economic vampirism

Great, great article by Matt Taibbi at Rolling Stone Magazine.

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.


If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

and the tie-in to the next bubble - "green" carbon credits:

And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits — a booming trillion- dollar market that barely even exists yet, but will if the Democratic Party that it gave $4,452,585 to in the last election manages to push into existence a groundbreaking new commodities bubble, disguised as an "environmental plan," called cap-and-trade. The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance.

holy. shit.

The greed inherent in unchecked capitalism is obvious. The rich get richer by sucking the less-rich into "investing" their money. They also provide "guidance" in the form of screaming "investment analysts" on cable news channels, ensuring the masses keep funnelling their retirement savings to prop up the pyramids so the rich can get their money out before it crumbles.

Why are there no mobs roving the streets with torches and pitchforks, demanding the heads of Goldman Sachs (and other leaders of this shitstorm)? Why are people taking the economic meltdown laying down?

Also, why are the best, most accurate, least adulterated sources of news and editorial critique coming from Rolling Stone Magazine and The Comedy Network? How fucked up do we have to get before we hold some feet to the coals? Does Mad Magazine need to scoop CNN on something big?


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