Demonstrating the amazing resilience of American Market-Economy capitalism, following an infusion of a mere untraceable trillions of freshly minted Fedbucks, the DOW-JONES has risen to the level of 11,000 from its slump to virtually 7,000 in 2009.
“Nobody ever thought we’d ever get near this level this fast,” said William J. Schultz, chief investment officer for McQueen, Ball & Associates. “Lacking any negative news out of companies, the rally will likely continue.”
Somebody is making a lot of bucks there, as can be verified with the multi-billion dollar pay-offs to the likes of:
And the government reported that for a change, employment figures went up by 163,000 in the previous month, instead of down, though they neglected to much note that a large part of the surge in employment was due to the temporary hire of Federal workers to do the census. Aw shucks….
Meantime on some other planet, but in the same country, this little headline suggested something else:
Senators End Impasse on Extending Jobless Aid
And another 9 billion buckos were printed up to toss at those folks who just can’t pull themselves up by their own bootstraps like Mr Tepper did. That’s more than twice as much as he made, for people doing nothing!!
Meantime around the nation tea-parties are held, in full patriotic fervor, calling for a return to the good old verities of self-reliance, no taxes, and naturally yellow-ribbon support for the troops, wherever they are and whatever they are doing. While social services are denounced as “socialist”, and the cry “keep your gov’mint hands off my Medicare” is to be heard, none call for cut-backs on the government’s largest out-lay, that to the military.
Back on the Wall Street ranch, little items keep blurting out, which belie the happy headline of 11 thousand! and in Congress the endless buck-pass goes on, with testimony from none other than Alan Greenspan who asserted
And of course he was not responsible for the housing boom and bust, which as one and all agree, “nobody saw it coming.” Though repeated again and again, this was not true, and throughout the fiscal follies of the last years there were major whistle-blowers inside the corporations which went poof, and outside. But they were deemed party-poopers, and tossed out or shut up. Meantime many of those most fully responsible now sit at the Treasury Department, at the right-hand of Obama, or still at the top of their corporate pyramids, raking still more “earned” income in for last year’s big profit-making.
But now we learn, as if one couldn’t have figured it out already, that Enron-style bookkeeping and number juggling was the province of not only of Lehman Brothers, but, well, gosh, everybody. Even the Feds were in on it, keeping a lid on the stench coming out of the board rooms of all the big boys. Presently one of those involved in, well, smudging the truth, hiding the shit, sits as top cop for these things: Timothy Geithner, present Secretary of the Treasury.
Lehman Channeled Risks
Through ‘Alter Ego’ Firm
And just what does one imagine Mr Roberts channels? Let them eat..