Very tenuously P: London marches and revolt

[Paul Mackin]

----- Original Message ----- 
From: "Joseph Tracy" <brook7 at sover.net>
To: <pynchon-l at waste.org>
Sent: Thursday, April 02, 2009 1:38 PM
Subject: Re: Very tenuously P: London marches and revolt


>
>
>> The trouble with NOT bailing out the bankers is that it's not just  their 
>> system but ours as well
>>
> I don't accept this premise.  "We" cannot  gamble  our businesses  deep 
> into debt and get bailed out. "We" did not dismantle the limits  on usury. 
> "We" did not create a system of predatory lending.  Does  your life depend 
> on borrowing money from Citi Bank or the  continuation of Goldman Sachs or 
> AIG.  MIne doesn't.


Well, fortunately mine doesn't either but a lot a people's do.

Without functioning banks the rest of the economy can't function. Businesses 
can't operate without credit and start laying off workers. Unemplyed workers 
can't pay their mortgages and loose their homes. Or if they manage to hang 
on to their homes they can't get credit  and stop buying. The result is a 
vicious cycle in which there is more and more of the same.


  "They" tell
> us again and  again every day in many ways that this is "our" economy  and 
> they are always lying.

It's not ours in the sense of owning but we do live and suffer in it.
>
> There are alternatives, from the subtle to the radical and all the  smart 
> people and all the ethical people are pushing for taking over  insolvent 
> banks  and more serious regulatory reforms.  We need to  listen to the 
> people who saw this coming like Roubini, Nomi Prins,  and serious ethical 
> economists like Stiglitz, Krugman, Galbraith,  etc. and look at other 
> models like northern Europe, Japan.

This is the way things seem to be heading.
>
> Predatory usury , war , and borrowing is not a sound economic model.  The 
> more" They" prop it up the more suffering will result.

Whatever form the financial system eventually takes it has to be propped up 
with a huge amount of money and in a hurry.

There has to be something left for the government to take over.

>
> I cheer and applaud the people on the streets in London.   I don't  want 
> to eat the bankers. I just want to ease them into the nice safe  penal 
> colonies they have built to protect us from violent crime and  theft, and 
> return their money to its rightful owners.
>

Just have to make sure there's some money left to return.

P
>