This article at Barry Ritholtz’s The Big Picture is IMO an important and powerful article, which I strongly recommend every American read. It is off-topic for this site, so I post it without futher comment — and with comments closed. Please post your thoughts at the author’s site.
Anger is easy. Anger at the right person, at the right time, for the right reason, is difficult.
— Aristotle, in the Nicomachean Ethics, book IV, chapter 5 (lightly paraphrased)
Telemachus, now is the time to be angry.
— Odysseus, when the time came to deal with the Suitors. From the movie The Odessey (1997)
Update: Details of the theft
That is to say, the latest theft:
- “Treasury, Federal Reserve, and the FDIC Provide Assistance to Bank of America“, Joint press release, 16 January 2009 .
- For the details see the Term Sheet.
- Barry Ritholtz comments on this here.
- Simon Johnson gives a brief analysis here (impressive background; bio here).
- A trenchant analysis by Michael S. Rozeff (Professor of Finance, retired): “How to Steal Billions in Plain View: Bernanke’s Robber Banks“, posted at Lew Rockwell, 15 January 2009.
All together now, let’s give the yell of the 21st century American: “Baa, baa, baa.”
Other posts on the FM site about this theft of our money (perhaps the largest in history):
- Say good-bye to the old America. Welcome to our new socialist paradise!, 17 September 2009
- Slowly a few voices are raised about the pending theft of taxpayer money, 21 September 2008
- A quick guide to the “Emergency Economic Stabilization Act of 2008″, 29 September 2008
- A reminder – the TARP program is just theft, 24 November 2008
- The Paulson Plan will buy assets cheap, just as all good cons offer easy money to the marks, 30 September 2008
To read other articles about these things, see the FM reference page on the right side menu bar, esp these:
- about America – how can we reform it?
- about the Financial crisis – what’s happening? how will this end?.
- about The End of the Post-WWII Geopolitical Regime.