Wake Me When Geithner Go-Go's
So the banking crisis seems like science fiction. Yet I know I should pay attention, try to know something, at the least do what I do in areas I know I can't really get it--figure out who I should be reading and trust that they're analyzing things well. So it's good to see Matt Taibbi at Rolling Stone lay it out for me, and even seemingly explain me to me in this passage:
By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
Yes, the crisis is so bad it means Rolling Stone is actually a valuable source of journalism for the first time in decades. (Even if the cover of that issue is sexed up Gossip Girls.)
Where do we start? Everyone must agitate for Obama to dump Geithner, for us to insist we know he's too much a part of the original problem to be a solution. So write those emails, folks....
Labels: this little piggy went to bank