Friday, October 31, 2008

Wall Street: Less Responsible Than a Coked-Out NFL Running Back

The reason I keep pimping Rolling Stone's Matt Taibbi is because I inevitably go, "Damn, I never thought of it that way" every time I read one of his essays. I probably do that because he's a helluva lot smarter than I am.

Wall Street: Less Responsible Than a Coked-Out NFL Running Back

Damn, I never thought about Great Depression v.2.0 that way.

But I did think of the Republicans' plan to pin their mess on liberals and poor minorities this way, taken from an earlier Taibbi blog:

There aren’t enough low-income minority homeowners in the remaining years of human history to create $62 trillion worth of pressure on the economy. You’ve got not billions but trillions of dollars tied up in the Wall Street equivalent of a craps game – the ruling class of the earth gambling away the whole world’s bank deposits on a dice roll, which is about as irresponsible a use of resources as can be imagined – and guys like York want to blame the blowout on a few black people who tried to do something absolutely and completely sensible with their money, buying houses they intended to live in.

I'd love nothing more than to offer a link to his blog, but I'll also keep pimping him to you all just in case.

1 comment:

Scott Berger said...

The scary thing about this crisis is that you truly can't blame just ONE group of folks for this collapse.
Predatory Lenders - check

Irresponsible Borrowers - check

The Fed lowering the cost of funds SO low that banks lent money to everybody that could cause a window to fog - check

The entire Mortgage Backed Securities market and their insurance backers - check

Conservatives push for continued deregulation - check

And so forth and so on....