It seems this message is becoming more mainstream these days. It’s about time. Max Keiser is right to call this financial terrorism, especially in light of the fact that we, the tax payers, have bailed them out while everyone else is suffering from their dealings, and as a result, they have had record profits this past year. Unbelievable. I’m pro-profit, pro-free-market, pro-conservative, but Max Keiser is also right to call this Rigged Market Capitalism. I can’t think of a better term for it.
Anyone else find it odd the “flash crash” (1000 point dow drop within a matter of minutes) happened right when Congress was negotiating rules regulating derivatives? Oh and oddly enough now, the rules around derivatives have been completely gutted as I understand it. There is rampant corruption and looting going on within the government and the larger corporate world, particularly the monolithic banks. This is not a free market but an oligarchy.
More generally, here are Davidowitz’s views on the economy at large. Even Paul Krugman from the New York Times is calling the Third Great Depression, though he’s completely wrong about the remedy (even more spending).
A while back I wrote