Of Casino Socialism and Nose Punches
Two things have struck me -- and others, literally -- out of this whole bailout mess. One, these are times that bring out the heights of rhetoric. Two, the death of every thing -- people, political systems, animals -- brings about something incrementally better from the detritus. Well maybe not in this case.
With that said, are we watching the death of capitalism? Quite possibly. At least the way we know it. Rep. Dennis Kucinich (D-Oh) certainly believes so. And I'm coming around to his point of view.
He gave an impassioned speech on the subject yesterday, with the upshot being that he sees the violent end of the industrial capitalism that the US has been known for, during the past century and a half, the replacement being "casino socialism." In essence, hard, sometimes physically taxing, but certainly mentally taxing, work -- what you and I do on a daily basis -- is being done away with here, the new products of "labor" being the creation of debt, and "paper" as a product (รก la credit-default obligations, and commercial paper -- short-term credit), along with a gambler's spirit replacing work ethic. And when those humongous bets go awry, the people, the hard working, people -- through the government -- are forced into involuntary transfers of wealth to the bettors, who've produced nothing, except for great fortunes for themselves and debt for others.
Someone said "you only have to make a fortune once." Well it seems some have taken that maxim to heart, and made a fortune and nothing else of value, and you and I are left holding the bag.
As for the punch in the nose, it seems on worker did what so many of us feel like doing to bosses who f*** up royally.
Apparently, Richard Fuld, CEO of failed investment bank Lehman Brothers, was jogging in the corporate gym at their headquarters on Seventh Avenue here in New York when he was attacked an knocked out cold (!) by an irate staffer. While former Lehman CEO Richard Fuld was testifying before the House Oversight Committee Oct. 6, CNBC reported he had been punched in the face at the Lehman Brothers gym after it was announced the firm was going bankrupt.
No word on whether the staffer will be charged (probably not).
I don't condone violence, but a well-considered (and -placed) punch in the face certainly doesn't seem out of place here. I think all the shareholders, and American people that got royally screwed by this man, should get a shot at him.
With that said, are we watching the death of capitalism? Quite possibly. At least the way we know it. Rep. Dennis Kucinich (D-Oh) certainly believes so. And I'm coming around to his point of view.
He gave an impassioned speech on the subject yesterday, with the upshot being that he sees the violent end of the industrial capitalism that the US has been known for, during the past century and a half, the replacement being "casino socialism." In essence, hard, sometimes physically taxing, but certainly mentally taxing, work -- what you and I do on a daily basis -- is being done away with here, the new products of "labor" being the creation of debt, and "paper" as a product (รก la credit-default obligations, and commercial paper -- short-term credit), along with a gambler's spirit replacing work ethic. And when those humongous bets go awry, the people, the hard working, people -- through the government -- are forced into involuntary transfers of wealth to the bettors, who've produced nothing, except for great fortunes for themselves and debt for others.
Someone said "you only have to make a fortune once." Well it seems some have taken that maxim to heart, and made a fortune and nothing else of value, and you and I are left holding the bag.
As for the punch in the nose, it seems on worker did what so many of us feel like doing to bosses who f*** up royally.
Apparently, Richard Fuld, CEO of failed investment bank Lehman Brothers, was jogging in the corporate gym at their headquarters on Seventh Avenue here in New York when he was attacked an knocked out cold (!) by an irate staffer. While former Lehman CEO Richard Fuld was testifying before the House Oversight Committee Oct. 6, CNBC reported he had been punched in the face at the Lehman Brothers gym after it was announced the firm was going bankrupt.
No word on whether the staffer will be charged (probably not).
I don't condone violence, but a well-considered (and -placed) punch in the face certainly doesn't seem out of place here. I think all the shareholders, and American people that got royally screwed by this man, should get a shot at him.
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