Thursday, September 18, 2008

A few things I learned today while folding the laundry.

Folding laundry is usually a boring task. But as I'm learning, podcasts on the iPod can
enhance the experience considerably -- and
even enlighten while folding, that is, if you've
let the folding "pile up" so that you can hear an entire podcast. Today was such a day.


Today's podcast while folding towels, T-shirts, and skivvies was from Terry Gross's, Fresh Air of a day or two ago. Her guest: Michael Greenberger - law professor at University of Maryland, former Director of Trading and Markets at the Commodity Futures Trading Commision.

Here then are just a couple of his points:
  • Re the system here in the United States (system = "Crapitalism"): Always, "Profits are privatized, while losses are socialized." Let me say that again because it's probably the most important point of this entire blog: "Profits are privatized, while losses are socialized." Just a reminder that business is permitted to keep the obscene profits it reaps, but when their asses are on the griddle, forgiving Americans willingly throw ice water on 'em to save their butts (reality -- they have no choice). This probably explains the difficulty Americans have accepting socialism, i.e., it costs them billions and billions (trillions?) bailing out crapitalists -- costs they can ill afford. They never reap the benefits of true socialism (mostly because they can't afford to -- they're (we, us) are too busy throwing ice water on the asses of hogs or incompetents who brought us to this point who, of course, get to walk away from their messes with their golden parachutes and huge retirements while the rest of American's futures go down the fucking drain.)
  • The reason the government will loan or give bail outs to all of these sinking ships week after week is to avoid the public learning the vanishing billions of dollars we think lost never actually existed in the first place! They were simply the inflated figures given to other scammers (and elated investors) to grow stock valuations or new scams on top of others. Always remember, after 4,000-5,000 years, the Egyptians rock solid pyramids still stand, while American's paper pyramid schemes are in total collapse.
  • I'm omitting many other good points, but at the end of the program Greenberger was asked by Gross, "What can Americans do to best protect their savings in these most difficult of times?" to which Greenberger answered, "I am not qualified to answer that." (BTW, he gives the government's current efforts to save the economy/nation a 50/50 chance of success. ) "The best advice I can offer is for them to have their money in cash, in banks, but beware of their bank's financial security," he advised.
(Dada would only add, "And stock up on necessities so, while depleting them, you can seek out a solid freeway overpass under which to take up future residence.")


Border Explorer said...

Great points. eProf was talking about this recently, suggesting we should figure out a way to make the health care system fail so the government would have to take it over.

I'm getting a sinking feeling in my belly that sinks deeper whenever I get new info on our economy.

eProf2 said...

I listened to the same program. Greenberger was great, and Terry Gross always asks penetrating questions. Socialism for the rich and capitalism for the poor is a variation of the same theme. My wife was asking about CEO pay today after this program. She was dismayed but not surprised when I told her CEO's get the big bucks for big profits and sometimes bigger bucks for failing companies because they get these outrageous golden parachutes for leaving instead of for staying in the midst of failure. Not all, but a majority of them for sure. Go figure!

D.K. Raed said...

Well the money sure SEEMED like real money when I was working hard for it & saving it. At least I thought I was saving it.