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作者：罗杰 Roger Snyder (October 13, 2008) 译者： 罗玲
THE STOCK MARKET WAS SAVED
Roger Snyder (October 13, 2008)
What a turn of events in the past 6 months we have seen in our economy. The holy grail of the capitalistic world ( the New York Stock Exchange ) and its commensurate free market has been turned into the largest socialistic action in the history of the human race and it all happened in the home of the largest capitalistic economy ( or any other economy for that matter ) in the world – the UNITED STATES !
Why is Wall Street so happy today ( Monday October 13, 2008 )? Well, considering that last week was the worst in the history of the stock market with a total loss of value of nearly $3 Trillion ( yes, Trillian with a T ) in market value and over the weekend the leaders of the “free world” economies met in Washington D.C. and the European Union decided to inject up to $2.3 Trillion U.S. dollars into their banking system – Wall Street had something to finally cheer about. The governments were going to bail them out – on the backs and wallets of the working class.
Now, I find this more than a little ironic. After all, it’s the “Wall Street” crowd that for years has said we should cut back spending on people in need, on education, on jobs programs, health care programs for the uninsured and health care for children specifically. “The free markets work well when left alone” was their battle cry. For the “rich” crowd on Wall Street socialism or government bailouts is something that happens to other people. When it’s them that needs a “hand up” it’s sound economic policy, they reason. How ironic. Isn’t it the “Wall Street” crowd that made this mess in the first place? And now that they’ve so messed up the entire banking system in the U.S. and Europe and put strain on Asia greater than the 1998 financial problems they come with their hat in hand begging for special deals? Not just special deals but the largest “help me out” request in history, anywhere ! Just yesterday, Sunday October 12th, a Japanese bank injected $9billion into Morgan Stanley to keep them from failing. What’s Morgan Stanley going to do with the money? Their going to buy their smaller competitors to reduce the playing field so they can do what? So they can get in our back pocket again easier than before because now the competition is reduced. Some people never learned.
I was against the bailout for a myriad of reasons but mostly because saving so many drowning people will ultimately make the rescuer tired and he too eventually shall drown. The working class in America is like the parts of a car that you never see. It’s the part of the car that makes it run. The car can look new and shiny, but if you haven’t changed the oil and kept gas in it the car won’t go. We’ve run out of gas and the parts you don’t see ( the working class ) have become rusted and worn down from too many burdens over time ( $10Trillion national debt and wages that haven’t kept up with inflation in the past 30 years ) and now the car needs a complete overhaul ( socialistic regulatory reform and government injection and intervention in the markets ) so that shiny car will work again.
The Stock Exchange and the banks may have been saved. The Wall Street guys will keep their jobs and big houses in the Hamptons. But, Capitalism died – and it died by its own hand. Suicide, by greed.
Lenin once said “we will sell the capitalist the rope with which to hang them”. He was almost right. We made the rope ourselves.
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