Monday, September 29, 2008

Bark: Meltdown Monday

Wow. Well, I wasn't expecting that.

Personally, I'm delighted. I don't see why ordinary taxpayers should have to bail out the greedy idiots who built empires based on massive levels of debt and unregulated risks. Could this be the beginning of the end for the capitalist free market? I doubt it, but I would bloody well hope so. And as an extra bonus tonight, it's causing the oil price to plummet, which is great news for people like me and bad news for oil-men like George W. Bush (not to mention OPEC).

This kind of backlash and collapse was inevitable: you can't build a sustainable economic system that requires larger and larger profits every year for companies to be viable in the eyes of the stock market. Where do they think this money is going to come from? This kind of model is inherently inflationary to the point where eventually the cost of living gets so high that people can't afford to keep a roof over their head or put food on the table - hence why the financial markets in the US in particular are disintegrating right now. Corporations have become so focussed on keeping the stock market happy and driving up their profits that they've forgotten that the real purpose of business is to provide a service, and if people can't afford to buy that service, you have no business and fucking deserve to go under. That's what's so disgusting about all the bail outs of the credit crunch. The little guy gets screwed bailing out the failures and never gets to see anything back. But the people who drove these institutions into the ground get golden parachute pay-offs - here, have a couple of million and get to fuck. You think, shit, I'm in the wrong line of work, if only I could get paid for fucking up like that!

Let the banks burn. Fuck the greedy bastards, they've been lining their pockets with our cash for years. Maybe this time they'll learn from their mistakes and build a system that doesn't prey on vulnerability and thrive on greed, and actually rebuild the market into something that's fairer and sustainable in the long term.
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