So I’m reading the Wall Street Journal, and I came across this gem from John McCain (RINO—Arizona) talking about the consequences of not raising the debt limit (a/k/a the Bank of China Mastercard):
“I’ve talked to people in New York who say the markets will react very negatively. Of course I’m worried.”
What people in New York?
The people who packaged bad mortgages into securities, sold the securities, and then bet against the securities they manufactured and sold? Those people? Or maybe the people who run the ratings companies that stamped Triple A on those securities made of pure crap? Those people?
And what markets? The ones the Federal Government bailed out when they put $120-Billion (with a B) into AIG Insurance (which all immediately went to companies like Goldman Sachs and Citicorp to make those bets good)? Those markets?
Hey Senator! Did you get shot down over Hanoi and spend four years in the Hanoi Hilton fighting for the right of those pencil necks in “New York” to screw the rest of us in flyover country? Or did you go through all of that fighting for our right to have the government stay out of the market except to punish those “people in New York” for screwing the rest of us? (Which, let’s face it, is the ONLY role the government should be playing in a free market economy.)
Frankly, Senator, the Nevada Gaming Commission, pathetic though it is, does a better job of insuring a fair game than the Federal Government does in insuring the same thing in “the markets”.
So I don’t want to hear a load of crap from you or anybody else about “the markets” as the folks in Congress actually do their job for a change and tell the President that all spending bills originate in the House, and it is NOT “blackmail” for them to set conditions on their willingness to do what it is they were elected to do.
What I’m saying in very polite terms is, “Screw the Markets”.
Have you ever noticed that the players in “New York” make money whichever way “the markets” go? Have you ever wondered why?
Do you know what a “negative” reaction of “the markets” is? It means that to make money, the “people in New York” merely have to change their bets.
Isn’t it time you started worrying about the people you are supposed to be representing in Phoenix?
And did it ever occur to you that the Goldman Sachs Alumni club that produces Secretaries of the Treasury mostly looks out for its own interests? How much real pain would there have been on Main Street if the Government had done NOTHING in 2008 and 2009?
The answer is probably as much “pain” as the recent faux “shutdown” caused, which is to say not very much. The “pain” would have been limited to “people in New York” not getting multi million dollar bonuses for screwing people like us. Think of all the BMWs and Mercedes that would not have been sold in 2010. Think of all the vacation condos that would be vacant in Vail. Oh, the humanity!
The problem we in flyover country have is that idiots like you and our President actually buy into this nonsense.
The next time I hear about capital formation on Wall Street from some overpaid, overdressed master of the universe, I’m going to throw up.
Back in the day when all that crap might have been closer to being true, they also had a saying amongst stockbrokers: “But where are the customer’s yachts?”
Today, most of what happens in places like Wall and Broad is better played out at the corner of Tropicana and the Strip in New York’s Westernmost suburb, Las Vegas.
The odds are better, and the public has more trust in the fairness of the game.
And that’s a very sad commentary on the way politicians have handled the thieves who run Wall Street.
At least Bugsy Siegel provided entertainment at the Flamingo.
Photo Credit: Donkey Hotey (Creative Commons)