Wednesday, April 01, 2009
The future of the world economy hinges on trust:
How can anyone trust bankers, whom not only bankrupted their balance sheets, but used derivatives to bet on that very thing happening? And now we are being asked to suspend the evidence and trust that they will not use Geithner Plan II to jack up the value of their credit default swaps and cash out at the expense of future generations.
How can anyone trust the Federal Reserve, whom flooded the world economy with ridiculously low interest rates for more than a decade, to police the banking system?
How can anyone trust House and Senate representatives, so deeply indebted to banking lobbyists, whom poured billions in campaign contributions into both Republican and Democrat coffers, in return for a dismantling of every regulation put in place after the last Great Depression?
How can anyone trust President Obama, when he appoints a Treasury Secretary who was complicit in the breakdown as Governor of the New York Federal Reserve Bank, was an employee of Goldman Sachs, and didn't pay his taxes? This same president whom promised transparency, accountability, and a political system free of lobbying?
At some point, the injustice of it all will turn into public insurrection. More than the economy is at stake now; the very fabric of society hinges on a fragile hope that America's elites have the country's best interest at heart.
Posted by Takwira at 5:54 AM