Friday, January 28, 2011


This was in reply to a comment I saw on Naked Capitalism, a good blog.   Not just a micro blog as is mine.

attempter says:
Nothing will come from the generation in power who created this mess.
That’s true, but to believe a “new” generation within the same system will be any different is still just a derivative of the mindset being criticized.
Instead, we must fulfill the logic: Nothing will come of the structure which created this mess. It’s elitist economic and political structures themselves which are inherently criminal and empower and cause criminals to commit crimes. One can’t separate the cadres from the cadre. It’s a terminal kleptocracy, and that doesn’t just mean the current personnel. The system is inherently criminal, since it was built on massive robbery in the first place. All Wall Street has done is follow through on the system’s logic.
But when today’s politicians cover for Wall Street, that’s no different in kind from when they allow some two-bit factory owner to pay his workers less than the full value of their work. In principle it’s the same robbery.

I agree with what you say at the beginning, however, your assertion that a factory worker receive the "full value of their work" is misleading at best.  

If the factory owner pays the worker in accordance with their agreement, and the agreement was not made under duress of some kind specific (like work for this or I won't let your enslaved sister out of the whore house) or some kind of general duress (like I really needed a job badly), then it is a fair deal, and had nothing to do with the outright thievery and illegal transference of wealth that has and is occurring by the CKO's--see below.   If however, the factory owner pulled some shenanigan, such as stating that because you missed the schedule, and were late, that you lose 50% of the weeks wage, and BTW the schedule is in a locked room that you cannot get to and it was changed to an earlier start after your shift had already started, then indeed --the factory owner could be compared to the criminal klepto-ogilarchs.

No one "deserves" a job.   I am not saying that is your view, but it is many peoples view that they deserve "their 40".    That is simply and patently not true.  You can expect (and deserve) to be treating fairly under the numerous implied contracts that we live under (such as the Constitution), and certainly this is not happening at this time, however expectations beyond that are not just unrealistic, they are harmful.   That is entitlement thinking, and that is one of the major problems facing society today.   The recent actions of the G to "save the economy" has really made things worse...with everyone looking get a piece of the Government Teats.  

and another comment

Erin says:
Can the financial blogs pour through the report and find evidence of fraud? The financial blogs do a much better job of covering what actually goes on. Can “regular people” take up the mantle?
John says:
Unfortunately, the financial blogs can’t do anything about it — not legally, at least. We can all expose to our heart’s content the criminality, but until someone does something, nothing will happen.
Numerous times the past decade, I’ve seen cases where crime is so blatant it’s as if they were thumbing their noses at us and saying, “Nyeah-nyeah. Look at what we can do, and you can’t do a darn thing about it.”

Agreed, during the housing bubble, the M&A feeding frenzy, the expansion of multiples under advice from our so called financial advisers, well, I actually had friends state...well it must be OK because it must be legal, because they aren't going to jail.

I tried to explain to them how things have been so far over the line for so many years.    For my efforts, the general praise I received was being labeled a chicken little ---even after my predictions become 100% true.   Knowledge sucks, maybe Ill just get a 6 DVD selection of Dancing with the Stars.

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Insightful and Useful Comment!