Wow - WaMu went Blammo. Surprised? Don't be.
I'm up at 7:30 AM writing this because I couldn't sleep - more because of the weather than because we are in a financial emergency.
But folks really - are we REALLY so surprised?
Let's back-track a minute.
Let's go back to Reagan-land. Remember "
junk bonds"? This was a term very much like "sub-prime mortgage" that most of us didn't understand. The way it was explained to me was it was basically fake money - speculation disguised as capitol and equity. Well that caused quite a problem when people figured out they were a scam.
Let's move ahead to BubbaVille - land of the
Dot Coms - now
I worked at a Dot Com when I still had to EXPLAIN what EMAIL was to people. Every day at that job I kept thinking - how is it we're going to turn a profit? I mean what we did was cool but NO ONE seemed to be interested in creating a revenue generating model - everyone just seemed to want to keep doing "cool-shit" and miraculously somehow larger companies and venture capitalist kept giving us money. Wow! Then all of a sudden POP! People figure out cool don't pay the bills.
So we're on Dubya Island - and we keep hearing about these mysterious things called
Hedge Funds - large un-regulated investment clumps, much of who's assets are tied are tied up in real estate. Even the name is shady. Hedge - like hedging your bets. So most average Joe's aren't sure how these things work but at the end of the day we get fucked and the Government wants to use our money to rebuild a faulty financial system that fell largely due to trading structures like hedge funds. The worst part is these funds just dump their bad assets like a cancer and pick up new ones and go on making money, of course this is after they have artificially inflated the value of these investments - like real estate per say. Any way you cut it - we get screwed.
We were once a country of innovation. Remember those old crusty relatives that used to say "I only buy American made products"? Admit it you thought they were dinosaurs. Products of a lost era. Guess what - they were fucking right! We don't make anything in this country anymore and the industries that we HAVE to maintain like agriculture we've screwed to hell by putting the little guys to pasture.
All we do is trade money - and there needs to be commerce, manufacturing etc. under all that money shuffling. Commerce happens elsewhere - not in this country. We don't even man our on CALL CENTERS anymore - things like Customer Service even get taken overseas. And we wonder WHY we're in trouble?
You are at the mercy of Big Oil because the car companies won't change.
You are at the mercy of the medical communities because the drug companies find it more profitable to make products that treat symptoms rather than cure diseases. Better they keep you alive, sick and paying.
You are at the mercy of insurance companies because the medical community is based on greed not service.
And now your tax dollar is at the mercy of a beached whale of a financial giant.
So REALLY you want to know why are we all in this trouble -
BECAUSE WE STOPPED PAYING ATTENTION FUCKING DECADES AGO! - So folks next time you here of some weird financial term on the news you don't understand- the next time you see some sleezy jack ass in a bad suit get rich overnight - the next time you think a real estate situation looks like it's out of control (I'm talking to YOU NEW YORK CITY!) ASK SOME FUCKING QUESTIONS!!!!'
A(geez does my ass hurt)men
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