This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded…
The fascists and oligarchs have two strategic reasons for a debt crisis. 1) greed and 2) destruction of democracy. The oligarchs get more yachts and dachas while the politicians achieve their lust for power.
I was in the middle of a several hundred million dollar divestiture and then 2008 happened. Deal tanked. Lehman Bros. was our lead bank. In retrospect, on a microcosm level, the crash was orchestrated. Of all the investment banks that either went under or were bailed out, Cerberus Capital Management came out smelling like a rose. Bought up 100's of distressed companies (ended up owning us) and in particular, bought up gun manufacturers. Profit margin is huge on guns. Today, I would not be a bit surprised if another recession is orchestrated, followed by a war. Seems to be the pattern. The real money, power and control for these sickos is in military armament. Why in heavens name are we picking a fight with China?? And who names a bank after the tree-headed dog that guards the gates of Hell??
Our family suffered egregiously from these intentional economic collapses since 1983. We have lost homes, jobs, pets to kill shelter’s, stability of owning a home of which twice were taken with garnishment ensuing even after homes were returned. Our son was born with asthma and at 6 and 9 mos had to be hospitalized. We were a Coast Guard family on Champus and it only paid 70% of those bills. The pay was barely enough to survive. We filed bankruptcy and were slapped with a lifetime of qualifying only for subprime loans. Worse, it made our family’s believe we were bums. They won’t stop harming people until we vote them all out. As usual Thom, masterwork on telling the truth and nothing but.
You cannot call this plan anything other than ‘evil’.
And it so fits the Republicans of today.
The hateful words and lies are backed up by out and out treachery. How can this be opposed by the average American citizen?
It is a frightening collection of self serving wealthy people, who as part of this strategy are taking away any power of the people to recover.
Remember they’ve been in process of destroying the Public School system, the Public library system , unions, college availability for people without wealth is priced out of sight.
The authoritarian government the wealthy and the GOP are trying to replace Democracy with , is well underway.
The healthcare system in this country is anything but caring .
Medicines are priced out of reach for those other than wealthier Americans.
The idea of helping those with less is being destroyed. The GOP is trying to get rid of aid to the hungry, ( SNAP reductions). People in this country are dying from hunger. Such concern about the rights of the unborn. No concern for
living children of poverty.
Elderly are also expendable. Social Security and Medicare can go according to Republicans.
Anyone that the GOP considers “less than”,
Minorities, trans and LGBTQ individuals, immigrants and the poor are extremely expendable.
This is the America that Kevin Mc Carthy and his cronies are gunning for. In Thailand the whole country routed for and supported retrieving 17 boys and their Coach from a cave they were stranded in.
We allow our school children to be hunted down by gun owners and their sponsors, the Republican party.
The absolute international community was in pursuit
Of their safety . They weren’t paid , they volunteered.
Only a Revolution of refusing to accept the bold meanness and tawdry campaign of the Republicans will have a chance. We better start fighting for the marginalized
Indeed, the term ‘market crash millionaire’ was crafted in the 1930s.
In addition to your examples, The Big Short showed a few, but only a few, of the many equity hedge fund managers that made millions on the crash of 2007 at the expense of taxpayers.
Not fully appreciated, the banks needed the bailout money to pay these equity/hedge funds because the banks bet with them that the housing market would continue to rise, and the equity hedge/funds bet it would crash.
The bailout money went to the banks, then, after the executives took their bonuses, it went to the equity hedge funds.
This was a massive upward transfer of wealth from the taxpayers to the financial elite.
The only way to remedy that imbalance is: tax the rich.
"The comfort of the rich depends upon an abundant supply of the poor." — Voltaire
Touching on the theme of your article about witch burning, after the 2008 crash, a third of millennials evidently decided not to have children, myself included. Because the owning class no longer has control over the means of reproduction that guaranteed "an abundant supply of the poor", the rich can no longer afford to gamble with the means of production. Shock Doctrine only has the effect of worsening the childlessness crisis, now. I'm sure it's a major motivation for the recent rise in anti-abortion legislation. Millennials are certainly playing the long game (and gen z will no doubt follow suit) but as the recent rise in wages and union wins as of late because of the shrinking labor supply, it looks like they're winning in the end.
The depression was the high water mark of conspicuous consumption. This was the era of the classic car, the Augurn, the Cord, the Packard, the Cadillac. Mink and Sable furs, diamonds and gold, the rich and famous were luxuriating while my grandmother was baking pies and taking in laundry to get by, and my mother dropped out of school to give out samples of Beechnut gum in a park, dressed in a silly, and degrading, drum majorettes costume. As for the wealthy and entitled those were the good old days, when the pesky bourgeoisie were reduced to a handful struggling to stay open and feed their families, while the proletariat was selling apples, and standing in soup lines or hopping trains to move to a better mythical place.
