January 25, 2008
Capitalism, Binge Lending and Spillage
As the big boys say in Alcoholics Anonymous, "I've spilled more booze than you've even thought of drinking." Likewise the shear waste and uneconomic spillage in US capitalistic practice is an unseen, mind boggling sum of money.
Having personally inked $$ billions of loan deals and met folks destined for both the White House and for jail the most important thing I would like each voter (and economist) to know is:
"The gross dollar value of the rank waste and economic inefficiencies in 'big boy' capitalism is more than sufficient to many times fund both Social Security and Medicare shortfalls."
When the corporate and financial types declaim that there isn't enough money to pay reasonable taxes and/or to provide a broad safety net for the disenfranchised folks in our society tell them to shut their greedy yaps. Offer them the following deal.
"You make sure the poor can eat and get medical necessities and we'll let you continue to take a small bite out of all the capital flows that wash around financial centers, including embezzlement like bonuses and commissions for your daily toil and for your latest bubble-like ponzi-smacking get-rich fiasco(s). But, be aware of our recognition that the Pound Sterling and the Euro, currency representatives for the full-out 'Socialism' of Europe, are hands down taking the Dollar to the cleaners. Significant change is needed and the broom is in your hands."
"For the moment!"
That will be far more devastating than the mortgage crisis. I expect the US has a long way to go yet.
I'll keep an eye on your prognostications.
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