland, we should not concern ourselves so much with the huge losses obtained by the wealthy (leaving them still wealthy, but less satisfyingly so), but instead, chronicling and working to help the truly needy who are so starkly chronicled by Mssrs. Durden and Panzer
at 9:30:00 AM