The only good news on the subject of this Report is the fact that the GOP as it formerly existed, exists no more. They don't have a platform, they hate the government, and their candidate of choice has a plan that does not include anyone but him. All that defies any logic or ability to execute a master plan.
AND, the best/worst news is they are back right where they started on the culture wars. This makes it impossible for them to win huge voting blocks, especially the youth.
Some seem confused about the why in it all. The money is only a means of keeping score and scoring is all the current GOP cares about. Trump is a reflection of that---he is them, they are him. It should be their undoing, but that's up to the rest of us. Grow the vote.
Historically, fascism only thrives during periods of economic chaos and loss of faith in government. For example, that was the case for the rise of Mussolini and later Hitler. In such situations, historically some of the ultra-rich do regret their support as fascists begin to dictate their business practices and even what they will manufacture - Gee, ya mean like in Florida today? [think Disney]
While I do find your insights interesting if biased, it would be useful to hear some discussion about the malfeasance of the Democratic Party and their contribution to our country's state of crumbling imperialist oligarchy. You are officially part of the perilous corporate media complex in which Democrats criticize Republicans for their political and financial benefit, Republicans do the same about Democrats, and few discuss the things they both largely agree upon that are killing our country. Because each side has to cater to its own echo chamber lest they'll be thrown off the air for dissenting views and labeled as socialists or Putin propagandists.
of course. and some of those same billionaires are just plain tired of democracy. some of those same billionaires are just plain tired of having to pay workers. solution-let enough people kill each other; pass such restrictive abortion laws women die from miscarriages; history tells us the party who is power when all stability end up losing. it's the way minorities win. history also shows us lives are expendable, and if they can replace you...well I haven't found a historical example that says the rich are kind-hearted. well maybe robert owens, but he had to go all the way to the backwoods of America to share the wealth with his workers. so the result was they mostly died from poverty and disease because the Indiana community was too far off the commercial pathways, both to sell their products and to get supplies. didn't Peter Thiel say we need to reinstitute slavery?
On point again. Thanks Thom
The fascists and oligarchs have two strategic reasons for a debt crisis. 1) greed and 2) destruction of democracy. The oligarchs get more yachts and dachas while the politicians achieve their lust for power.
I was in the middle of a several hundred million dollar divestiture and then 2008 happened. Deal tanked. Lehman Bros. was our lead bank. In retrospect, on a microcosm level, the crash was orchestrated. Of all the investment banks that either went under or were bailed out, Cerberus Capital Management came out smelling like a rose. Bought up 100's of distressed companies (ended up owning us) and in particular, bought up gun manufacturers. Profit margin is huge on guns. Today, I would not be a bit surprised if another recession is orchestrated, followed by a war. Seems to be the pattern. The real money, power and control for these sickos is in military armament. Why in heavens name are we picking a fight with China?? And who names a bank after the tree-headed dog that guards the gates of Hell??
Our family suffered egregiously from these intentional economic collapses since 1983. We have lost homes, jobs, pets to kill shelter’s, stability of owning a home of which twice were taken with garnishment ensuing even after homes were returned. Our son was born with asthma and at 6 and 9 mos had to be hospitalized. We were a Coast Guard family on Champus and it only paid 70% of those bills. The pay was barely enough to survive. We filed bankruptcy and were slapped with a lifetime of qualifying only for subprime loans. Worse, it made our family’s believe we were bums. They won’t stop harming people until we vote them all out. As usual Thom, masterwork on telling the truth and nothing but.
You cannot call this plan anything other than ‘evil’.
And it so fits the Republicans of today.
The hateful words and lies are backed up by out and out treachery. How can this be opposed by the average American citizen?
It is a frightening collection of self serving wealthy people, who as part of this strategy are taking away any power of the people to recover.
Remember they’ve been in process of destroying the Public School system, the Public library system , unions, college availability for people without wealth is priced out of sight.
The authoritarian government the wealthy and the GOP are trying to replace Democracy with , is well underway.
The healthcare system in this country is anything but caring .
Medicines are priced out of reach for those other than wealthier Americans.
The idea of helping those with less is being destroyed. The GOP is trying to get rid of aid to the hungry, ( SNAP reductions). People in this country are dying from hunger. Such concern about the rights of the unborn. No concern for
living children of poverty.
Elderly are also expendable. Social Security and Medicare can go according to Republicans.
Anyone that the GOP considers “less than”,
Minorities, trans and LGBTQ individuals, immigrants and the poor are extremely expendable.
This is the America that Kevin Mc Carthy and his cronies are gunning for. In Thailand the whole country routed for and supported retrieving 17 boys and their Coach from a cave they were stranded in.
We allow our school children to be hunted down by gun owners and their sponsors, the Republican party.
The absolute international community was in pursuit
Of their safety . They weren’t paid , they volunteered.
