Sara Whitman

Fasten Your Seatbelts

Filed By Sara Whitman | September 16, 2008 4:00 PM | comments

Filed in: Living
Tags: America, Bank of America, Chinese gays and lesbians, economic policy, finance industry, lehman brothers, Merrill Lynch, Middle Class, money, subprime crisis

Lehman Brothers fails and Merrill Lynch becomes part of Bank of America, which soon will be called, The Only Bank in America, and the Federal Reserve "loosens" guidelines on loans to banks clearly not having learned any lessons through the subprime crisis, I have to wonder: How are we different than China?

I sincerely believe in fifty years, people will look back at the rise of the middle class in China and the demise of it in America and see parallels so simple it'll be taught in elementary schools.

Are our working standards oh so much better than China's? I would argue, considering the level of wealth in this country, no. While very serious human rights abuses happen in China, especially in rural areas, I look to our own middle class and see people working 50, 60 hours a week at jobs once touted as "9 to 5."

We have one bank. "Private" corporations get to do whatever they want as long as they pay the government it's piece of the action, also known as lobbyists. People in positions of power do well. People blocked from access to that power remain stuck in the previous century's economic opportunities.

We'll look so ridiculous in the history books, banging out Patriot Act chests saying "But we have FREEDOM."

We aren't free. Our electoral system is a joke and it's not a huge secret that voters in Michigan will be under scrutiny as the Republican party are planning to man the polls with lists of people in foreclosed homes, requiring an additional proof of residency for them. They are doing it out in the open, in front of the media.

Back to the landowners only days, I guess. Don't want any dissidents in the voting lines.

Oh, wait, only the Chinese have dissidents. We have crazy, irresponsible people who are imagining a fiscal crisis in this country.

Why do I have a feeling the kind of vote caging in Michigan is going to happen across the nation? That we will all be called again to stand behind the American Flag in unity rather than contest another stolen election, as we were admonished to do in 2000?

Fannie Mae, Freddie Mac, Lehman, Merrill, and AIG running around like a crackhead begging for money and the only one fool enough to give it is the Federal Reserve.

Fasten yourself belts, folks. There is more to come.

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And to believe that some people are still skeptical that we're in a recession. We're way beyond a recession at this point.

These are the dreaded "Singapore Mornings" that those of us in international banking have feared for months. The market slides in Singapore, bonds get dumped, currencies tumble and then the virus spreads across the globe hour by hour, market by market.

By close in New York, stocks and bonds have plummeted, international holdings have weakened, and the process starts over in Singapore again.

Robert Ganshorn Robert Ganshorn | September 17, 2008 3:20 AM

Might this present bucket of cold water work in favor of a Democratic victory? More in 45 days.

50 years from now, people are going to see the easy connections. But there'll be other problems that people won't see so easily at that time.

People never learn. This should be so obvious - the economy's in the tank because we're wasting money, deregulating, and borrowing too much. It's not that complicated, but there's a small group of people who benefit from all that, so it's not going to stop any time soon.

I sincerely believe in fifty years, people will look back at the rise of the middle class in China and the demise of it in America and see parallels so simple it'll be taught in elementary schools.

You said a mouthful.

well, recession and depression as terms, serena, require certain elements of financial distress.

we are in a recession.

it's the world of finance that gives us all sorts of weasel out of any real distress.

the irony, to me? is that while AIG is bailed out- I can't belive they did that- and Merrill is sold and lehman folds... everyone is now worried about the poor employees.

what if those bastard CEO's didn't take home 100 million a year? what if when their companies started to suck wind- which was quite a while ago in AIG's case at least- they were real leaders and said, no, I will forgo my bonus this year because we are headed for the shitter.

instead they collect their golden parachutes.

the problem isn't with the consumer; we don't need to buy more more more. the problem is with fat companies too big to create profits and greedy CEO's who will ride them to the end.

all those businesses should fail. they should have failed a long time ago.