A Conspiracy So Immense

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economy, Financial Crisis

Charles Pierce sums it up:

[T]here is no pile of money anywhere in the country, no matter how large or small, and no matter how vital to the people who were depending upon it, to which the grifters in the financial-services “industry” do not feel entitled as fuel for their unquenchable greed.

To see what Mr. Pierce is reacting to specifically, see “Looting the Pension Funds” by Matt Taibbi. Please read it all, but in brief, he’s showing us that the financial sector has been looting government worker pension funds for years, because they could, and now that the pension funds are mostly gone, the public workers are being blamed for the dire circumstances of state and local governments. Taibbi:

It’s a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn’t happened overnight. This has been in the works for decades, and the fighting has been dirty all the way.

All across America, pension funds have been diverted into “investments” that somehow made no money for anyone except the power brokers on Wall Street. Or else the pension funds were used to make up the revenue shortfall created by tax cuts that benefited only the wealthy. David Sirota provides some examples:

In Rhode Island, the state government slashed guaranteed pension benefits while handing $75 million to a retired professional baseball player for his failed video game scheme.

In Kentucky, the state government slashed pension benefits while continuing to spend $1.4 billion on tax expenditures.

In Kansas, the state government slashed guaranteed pension benefits despite being lambasted by a watchdog group for its penchant for spending huge money on corporate welfare “megadeals.”

Paul Krugman today came out and called the Masters of the Universe types a “powerful group of what can only be called sociopaths.” These malefactors of great wealth not only think they are entitled to any remaining bits of wealth or privilege still available for plundering, but they want our adulation as well. When they don’t get it, they feel persecuted.

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4 Comments

4 Comments

  1. c u n d gulag  •  Sep 27, 2013 @11:31 am

    They want my adulation?
    Well, I’ll be happy to give them my adulation – by providing a slow tumbrel ride, and then introducing them to a rusty and dull guillotine, and cheering and clapping the whole time.

    Some “people” don’t deserve a quick and merciful death.

    I would, however, make sure the pike is nice and sharp!
    That head’s gotta stay up there for a few generations – to remind future potential malefactors of great wealth of what the consequences will be, for too much greed!

    A little greed is ok.
    But, don’t go to far, and lose your head!

  2. uncledad  •  Sep 27, 2013 @11:48 am

    All across America, pension funds have been diverted into “investments” that somehow made no money for anyone except the power brokers on Wall Street.

    The way I understand it this is exactly what has happened in Greece, Spain, etc. Of course socialism has been blamed for those collapses. Beware the money changers, with their gated communities, private police and panic rooms, maybe one day soon they will get to test them out!

  3. Stephen Stralka  •  Sep 27, 2013 @12:09 pm

    Malefactors of great wealth! That’s funny, I’ve been reading about Theodore Roosevelt lately, so I was actually thinking that phrase just before I read it. And of course Thomas Jefferson and Andrew Jackson both despised all banks and corporations. You can call it class warfare if you want to, but it’s an American tradition.

    (Seriously, and where do these asshole libertarians get their ideas from? A Russian and two Austrians! And they call themselves patriots?)

  4. erinyes  •  Sep 27, 2013 @2:55 pm

    George Carlin did a routine on just this subject; he said ” they’re coming for your retirement, and you know what? They’ll get it.” We have arrived at a point where I’m trying to select a “retirement” job. Still have that property near “the villages” for the retirement farm, pending the knees and back holding out. A Russian and 2 Austrians walk into a bar……..



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