Monday, March 23, 2009

Recommended Reading

Matt Taibbi has an extended, in-depth look at the current financial mess, specifically the whole AIG situation, and his conclusions are somewhat discouraging.

The short version:
As complex as all the finances are, the politics aren't hard to follow. By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
The slightly shorter version:
...we're officially, royally fucked.
There's more fun and frivolity at the link above, and the entire article is well worth a read the whole way through.

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