TALK TO THE DADDY

Hello. Come on in. The daddy writes about current events, literature, music and, once in a while, drops something on you from back in the day to make you pause and ponder, stop and stare, and begin to wonder. Who knows? You may start to pace the floor, shake your head from side to side, then fall down on bended knees in a praying position and cry, "Lawd, have mercy! What is this world coming to?" Check yourself! But this blog is NOT about the daddy. It's about you: your boos, your fam, your hood, your country...our hopes and dreams of a better tomorrow. So let's make a pact: the daddy will put it on the track if you'll chase it down and hit him back. Together, we can definitely take it to another level. Shall we?"

Monday, September 15, 2008

The Bush Administration and the Crisis in U.S. Financial Markets

"The cause of the current troubles dates back to 1980, when U.S.
President Ronald Reagan and U.K. Prime Minister Margaret Thatcher came to power, Soros said. It was during this time that borrowing ballooned and regulation of banks and financial markets became less stringent."
--Billionaire George Soros on the present financial crisis, quoted from the Bloomberg News.

Today, the daddy is feeling the New York Time's report that Merril
l Lynch just agreed to sell itself off to Bank of America for 50 billion and that Lehman Brothers filed for bankruptcy, after it failed to find a buyer. As if these humbling moves were not enough, American International Group (AIG), another proud entity, is on the financial ropes and the word is that they're talking bailout. In other words, What they are saying is, "America, now that we've helped to wreck the financial markets through predatory lending and backroom scheming, will you help us?"

Isn't it ironic how these failing financial institutions, which frowned on government regulations, which got Republican administrations to turn their heads and do little, if any, monitoring, now want the U.S. government to bail them out as if they are regulated banks?

It's estimated that the loss of Merrill Lynch and Lehman Brothers will mean the disappearance of up to 50,000 jobs in the industry that has already lost 100,000 jobs in the last year and a half.
As to what this financial crisis means to the rest of us, Kit over at Keeping It Trill just did a brilliant post on the recent crisis in the financial markets. She states:

Black Monday is what they called that last pivotal day in 1929 when the stock market crashed so hard that it sent the economy into a downward spiral that lasted for years.

Alan Greenspan has already given this one a different, gentler name. He's calling it "A Once In A Century Event".

He said, "This is a once in a half century, probably once in a century type of event. We shouldn't try to protect every single institution. The ordinary cost of financial change has winners and losers."

Fuck you, Alan. You were warned years ago of the likely consequences of your decisions, a furthermore, a rose is still a rose by any other name, and so is a turd.

And here's the finger to all the incompetent, the greedy, the white collar criminals and predatory home lenders who ran our economy into the ground but will never see a day of jail time.


If I wasn't so damn financially vulnerable, I'd be laughing my azz off at how the Wall Street Sharks were running around this weekend, sweatin' bullets and trying not to scream like a bunch a lil' girls over how they fucked up.

The bodies of Fannie Mae and Freddie Mac, dead only a week and not even warm, and now we have all these other cornerstones of comfy living going belly-up bankrupt or begging for multi-billion dollar welfare bailouts.

The more I think about it, Black Autumn may be more fitting description of the dawn of the new Great Depression."

Read the full story at Keeping it Trill. Also read "Soros see International Markets Declines After Reprieve" at
Bloomberg News.

15 comments:

Anonymous said...

AIG=A INTERNtional G

Yeah and many more coming down the pike. Financial pundits now predicting it will be 2011 before we are out from under a massive scale of bankruptcies, failed banks, mergers etc. A complete capitulation - a recession/depression for the next generation to live thru. There's lots of blame to go around.

Torrance Stephens - All-Mi-T said...

chk my post today

i wrote about this for past 2 yrs no one cared

Torrance Stephens - All-Mi-T said...

yo here are the links

i wrote about this last year and read my post today if u can Slacking on your Macking

MacDaddy said...

anon: Thanks for the correction.
Torrance: I've read your most recent post. Insightful.

Anonymous said...

Hey, MacDaddy: She should watch her language, but the article was very good.

Somebodies Friend said...

I don't fell the least bit sorry for this arrogant pricks. They've got everything coming that they ask for.

Preditory lending and backroom deals never pay off in the end.

When the chain breaks somebody must answer too the charges!

rainywalker said...

There are going to be alot of losers here and I'm gonna be eating "New" Spam by the end of the year. I might as well move to Galveston, my chances would be better there.

Nicki Nicki Tembo said...

record job loss, record bankruptcies, record foreclosures, record budget deficit, first generation of American's to be less well off than their parents, disappearing middle class - FOLLOW THE $, it ain't evaporating.

MacDaddy said...

"She should watch her language, but the article was very good."
anon: Maybe I've listened to too many rap songs with curse words in them, but Kit's language sounds okay to me. And of course you're right. The post is great, one of her best.

torrance: Thanks for the links. I will check them out.

somebodiesfriend: I don't feel sorry for them either.

rainywalker: If you're going to be eating spam, I'll probably be eating bologna sandwiches. Hopefully, I'll be able to afford beef. I don't like pork. But who knows? I may end up snacking on pork rinds.

nicki: Well stated.

R.J. said...

I had a new job waiting for me at one of those companies. It will probably vaporize by tomorrow night.

Anonymous said...

RJ, Sorry about your job, but may be a blessing in disguise. You'd have been just another number, caught in a corporate maze that's fueled by an imbalanced economy and the arrogant, the greedy, and the entitled.

Now is the chance to think about who you are, deep down, and do something that will feed your soul, rather than void it.
anon.

MacDaddy said...

"Now is the chance to think about who you are, deep down, and do something that will feed your soul, rather than void it."
anon: Great insight.

Anonymous said...

Anon -
Sorry for your maybe lost opportunity. I'm not going to assume it would be shallow, vapid etc but a position that for whatever reason--you were looking forward to and maybe even needed to support yourself. So if indeed it vaporized, good luck finding something else that works for you. It is very sad to hear of 1000's of jobs lost everyday in many areas--not just the financial companies. It's rough to be out of work.

Kit (Keep It Trill) said...

Oh, MacDaddy, I'm laughing with delight. Would have come by sooner but got busy this afternoon and then my Internet service was oddly off and on despite no storms in the area. It's been a weird, weird day.

Anyway, thanks for citing my article. I really appreciate it. Also, please email me; I need to ask you something.

CurvyGurl said...

We're heading toward a time where there will only be 2 or 3 major banks...the signs are not good.