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"The Revenge of Main Street"


Impressive indictment of Wall Street by Main Street


"Since that time the housing market has literally crashed with all signs pointing downward. The 2nd Quarter GDP was revised down. The unemployment numbers, both monthly and initial claims, were dramatically worse than expected. Regional economic surveys, such as the Philly Fed Index, have disappointed.

"The 'dumb money' didn't buy into the false hype. The 'smart money' did. Now the 'smart' money is stuck with these overpriced assets. What does this mean? It means that there is likely to be another Flash Crash in our not so distant future, driven by a lack of liquidity when the dumb money doesn't put a floor under the market, except this time it won't bounce right back.

"It won't bounce back until Washington decides to chase the crooks, mobsters, and thieves from Wall Street. The government must save capitalism from itself." The Revenge of Main Street, midtowng


Michael Collins August 31, 2010 - 7:01pm
Michael Collins's diary | printer friendly version | digg
( categories: Global Financial Crisis )

I thought

That that was very interesting. Thank you.

pihwht August 31, 2010 - 9:44pm
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Welcome

Some fine citizen journalism!

Michael Collins September 1, 2010 - 4:14am
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Like FDR

When FDR was accused of being anti-capitalist, his response was that he was fact trying to save capitalism for the worst of it's excesses.
Something similar is needed here and for the same reason: those who greedily exploited the public and government need to be stopped. It's interesting that many of the laws passed during the Depression to prohibit predatory practices were repealed and this lack of oversight is largely responsible for our current mess. Reagan's deregulating opened a real can of worms, but then, he was only a puppet in the first place.

steeleweed August 31, 2010 - 9:54pm
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There were sensible laws even before FDR

CDS were illegal http://electionfraudnews.com/News/bucketshops.pdf

And stayed that way until the lame duck session of the Clinton administration when the they had a big comeback, prelude to a decade of ruin.

Michael Collins September 1, 2010 - 4:16am
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Another nice piece of work/info

Especially poignant was the bit about 401K's. When all is said and done; the smart money saves in a well established credit union and keeps contributing to Social Security.
That's the best brick and mortar against the Wallstreet blood suckers.

Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them,and these will continue till they are resisted with either words or blows,or with both~FDouglas

Celsius 233 August 31, 2010 - 11:52pm
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Lots of effort

This nonsense can't go on much longer, I think to myself, but I know better. They backed off on Social Security cuts a few weeks ago when a Time Magazine poll showed a whopping 12% willing to see that done. Now they're inching back. They can't help it. It's their nature.

Michael Collins September 1, 2010 - 4:18am
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Saw this on zero hedge yesterday

Good piece of writing and absolutely correct IMHO.

zot23 September 1, 2010 - 9:58am
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