Thursday, September 15, 2011

Lehman's bankruptcy three years later

Hardly any mention of the third anniversary of Lehman's failure which sent shock waves throughout world financial markets causing a global recession. Maybe tomorrow the talking heads will discuss it.
Lehman's downfall is still with us as the US rows back to deeper economic troubles and the Euro zone looks as though it will shatter into 27 parts with an outcome too terrible to foresee, including another war on the European continent.
The US political class is paralysed; the American president lacks the 'intestinal pluck' to challenge the reactionary Republicans who insist on featherbedding and protecting billionaires, plutocrats, and coupon clippers. Meanwhile by all indicators, the once mighty US is slouching into impoverishment and crisis for the majority of its citizens; they have prepared the grounds for the rise of a radical right, racialism, and beggar thy neighbours, a heady mixture for homegrown incipient fascism.
Results of educational tests show a marked decline in American youngsters to grasp the fundamentals of English and mathematics; The media has strayed along the easy path of glitz and glitter fostering a trend of bread and circus but hardly encouraging critical thinking.
Cutting budgets by punishing education, public welfare, and infrastructure, such as decent transportation and roads, is encouraging a 'dog eat dog' approach to American life. The scraps the ruling classes leave on the table are bitterly fought over by the growing army of have nots and the unemployed. On the other hand, the decadent rich have gone overboard in conspicuous consumption and lavish living whilst American children go to bed hungary at night.
And three years after Lehman, things do not look better. The big bracket banks may have recovered thanks to the taxpayers, but they are greedy and selfish enough to bribe a willing Congress and ruling class to not consider any other agenda but that which keeps them calling the shots. Still the worm is in the apple of their arrogance and sense of being a law unto itself, for on their books remain those nasty toxic financial instruments which toppled Lehman and still risk to topple the house of cards that they and their henchmen in the corridors of power have constructed and try as they might to maintain.

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