The American Economy and the Culture of Crime
With regard to education policy, I’m reaching the point of saturation and despair. The same old characters are pitching the same old policies, and the same old media personalities repeat the same old slogans and message frames without ever bothering to do their job. However, looking around at the rest of Bananamerica doesn’t instill much hope either. The nation’s political structure is dysfunctional, and the individuals sitting in positions of power are, for the most part, bought-off prostitutes and largely ignorant of the ‘issues’ they deal with on a day-to-day basis. American culture is becoming increasingly mean-spirited, narcissistic, and fragmented into affinity groups seeking to protect their own at the expense of the un-deserving ‘others’ with nary a thought of the degree of interdependence that make modern societies function. In short, as I try to make a positive contribution to public discourse through this blog, I’m finding it increasingly difficult to find things to write about. It all appears to be little more than a spectacle obscuring the criminal foundation upon which the nation is built.
The point of this long-winded rant is to introduce the only item that I read this morning that I think should be more widely disseminated. Love him or hate him, Matt Taibbi is perhaps the only journalist that has done due diligence in documenting the degree to which the financialization of the American economy is both a reflection of and determinant in the decline of a once promising nation into a bloated banana republic on the brink of collapse. The closing lines of his latest piece on foreclosure fraud sums up the large scale problems facing the nation across the board, and it is well worth your time.
Why don’t the banks want us to see the paperwork on all these mortgages? Because the documents represent a death sentence for them. According to the rules of the mortgage trusts, a lender like Bank of America, which controls all the Countrywide loans, is required by law to buy back from investors every faulty loan the crooks at Countrywide ever issued. Think about what that would do to Bank of America’s bottom line the next time you wonder why they’re trying so hard to rush these loans into someone else’s hands.
When you meet people who are losing their homes in this foreclosure crisis, they almost all have the same look of deep shame and anguish. Nowhere else on the planet is it such a crime to be down on your luck, even if you were put there by some of the world’s richest banks, which continue to rake in record profits purely because they got a big fat handout from the government. That’s why one banker CEO after another keeps going on TV to explain that despite their own deceptive loans and fraudulent paperwork, the real problem is these deadbeat homeowners who won’t pay their fucking bills. And that’s why most people in this country are so ready to buy that explanation. Because in America, it’s far more shameful to owe money than it is to steal it.
Posted: November 11th, 2010 under Politics, Popular Culture.
Comment