Only a Revolution of refusing to accept the bold meanness and tawdry campaign of the Republicans will have a chance. We better start fighting for the marginalized
We all are the ‘ marginalized’.
Indeed, the term ‘market crash millionaire’ was crafted in the 1930s.
In addition to your examples, The Big Short showed a few, but only a few, of the many equity hedge fund managers that made millions on the crash of 2007 at the expense of taxpayers.
Not fully appreciated, the banks needed the bailout money to pay these equity/hedge funds because the banks bet with them that the housing market would continue to rise, and the equity hedge/funds bet it would crash.
The bailout money went to the banks, then, after the executives took their bonuses, it went to the equity hedge funds.
This was a massive upward transfer of wealth from the taxpayers to the financial elite.
The only way to remedy that imbalance is: tax the rich.
I failed to mention Women as a group also designated by Republicans to lose any power we may have gained.
We are every bit as marginalized by Politicians who are raging against abortion a woman’s ability to decide
her own fate and the fate of her pregnancy.
Why would anyone insist on the right of a fetus to become a child in this dread climate.
Many of them , were they to live would have no means to survive our world regarding climate change .
Another ‘lets pretend it isn’t happening ‘ item on the GOP list( along with the extreme Supreme Court majority appointed by Republicans.
These all, a result of collective ‘ militant ignorance’.
"The comfort of the rich depends upon an abundant supply of the poor." — Voltaire
Touching on the theme of your article about witch burning, after the 2008 crash, a third of millennials evidently decided not to have children, myself included. Because the owning class no longer has control over the means of reproduction that guaranteed "an abundant supply of the poor", the rich can no longer afford to gamble with the means of production. Shock Doctrine only has the effect of worsening the childlessness crisis, now. I'm sure it's a major motivation for the recent rise in anti-abortion legislation. Millennials are certainly playing the long game (and gen z will no doubt follow suit) but as the recent rise in wages and union wins as of late because of the shrinking labor supply, it looks like they're winning in the end.
The depression was the high water mark of conspicuous consumption. This was the era of the classic car, the Augurn, the Cord, the Packard, the Cadillac. Mink and Sable furs, diamonds and gold, the rich and famous were luxuriating while my grandmother was baking pies and taking in laundry to get by, and my mother dropped out of school to give out samples of Beechnut gum in a park, dressed in a silly, and degrading, drum majorettes costume. As for the wealthy and entitled those were the good old days, when the pesky bourgeoisie were reduced to a handful struggling to stay open and feed their families, while the proletariat was selling apples, and standing in soup lines or hopping trains to move to a better mythical place.
The only good news on the subject of this Report is the fact that the GOP as it formerly existed, exists no more. They don't have a platform, they hate the government, and their candidate of choice has a plan that does not include anyone but him. All that defies any logic or ability to execute a master plan.
AND, the best/worst news is they are back right where they started on the culture wars. This makes it impossible for them to win huge voting blocks, especially the youth.
Some seem confused about the why in it all. The money is only a means of keeping score and scoring is all the current GOP cares about. Trump is a reflection of that---he is them, they are him. It should be their undoing, but that's up to the rest of us. Grow the vote.
It’s the Republicans, stupid. ( not you, dear reader, most likely. ) It’s just one slogan ... use it or lose it! -- b.rad
Historically, fascism only thrives during periods of economic chaos and loss of faith in government. For example, that was the case for the rise of Mussolini and later Hitler. In such situations, historically some of the ultra-rich do regret their support as fascists begin to dictate their business practices and even what they will manufacture - Gee, ya mean like in Florida today? [think Disney]
While I do find your insights interesting if biased, it would be useful to hear some discussion about the malfeasance of the Democratic Party and their contribution to our country's state of crumbling imperialist oligarchy. You are officially part of the perilous corporate media complex in which Democrats criticize Republicans for their political and financial benefit, Republicans do the same about Democrats, and few discuss the things they both largely agree upon that are killing our country. Because each side has to cater to its own echo chamber lest they'll be thrown off the air for dissenting views and labeled as socialists or Putin propagandists.
of course. and some of those same billionaires are just plain tired of democracy. some of those same billionaires are just plain tired of having to pay workers. solution-let enough people kill each other; pass such restrictive abortion laws women die from miscarriages; history tells us the party who is power when all stability end up losing. it's the way minorities win. history also shows us lives are expendable, and if they can replace you...well I haven't found a historical example that says the rich are kind-hearted. well maybe robert owens, but he had to go all the way to the backwoods of America to share the wealth with his workers. so the result was they mostly died from poverty and disease because the Indiana community was too far off the commercial pathways, both to sell their products and to get supplies. didn't Peter Thiel say we need to reinstitute slavery?
And I suppose there's nothing we can do about it. Can't the Dems do anything in anticipation of this?
Thanks for this Thom, I had no idea.