Saturday morning –I’m listening to the radio– One program on NPR has Ira Glass with two very bright colleagues explaining –seeking to explain– in plain language why we have a global banking crisis.
I now have a much better understanding of the issues –and one in particular: that right now we are in a special period of flux –a perfect storm and a battle of wills and especially a (War)Game of Chicken being waged/played between The Bankers and The Administration and the media-propagandists piling on.
That “period of flux” seems to me like tracking a hurricane. One starts, out there somewhere in the ocean. It’s gathering strength; its heading our way. We know when it hits –wherever it hits– there will be chaos, havoc.
There’s nothing we can do in the meantime –at least not much. It’s too late to build proper levees.
But in a hurricane we can at least save ourselves. With the coming Hundred Year Storm hitting our financial structure, we are At The Mercy.
Banks –or at least the concept of credit– seems essential to our world. But not greedy banks –and not greedy debtors. Not the Risk Managers, who’s Game of Chicken has taken them ever-closer to the edge –secure in the knowledge that if they fall over they can probably force the Government to save them in their safety nets. That, by the way, seems to be the real game of chicken that’s going on.
How will it turn out?
Nobody can say right now. Nobody knows how deep the hole, how far the fall, how big the bill.
One thing you can be sure of. You –and I– will pay. We are paying already, hand-over-fist. We will soon pay through the nose.
The second radio program was to switch over to Larry Kudlow, the unrestrained and ideological defender of capitalism at any cost. Larry of the striped suits, stripped shirts, and striped ties. But the same Larry seems incapable of changing his ideological stripes. (The worst thing about him –the Shill part– is that for all his protest, one senses that he doesn’t totally buy it. That wouldn’t really bother a shill. That, after all, is the job of a shill.
Someone calls in and tells a Barack Obama story: apparently –after qualifying at Columbia U.– Barack worked briefly on Wall St. In his “Dreams of My Father” book Barack mentions this and commented “I felt as if I had landed behind enemy lines.”
To the Kudlow Koterie gathered around Larry’s microphone, this is A Revelation –revealing Barack as a Marxist, a Communist, A Socialist, a follower of Saul Alinsky….take your pick…or just run them all together.
“What did I tell you!!!….He says so himself, etc etc”
What I found absolutely staggering was the fact that no-one –Not Kudlow, nor anyone in his Koterie– could even conceive of Anything That has happened recently and unregulated down in Wall St. or with the banks or the risk managers or the hedge funds etc. etc. as being inimical to the nations interests, to the interests of its citizens.
No. To Larry Kudlow, as to all knee-jerk ideologue defenders of unregulated capitalism –just like the weather– THIS IS THE WAY IT IS!
Or, as the guy said in The Godfather: THIS IS THE BUSINESS WE HAVE CHOSEN….
Yes –and what is that business? It is The Business of Giving The Business to the rest of us.