You will recall a month or so ago, when Exxon reported profits in the tens of billions, much of the political left was outraged. How dare these malefactors of great wealth make profits during times of horrendous price increases in gasoline!
Observe that, in exchange for the money, Exxon (and other oil companies) at least offered something in return: gasoline and other petroleum products.
Now, let’s fast-forward to today, when the federal government is handing out 700 billion dollars in loot to its fellow pirates on Wall Street.
What is Wall Street offering in exchange for the loot? Gasoline? Food? Anything of value?
Nope. Wall Street firms get loads of cash, with no accountability. No questions asked. No need to produce anything of value. Just gimme the cash, Bub.
But since said cash comes from the government, it does not constitute “obscene profits”.
Are you beginning to see what’s wrong with this country?
Look, I’m a libertarian, and as such have no great admiration for huge corporations that work hand-in-glove with the state to garner special favors that cut out the competition and guarantee their profits. But even in this noxious form of fascism, at least there is the virtue of something actually being made, that people want to buy.
In our new, upgraded model of government-corporate fascism, we don’t even have the pretense of making something. It’s just loot, right out of the treasury, just because. The latest trial balloons in the media are–no kidding–calling for additional bailouts that will total seven trillion dollars, or half the economic output of the entire US economy in 2007!
Folks, it looks like we’re about to enter the final, insane stages of an economic meltdown. It might not have all the aspects of Weimar Germany, but it’s likely to have several, including mass public unrest, random violence, and (God help us!) a dynamic leader who will promise to solve all the problems.
Neither Democrats nor Republicans have any clue whatsoever about what caused the problem, and therefore have no clue whatsoever about how to solve it.
With the exception, of course, of Ron Paul, long ago banished to fringe zone for daring to express outlandish ideas, like sound money, government living within its means, and not trying to invade and rule the entire rest of the globe. These views, you see, are “loony”.
Proposing to bankrupt the country by creating seven trillion bucks out of thin air, and giving it to your politically-connected business friends, is not “loony.” It’s “practical.”
Such is the insanity of today’s political climate.
More to come on my next blog entry Tuesday or Wednesday….