In ''The Battle for the Soul of Capitalism'' Jack Bogle no longer sees Adam Smith's ''invisible hand'' driving ''capitalism in a healthy, positive direction.'' Today, his ''Happy Conspiracy'' of Wall Street plus co-conspirators in Washington and Corporate America are spreading a contagious ''pathological mutation of capitalism'' driven by the new ''invisible hands'' of this new ''mutant capitalism,'' serving their selfish agenda in a war to totally control America's democracy and capitalism.
One of the creepiest details to emerge in the shooting rampage were reports that troops from nearby Fort Rucker were brought into Samson and other surrounding areas to patrol the streets. This is a clear violation of the Posse Comitatus Act, every freedom-loving American's worst nightmare. ...Strangely enough, there was almost no media coverage of the occupation -- you had to rely on various right-wing outlets like CNSNews.com, whose article I blogged at the time, or the left-wing Democratic Underground.
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
Bharatendu Prakash, from the Organic Farming Association of India, told the Press Association: "Farmers' suicides are increasing due to a vicious circle created by money lenders. They lure farmers to take money but when the crops fail, they are left with no option other than death."
The myth of the single bubble behind The Great Unwind -- manifest as the global credit crunch -- has essentially been dumped in the last few months and subprime mortgage default, a USD 1.5 trillion challenge within the USD 5 trillion mortgage based assets envelope, is seen as a component of a much larger overwhelming global crisis with unprecedented scale, speed, severity and synchronicity. The global crisis has wiped a staggering USD 50 trillion off the value of financial assets currency, equity and bond markets worldwide last year, according to the Asian Development Bank. The truth that there are as many as eight bubbles at play...
German leaders, meanwhile, cannot see why their taxpayers' money should go into encouraging precisely the kind of behaviour - reckless lending, careless borrowing and overconsumption - that precipitated the financial crisis.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
