Class Warfare Blog

February 3, 2014

Gamblers, Plain and Simple

I have written a couple of times about billionaire hedge fund managers and their ilk before. The only changes I can see is that there are more of them now, so my previous comments are not in need of amendment. (They revolve around the fact that to make a billion dollars in one fiscal year is to make $532,000 per hour. These assholes have also gotten their income declared “special” by sympathetic (read: bribed) Congressmen so that they pay a maximum of the lowest possible federal tax rate (15% on their earnings). They also contribute nothing substantial, being in essence insurance companies for investors (they insure against negative financial risks).)

What needs amending is my toss off statement that Wall Street magnates don’t create anything substantial. basically I didn’t go far enough. These folks are paper pushers, with the largest amount of paper being bank notes (I know it is all done electronically now and they rarely see a bank note or a stock certificate, but “electron pushers” just doesn’t have the same sting as “paper pushers,” no?)

I realize now that there is no difference between these Titans of Finance and ordinary gamblers, except for one big difference: ordinary gamblers do not own the casino, so when ordinary gamblers decide to change the rules, by cheating or by organizing information to their benefit, the casino owners ban them from not only their casinos but everybody else’s, too. On Wall Street, on the other hand, the “gamblers” get to: (a) gamble with other people’s money, and (b) create new games as they wish, and (c) get the rules changed when they decide there is an advantage to their own prospects. And no matter how poorly they perform (Jaime Dimon), their (Jaime Dimon) hand-picked Boards of Trustees give them (Jaime Dimon) big raises.

All of this is wrapped in mumbo-jumbo (including talking about the “market” as if it were an organism), elitisms (Data, and charts, and mathematics, oh, my!), and patriotism (We are a Capitalist Nation, under God!) but the “stock market” as described in my grade school classes barely exists as the gamblers have bought the casino: they bought off the owners, the regulators, the lawmakers, the judges, anybody who could tell them “no.” This country is now being run for their benefit, not ours.

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9 Comments »

  1. I just sent this to Larry, but I think you’ll also love it. We have the solution to hoarding wealth. It’s been done… and look what happened when the monied elite panicked.

    http://www.lietaer.com/2010/03/the-worgl-experiment/

    Comment by john zande — February 3, 2014 @ 9:06 am | Reply

    • Fascinating. Money that can’t be hoarded. No wonder the plutocrats crushed the idea.

      Comment by stephenpruis — February 3, 2014 @ 12:42 pm | Reply

      • Exactly. Funny how this is never taught, either. I took quite advanced economics at school and then at uni and i’d never heard of this until just last year.

        Comment by john zande — February 3, 2014 @ 1:58 pm | Reply

        • Interesting in that in this country, local banks issued their own currencies for many decades, even into the Twentieth Century.

          Comment by stephenpruis — February 3, 2014 @ 2:19 pm | Reply

          • Didn’t know that. So there is a history of this happening in the States. Not exactly with hot-potato bills, but a history nonetheless. We just need a testbed, a small town or county willing to give it a try. Detroit would be perfect, but i think its too large to even contemplate. Maybe Flint, and get Michael Moore involved. he’d love something like this. And what a film project! You got his email address?

            Comment by john zande — February 3, 2014 @ 2:42 pm | Reply

            • Believe it or not, we knew his sister when she lived in Grass Valley, CA. It would be cool it he followed up on the idea,

              Comment by stephenpruis — February 3, 2014 @ 3:44 pm | Reply

              • We will see. Something has to give, something has to change.

                Comment by john zande — February 3, 2014 @ 4:25 pm | Reply

          • I just sent him an email. Nothing will happen, but you never know. No harm trying.

            Comment by john zande — February 3, 2014 @ 2:49 pm | Reply

  2. Welcome to the Obama Economy…

    Where the rich get richer…

    the poor get poorer…

    …and the middle class gets destroyed.

    Comment by silenceofmind — February 4, 2014 @ 6:56 am | Reply


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