Wednesday, September 17, 2008

"Wall Street Socialism"

I don't have any other name to call it but that.

Since the credit crunch has been flushing the multitude of misallocated (misallocated is a word from Austrian jargon) resources, with the nasty side effects of a barrage economic woes & maladies, the government has rushed with its bag of idiocy to worsen everything.

"...The increased emphasis on the faltering economy came on a day when stocks resumed their downward plunge following Tuesday night's government takeover of American International Group Inc. with an $85 billion two-year loan from the Federal Reserve in return for a majority stake in the company....The turnabout came a day after McCain strongly opposed additional government relief and praised the government's decision not to rescue Lehman Brothers after it had intervened to help investment bank Bear Stearns and mortgage giants Fannie Mae and Freddie Mac..." (Yahoo!)

It's ridiculous to hear that American International Group Inc. is now owned by the Federal Reserve. Not to make it seem like I am in favor of the Fed, but that isn't even in its mandate from Congress! It just continues to grow, like an autonomous biomechanical organism from Planet X. Its ridiculous, its only prolonging the inevitable cataclysmic implosion. It will be of quite an unimaginable magnitude. We're already in a state of depression. It's just covered with a veil of borrowed assets and imagined piles of currency, feeble constructs of the human mind.

Fannie Mae and Freddy Mac have been retaken under full government control, and the Fed has bailed out several other banks, namely, the former Bear Sterns. The Republicans, and the Democrats, now believe in socialism, for banks.

Statists are pigs, and I like bacon in my angus burger.

1 comment:

fatrat said...

Central banks are pumping money into the system now. Buy more gold, I guess.