"The wealthy, not only by private fraud but also by common laws, do every day pluck and snatch away from the people some part of their daily living. Therefore, when I consider and weigh in my mind these commonwealths which nowadays do flourish, I perceive nothing but a certain conspiracy of rich men in procuring their own commodities under the name and authority of the commonwealth.

They invent and devise all means and crafts, first how to keep safely without fear of losing that which they have unjustly gathered together, and next how to hire and abuse the work and labor of the people for as little money and effort as possible."

Thomas More, Utopia

Thursday, September 11, 2008

Welcome to the USSRA

Economist Nouriel Roubini works up a righteous anger over the recent nationalization of Freddie/Fannie. Well it's about time.


Anonymous said...

"financial and other markets without proper rules, supervision and regulation are like a jungle where greed – untempered by fear of loss or of punishment – leads to credit bubbles and asset bubbles and manias and eventual bust and panics."

Nice article, Coldie, although I detest he calls the Commander-in-Chief a Socialist. Those who are true Socialist do it for the common good of all. The Commander-in-Chief and his cronies do it to bail out the rich.

I do however, like like the above quote from the article. Those rich who control the free market have it both ways.

They can run free and unregulated, and make billions, and if they fail, have the government bail them out. Unless of course, they sold their investments just before the crash.


Coldtype said...

He's undoubtedly being ironic Lefty. The overall point being that Bush, his entire retinue, and the neocons who support them are the ultimate hypocrites since they have now demonstrated beyond further doubt that there is no such thing as a truly existing free market and never really had been. We got to witness in technicolor the spectacle of the biggest proponents of "free market" capitalism in the movement's history engineer the largest nationalization in human history (assuming 5.3 TRILLION in debt) of a system that collapsed under the weight of its own greed--just as Lenin predicted.