Friday, March 27, 2009

What Matt Taibbi said on the Rachel Maddow show last night was absolutely right - if a corporation is too big to fail, then it's too big. Banks should have stayed as banks, instead of allowing them to branch out into insurance and investments and god knows what else. The banks in my country, Canada, are no exception, but the reason they're not in trouble is that they are far more conservative about the risks they take. No 50 year, 'zero money down' mortgages, no gambling on the successes and failures of other banks. Canada's housing market bubble was a lot smaller than America's bubble, too, in large part because people with a $40000 income weren't able to buy houses worth a half million.

Obama's not helping the situation, though, by surrounding himself with the same fuckwits that got us into this mess in the first place. The difference between an economist and 'you and me' is the economist has fancy lingo to explain why he doesn't know anything. Economists are like psychiatrists, politicians, and pundits - they all completely fail to justify the expectations we place on them. There have been economists for decades, and yet we still have recessions. There have been psychiatrists for decades, and yet we seem to have more mental problems than ever (and more pills to 'solve' these problems). There have been politicians... well, you see where I'm going with this. That's not to say that all economists are idiots; the valuable ones are those that have dropped the veil of arrogance to pursue their curiosities.

Look, wealth is hoarded by the wealthy. The rest of us get the kitchen table scraps. It has been so for centuries, and it ain't changing anytime soon. What we have to do is continue fighting for the things that matter, and hope that the majority of us aren't too distracted by the things that don't.


Post a Comment

<< Home