[kj] OT- I couldn't help but to think of the West

[ade]

See how quickly people distance themselves from their old 'friends' who are
suddenly in trouble? Shit sticks.

-----Original Message-----
From: gathering-bounces at misera.net
[mailto:gathering-bounces at misera.net]On Behalf Of T.B.
Sent: 15 March 2008 17:13
To: A list about all things Killing Joke (the band!)
Subject: Re: [kj] OT- I couldn't help but to think of the West


"ade" wrote:



> Enron?

>

> I'll partially requote myself on that one:

>

> "if you know the right people anyway."

>

> Yep, I think it still stands.


Enron was one of Bush's biggest sponsor of his political career dating back 
to his Texas Governor days.  Kenneth Lay was a pretty good friend of Bush 
jr.  Enron through ties with the government basically was getting a free 
ride via exemptions from various Federal energy regulations as well as being 
able to spearhead deregulation.  The fact that Enron after all this still 
had to criminally miss-state their assets and earnings after all these 
favorable handicaps which led to bankruptcy goes to show that even having 
friends in high places only goes so far.

In this case of several lending institutions getting aid from the Feds, I 
don't think it's so much knowing the "right" people, it more the fact that 
if major banking institutions start going under, it will have a tremendous 
domino effect on every facet of our economy.  As it is, bailing out banks 
with billions in bad loans with federal money is only going to further hurt 
us in the long run as it further weakens the dollar which in turn supports 
continued astronomically high oil prices.  IMO, it's a stopgap measure 
designed to get Republican votes through the next election at which point, 
it'll be likely left as a huge mess for whoever the Democratic President 
will be to deal with.

T.B. 

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