Wednesday, September 17, 2008

Some Frightening Facts

One of my favorite places to encounter reality is Harper's magazine. Their Harper's Index is a monthly compendium of statistics that shed some light on the insanity that is modernity. In light of the U.S. government's continued bailouts of corporate giants, this time AIG, I would like to share a few prescient examples from September's issue of Harper's.

One word that must be on the lips of every CEO from Wall Street to Fleet Street, from the Staten Island ferry to mid-town Manhattan: regulation. The party is over, and the scum-sucking executives will fly away from this all with their hedge funds intact, their Leer jets stocked, and full of fuel, and their secretaries on board. We, the common taxpayer, will watch more of our money go to saving another predatory lender, or insurer of those lenders, in this case, get saved by the same "government intervention" that was never supposed to interfere in the miraculous work of the modern free-market economy.

And McCain has the balls to say that tax increases on the rich are not only unnecessary, but will only hurt the economy.

Here are the stats from Harper's Index:

Rank of this year’s economic crisis among the “largest financial shocks since the Great Depression,” according to the IMF: 1

Estimated number of FDIC-insured banks currently in danger of failing: 90

Number that failed during the past three years: 3

Percentage change since 2003 in the number of U.S. workers making “hardship withdrawals” from retirement accounts: +61

Death benefits that Lockheed Martin paid its current CEO in March, despite his being alive: $1,000,000

Chance that an American says his or her workplace is a “dictatorship”: 1 in 4


Anonymous said...

omg -- the last one about the workplace as dictatorship -- is SOOOOOOOOOO telling...

Daddydan said...

They all spell out why shit is the way it is. You, the common ass who is at the bottom, and not on the Blackberry on your private jet, checking up on your hedge fund that is based on the debt laid out by lenders who sold you a pipe dream of a house for a joke of a mortgage, are going to pay for everything. And you won't even know what hit you.

The CEO of AIG will be just fine. So will the major investors. But you in your split-level house that you can's sell for the last two years, and can't afford the heat for, will pay plenty.

Bu just suck it up and thank god for the invisible hand that ain't so invisible these days. and is pretty limp to boot.

Kid Radical said...

I can tell you very honestly I just got fired because I worked in a dictatorship. Period. No doubt about it. Work is not a democracy...and because I was fired and sitting home I just heard Nora O'donnell on MSNBC say Obama's plan will cost the tax payers 3 trillion dollars...I mean with a straight face.

Obama is not perfect and is really just painting the periphery with his plan, but his tax plan is a thousand times better for the everyday tax payer. What is up?

I also heard Robert Reich call these bailouts socialized capitalism. Exactly.