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notices and features - Date published:
6:00 am, November 14th, 2009 - 8 comments
Categories: open mike -
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Good interview on Kim Hill 14/11 with USA Nomi Prins. She is experienced in USA financial markets and has interesting explanations for those who can’t understand their devious ways. The interview can be downloaded. Her new book is It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street (John Wiley & Sons, ISBN: 978-0-470-52959-1).
If I remember correctly she says that much has been made of the finance houses repaying millions of government help received, but the total help provided in various types of aid from the USA government is about $14 trillion dollars. The common blameworthy cause is the Sub-prime mortgages but they would have amounted to just a total of $1.4 trillion if they had all fallen over. The reason for the financial collapse is the fraudulent financial packaging of shonky investments then traded as if they were quality. And because everyone was paid on quantity not quality, shoving shonky investments in with some padding to mask the true state was accepted practice. And the financials haven’t changed this now either!
One point she made was that the top salary earners are divorced from the general mass of people below. That is why one newly appointed exec could spend $1 million on his office appointments, after 3000 staff were sacked. This divorce of large capital interests from the ordinary person’s life and needs, I think also applies to space exploration where billions can be spent on enquiry and curiosity with rich people as tourists. A war can be started with wealthy corporations using it as a profit centre. The people have to go and fight it and sometimes shoot each other under the stress of compulsion. Hurricane Katrina comes and people receive some help while the TV cameras play, and there is the continual struggling on low wages or needing welfare or medical care. The money is so limited for that. From the top people are as insignificant as scurrying ants. Mind you some ants have attitude and bite!
As people argue over stimulus to save jobs here I think it could be instructive to look at some examples from the US:
and
Ha ha that second one is beautiful ….. reads like a script from Yes Minister
Enjoy your soccer.
Heh! We’re now in the “age of beige” – classic!
ZOMG, she actually said something worthwhile.
As for the “age of beige” – that went out in the 1980s with the pert phone but what can we really expect from a conservative government who’s sole purpose in life is to take us Back to the Future?
Good Quote from Mark Twain –
“Old habits cannot be thrown out of the upstairs window. They have to be coaxed downstairs one step at a time.”