The Financial Crisis As A Game Of 3 Card Monte
By Danny Schechter
May 19, 2010 "Information Clearing House" -- We live in a three-card monte world. Follow the money as it moves from one shell to another. Now guess where it is. Most of us don’t know the hand can be quicker than the eye. That’s why mostly everyone who has ever been suckered into playing ends up losing except those who are allowed to win to keep the hustle going. We miss the tricks of the trade even as we swear we know where the winning card or money or ball is.
On Tuesday night, Americans were watching the “super primary” in which campaigns in three states supposedly showed which way the 2010 election would go. In one a Tea Party backed candidate, Rand Paul, son of a well-known Congressman prevailed, declaring, “We will take our government back.”
Presumably he meant from the politicians, and from the major parties, but not from Wall Street, which at the very hour of his great triumph in the latest Kentucky Derby was burning the midnight oil, trashing what’s left of financial reform especially the effort to regulate derivatives.
“It’s a bad sign,” bemoans the New York Times, “ that there are so many unresolved issues…virtually every effort to weaken the bill involves watering down or undoing these reforms either explicitly or by or by adding fiendishly convoluted language that obscures the bill’s purpose.”
When was the last time you saw the word “FIENDISHLY” in the New York Times?
Speaking of fiends, The Financial Times reports:
Example: Writes Tiffiney Cheng of A New Way Forward, “The derivatives bill that Senator Dodd is trying to kill is the part that Joseph Stiglitz called the best part of the ENTIRE reform package– the last single strongest thing in the bill, the only thing that would really require a change in the way the biggest banks operate, and stops subsidies for toxic bets.”
And as for action against financial fraud and crime, that’s virtually non-existent even on the day that the newspaper of record ran another story on its front page about how Goldman Sachs defrauded its customers and clients.
William Black, the former bank regulator who has exposed control frauds and says they are at the center of the crisis, also says he is being ignored by most major US media outlets. After a story about him appeared in FAZ, a mainstream German publication, he wrote: “It’s interesting that while the video of my House testimony about Lehman, the Fed, FRBNY, and the SEC went viral on the web, led to Bill Moyers scrambling to interview me, and led to this FAZ interview it has not led to any story in the major U.S. press other than Bill Moyers Journal.”
I have had a similar experience promoting my film Plunder: The Crime of Our Time.
Germany is outlawing naked short selling. China is warning of a global crisis that is “more serious that we thought.” A Federal Reserve official says our economy will suffer for years.
“A top Federal Reserve official, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto, warned Tuesday that one consequence of the Great Recession will be a “new normal” in which Americans have lower expectations…”
May 19 (Bloomberg)—The U.S. may fall victim to bond “vigilantes” targeting indebted nations from the U.K. to Japan in a potential second stage of the financial crisis, New York University professor Nouriel Roubini said….”
“History would suggest that maybe this crisis is not really over. We just finished the first stage and there’s a risk of ending up in the second stage of this financial crisis.”
Guess what? We all Lose!
Filmmaker and News Dissector Danny Schechter edits Mediachannel.org. - For more on his film, visit plunderthecrimeofourtime.com.