Member of the reality-based community of progressive (not anonymous) Massachusetts blogs
This dkos diary by TocqueDeville, besides sounding the alarm that half of America’s credit lines will be cut (which is terrible timing considering that the American consumer is already not spending), also says one of the things that has been at the back of my mind a long time (emphasis mine):
How did we allow ourselves to be brought to our knees by parasites who produce nothing, and a monetary/banking policy that has sucked all of the money away from the real producers?
Corruption. Plain and simple.
Most people go their entire lives without even questioning where money comes from. It’s just always been. But currency is supposed to be a symbol, a tool. Not a shackle. We, as a society, have grown so accustomed to never asking questions about where the money comes from, that we don’t see the most obvious thing in the world - we have become slaves to bankers who make more money off the money itself, than the goods or services the money is supposed to represent.
Money is supposed to represent real wealth - so you don’t have to carry around your chickens. It should never be the sole source of wealth. Anyone who is making money solely off of money is a parasite.
What kind of system penalizes the producers of real wealth, things that have real value, and rewards the parasites? A system designed by parasites.
This is the greatest opportunity in almost a century to fix this absurd monetary system, and rebuild our country. But it won’t happen because the parasites also control our political system. So the people are being taxed to death to pay for the parasites ponzi scheme.
This is the meat of the nut of the whole entire problem. The reason the economy is failing and the credit crisis exists is because people making money off of money (mortgage-backed securities et al.) screwed all of us true producers of real wealth (the workers and the companies that produce things). They not only screwed us of our own money, but they overreached and overextended their investments and screwed us with the very real failure of their money, and now we are bailing out these parasites, because we have no choice, our whole system is going down because of it, and we all would lose if that happened. This crisis has shown us what this system truly is - of parasites, for parasites, so help me God.
The deck is stacked against the producer and the real wealth generator in this system, and it appears there’s nothing we can do about it. The robber barons will continue to make money with our money, our wealth, stealing it from us as surly as if they held up a bank. Which is, essentially, what they have been doing all these years under our noses.
And then, on top of all this, they pass themselves off as patriotic and American heroes. They pat themselves on the back, these giants of industry, and think they deserve the accidents of their birth or their luck in getting to robber baron status. Then as they begin to be buried by the detritus and dung that is a result of their greed, they come to Washington, with their hands out, to ask us, the producers they stole the money from in the first place, for more money to bail them out. It’s criminal.
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December 2nd, 2008 at 1:46 pm
Those who work pay both payroll taxes and income taxes. Those who make money from manipulating money pay Capital Gain taxes on the majority of their income.
These are the people that you are referring to - the ones who averaged $570M in income in 2006, without breaking a sweat.
http://money.cnn.com/2007/04/24/news/economy/hedge_fund_pay/index.htm
But, as bad as that excess was, the favorable tax treatment they received is even more sinful.
http://oversight.house.gov/documents/20081113102023.pdf
December 2nd, 2008 at 2:00 pm
Some had predicted the ultimate outcome of such ‘paper’ wealth without a manufacturing base.
The secret is in setting the rules of the game. They will always take what you give them, even if it’s too much and ultimately self destructive:
Problem is, of course, that the industry is a financial backer of those who set the rules. No better way to get the call you want than to buy off the ref.
December 2nd, 2008 at 2:52 pm
This reminds me of a time in history before the Revolution where colonists here and in Virginia were fed up paying through the nose, both in taxes and at the markets. People couldn’t understand why there was so much grain being shipped from the docks of New York while they couldn’t even get any for themselves. In those days, they took torch and axe to the Governor’s house. Today, we blog.
December 2nd, 2008 at 3:37 pm
PC, your last comment there might just be the best blog comment I’ve read in a month. Concise and illustrative of an interesting point, with tasteful humor and a hint of blog-centered self deprecation. Brilliant. Bravo.
December 3rd, 2008 at 11:34 am
Wait a second, does having a 401k that, in theory anyway, grows make me a parasite? I’m making money off of investing, after all.
December 3rd, 2008 at 12:32 pm
Are you making billions of dollars a year? No? Then you’re chump change and not really a big part of the problem.
In fact, 401K’ers are the ones taken for a ride…in the exorbitant fees they are charged.