Saturday, April 24, 2010

The Gods of Finance speak softly but carry a big “Carpet Bag”

Wall Street appears primed to surpass even the carpetbaggers of the 1860”s and 70’s with the number of foreclosures actually occurring and yet in the works.

During the civil war Reconstruction Period (1865-1870) many people from the Northern States went south because it was so pitiable that there were many opportunities for a person with even a little money.

For example you could own a farm with hundreds of acres by paying the past due taxes, often as little as $25. The carpet bags these men carried were laden with money.

Those Opportunities attracted all sorts of people, from honest hard working farmers, to crooks, charlatans, con artist and of course crooked politicians, and bankers. All these outsiders were (identified by their Carpetbag) and were called “Carpetbaggers”, then and still, in many parts of the south.

Probably the worst Carpetbaggers were the politicians who used their positions in the corrupt Reconstruction Government to enrich themselves through bribes, graft and other contemptible acts at the expense of native Southerners.

Today the dictionary defines a Carpetbagger as “an outsider involved in politics”. And appropriate describes the Wall Street Titans, who no longer carrying their identifiable carpet bag still lavish their money on politicians and control the US Congress and even the White House!

These new Carpet baggers now control every facet of the US Economy, they own more than 7 million private residences, which they have foreclosed, and they are in the process of foreclosing on another 8 million and there are still some 15 million directly behind these.

Through their corruption they have divested the states of their ability to support government by reducing the tax roles and the numbers of employed, and have driven the US government to the verge of bankruptcy, yet these same carpet baggers provide themselves a life of luxury with grandeur and bonuses that are surreal in a lifestyle that most of us could only live in a dream.

The carpet baggers were evil in the 1860’s and they are more evil today!

Yet in the midst of this evil the American people want and deserve to reform a system that has always been corrupt. A movement is afoot in congress but as always the carpet baggers will prevail and no meaningful legislation will pass. To insure this failure according to the Center for Responsive Politics, JP Morgan Chase spent $1.5 million on lobbying during the first quarter of the year, Citigroup spent $1.4 million and Goldman Sachs spent $1.15 million –

Lobbying is a legal form of bribery!

Reasonable people might ask: Why all the worry?

Today most Americans are inclined to see Wall Street as they are a predatory and all-devouring reprobate. That is all but those who are on the banks payroll as are a substantial part of Congress.