Maybe the erstwhile riverboat gamblers who now populate the upper echelons of the financial services industry in this country are beginning to see some of their investments unravel as the ripple of stock market panic, from the Asian markets, to Europe to Wall Street, grows into a tsunami of bad faith and credit in U.S. bonds–the bedrock of the world economy. Maybe.
Most of the smart ones have probably already short-sold their vulnerable investments, and are cooling their heels with their holdings now shifted to gold, and other more secure market hedges. Earlier this Century they cashed-out the U.S. real-estate market. Then they managed to get the government to bail them out with hundreds of billions of dollars because their super, high-stakes “investment” operations were deemed to be “too big to fail.” So, now I’m sure the crafty ones are “making bank” on the impending default on the U.S. debt.
Meanwhile, the political blame-game is going on, as if the elderly, the poor and their defenders in the Democratic Party, are equally culpable for the impending crash, as are the gluttonous corporations, the rich, fat-cats who run them and their wannabe-billionaire protectors in the Republican Party. Continue reading