Shock Doctrine

Arguably, the current turmoil over the collective bargaining rights of public sector labour unions in Wisconsin is “Disaster Capitalism” in action…

A few years ago, after the near collapse of the financial sector and widespread meltdown of the global economy, I really thought there might have been a kind of “Shock Doctrine” in reverse that may have kicked in around the world — you know, a collective effort by citizens and their “democratically-elected” governments whereby reckless bankers and greedy financial speculators might actually be held to account, ruthlessly punished for their thoroughly egregious, self-serving, most probably criminal misdeeds, and prevented from operating a fraudulent, unregulated gambling casino under the ludicrous nomenclature of “free-market capitalism” in the future.

D’oh! What was I thinking?

Why didn’t I realize that temeritous office clerks, teachers, firemen, garbage collectors and ordinary working people in general, attempting to make a somewhat decent living or perhaps even acheive, heaven forbid, something approximating a “middle class” lifestyle, were actually responsible for the financial crisis and, dammit, must now be MADE TO PAY!

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16 Comments

Filed under Taxation, U.S. Economy

16 responses to “Shock Doctrine

  1. I cant hear that expression without thinking of this:

  2. Rotterdam

    The States had nothing to do with “greedy bankers. reckless speculators”, or reckless federal politicians- (ie. Chris Dodd, Barney Frank)that thought everyone had a right to own a home, thereby forcing banks to accept unqualified borrowers using Fannie and Freddie as underwriters. Regardless, its all moot to the states. They need to deal with the situation at hand.

    Wages are the states largest expense. Unlike the federal government, they cannot print money. States must balance budgets. The Wisconsin Governor has tough decisions to make, not unlike Governor Christie in New Jersey, both Republican Governors got elected to cut spending. Who was it that said “elections have consequences”, oh yea. Barrack Obama.

    This excellent response Governor Christie gave to a angry teacher has shot his popularity up in the (democratic) State, and to national prominence.
    Governor Christie does an excellent job in explaining the state predicament. I urge you to listen to the whole thing.

  3. I happen to like Chris Christie and don’t necessarily disagree with the measures he’s been taking in New Jersey to deal with their current budget shortfall (a result of past Democratic administrations not properly funding the state’s pension liabilities, I might add), but his blunt, straightforward approach is quite different from that being taken by his dishonest counterpart in Wisconsin who seems intent on busting unions and taking away their bargaining rights.

    By the way, nice to see that you’ve bought into the whole wingnut line of bullshit that the innocent widdle bankers were somehow “forced” by the evil, big bad government into granting mortgages to dirtbag grifters that couldn’t afford to make their payments and… Voila! Poor people are actually responsible for the whole financial meltdown.

    Brilliant fucking logic there!

  4. Rotterdam

    “Brilliant fucking logic there!”

    Wow, I wish I had such brilliant vocabulary.

    I wasn’t “poor”, most everyone over extended.
    Lax mortgage rules, Fannie and Freddie will guarantee it all. Look at Florida and Arizona.

    It should be even tighter in Canada.

    Don’t tell the New Jersey teachers union you like Christie.

    Get your sick note in Madison.

  5. Yes, my vocabulary is so wanting…

    I wasn’t “poor”, most everyone over extended.

    This inarticulate grunt means, what, exactly?

  6. Yes, my vocabulary is so wanting…

    I think what Rotterdam is saying, Red, is that he understands the facts more thoroughly when they are being propounded by someone who sounds like a member of the élite.

    Develop a boardroom-bred form of address, and you shall have ol’ Rotter sipping from the palm of your hand sharpish.

  7. I’m not certain that would be an altogether desirable outcome, actually.

  8. The States had nothing to do with “greedy bankers. reckless speculators”, or reckless federal politicians- (ie. Chris Dodd, Barney Frank)that thought everyone had a right to own a home, thereby forcing banks to accept unqualified borrowers using Fannie and Freddie as underwriters. Regardless, its all moot to the states. They need to deal with the situation at hand.

    IDIOT. Bloody garbage sputtering idiot. We’re almost three years on now and you’re still writing this absolute crap? Times like this I wish Ti-Guy were still around, because anyone who is still clinging to this “view” of what happened needs to be gassed.

  9. Rotterdam

    “needs to be gassed.”

    Thank-you for the revelation.
    That says it all.

  10. Welcome.

    There’s no place for completely ahistorical versions of as serious an event as the 2008 economic collapse. Opinions are lovely, but to state blatant falsehoods and repeatedly debunked talking points as a true representation of something so seminal holds everyone back from incredibly important discussions that have to happen now. These views are given time in major media outlets as though they represent the other side of a contentious issue, but they don’t. They’re lies, it’s as simple as that.

  11. Apologies for being so vulgar Red, but I’m soooo tired of the faux-debates we’re forced to have these days.

  12. TofKW

    Rotterdam
    – The FBI investigated this and creditted only a small portion of the blame for the 2008 economic collapse on the government sub-prime home loan programs. The majority of the blame was corporate fraud, for banks bundling the sub-prime mortgages and packaged them (basically hiding them) through the securitization process.

    From the FBI:
    http://www.fbi.gov/stats-services/publications/fcs_report2008

    Corporate fraud investigations involve the following activities:

    (1) Falsification of financial information, including:

    (a) False accounting entries;
    (b) Bogus trades designed to inflate profit or hide losses; and,
    (c) False transactions designed to evade regulatory oversight.

    (2) Self-dealing by corporate insiders, including:

    (a) Insider trading;
    (b) Kickbacks;
    (c) Backdating of executive stock options;
    (d) Misuse of corporate property for personal gain; and,
    (e) Individual tax violations related to self-dealing.

    (3) Obstruction of justice designed to conceal any of the above-noted types of criminal conduct, particularly when the obstruction impedes the inquiries of the SEC, other regulatory agencies, and/or law enforcement agencies.

    But what do those bleeding heart lefties in the FBI know, right?

    Maybe now you know why shiner couldn’t take it any more. The teabagger’s ‘blame it on the poor people’ argument is about as stupid as stupid gets.

  13. TofKW

    BTW, I miss ti-guy too shiner. He’s fallen off the face of the earth for almost a year now and I hope he’s OK.

  14. Apologies to Rotterdam too of course. Nobody deserves to be gassed.

  15. Rotterdam

    Accepted

    Case closed

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