Psychopaths At the Dance
Chuck Prince, the ousted CEO of failed megabank Citigroup . . .
“As long as the music is playing, you’ve got to get up and dance.”
Thanks, Chuck. I understand the deregulation dance floor antics of megabankers much better now. Knowledge is a wonderful thing. As that famous philosopher George Armstrong Custer said as he rode off the the Little Big Horn, “It’s almost never too late to learn more.”
Richard Eskow has studied megabanker music for many fiscal years now, and explains why its mind-numbing beat has such a mind-numbing effect on the mind-numbed people who play it and dance to it as their Too Big To Fail Concert Tour of the Whole Wide World goes on and on and on . . .
The system is geared around trading profits, which are, in large part, money that is borrowed from the future. A crisis results from the moment at which this money has to be paid back. Bankers are making enormous amounts of money with borrowed money, and on borrowed time.
“Margin debt” – money which is borrowed to invest in markets – has soared to pre-crisis levels, according to the New York Stock Exchange. Stocks are running as far ahead of inflation expectations as they did in the run-up to the last two crises.
They’re arbitraging the future for short-term gain, making money by laying the groundwork for a massive wave of oncoming misery.
As Obama and Congress and everyone on Wall Street keep dancing to that mind-numbing megabanker music, the global economy has become a ticking time bomb again, world markets are a lit fuse, and the next massive wave of oncoming misery is heading our way.
As you may have noticed, the psychodancers don’t give a damn about minor details like that. Let the wallflowers who don’t know how to dance worry about it.
The greatest psychoband of all time is always ready to rock. Yeah. OK. Bad mistakes, they’ve made a few, they had a grain of SEC sand kicked in their face once, but they came through. They’re fired up. They’re ready to go. They’re back on tour, back on stage–Lloyd Blankfein of Goldman Sachs on lead guitar, Jamie Dimon of JP MorganChase on lead vocals, John Stumpf of Wells Fargo on bass guitar, and can you guess who the drummer is?
I’ll give you a hint. He’s a man of wealth and taste . . .