“Better” Than the Third World…
Nice summary by Eric Jantszen:
Bribery in third world countries goes on under the table, behind closed doors, hidden from nosy journalists. In the U.S. bribery of public officials occurs in broad daylight, paid out as speaker’s fees and advisor’s compensation.
I know, I know. You don’t want to hear this. The crisis passed. Green shoots and all that. Jon Stewart’s dressing down of Jim Cramer? Dismissed. The assertion by Bill Black, the senior federal savings and loan regulator during the S&L crisis, to Bill Moyers that the current banking crisis is “1000 times worse, perhaps, certainly 100 times worse, than the Savings and Loan crisis” yet no one has been prosecuted? Forgotten. The revelation from Simon Johnson, Director of the Research Department at the IMF and Sloan School of Management at MIT Professor of Entrepreneurship, that the U.S. is not run by either Republican or Democratic parties but by a American bank oligarchs?
Senator Dick Durbin, who has used his inside information to trade the market, has publicly stated the truth on the matter
“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Anytime you trade, you are trading against this inside info and corruption. When you lose you lose. When you win you get taxed, and your funds still end up in the hands of the corrupt bankers and investment firms like Goldman Sachs.
It’s better than the third world. Up until the point it isn’t!