Wall Street's Tower of Babel The financial elite of the United States have sacrificed the systemâs survival by Parker Eales| September 15, 2008 Once men break with tradition, venturing upon colossal financial experiments, they lose the ability to navigate. They lose their sense of proportion, their sense of the fundamental rules that govern finance. They abandon the sense that the system may be at risk. It is always dangerous to mistake where you are, to lack the means for recognizing error, to believe that immediate success â or successes earned to date â indicate some newfound path to financial success. The modern alchemy experiment ,among many things, was to turn clever packages of loans blessed by the priests of ratings into gold. The truth might be that an experiment, successful for some, is nonetheless an ultimate disaster for all. Perhaps there is something inherently unstable in the assumptions, in the people, in the situation of unprecedented success and credit. Perhaps the victor is spoiled by his victories; perhaps planet Wall Street that innovates cannot grasp the consequences of so many innovations piled one upon the other without regard for the system that motherâs it. The financial elite of the United States were willing to do a âwinner take allâ and the hell with the unwashed. They were making so much money selling packages of make believe to market valuations, that they really did not care if the fiasco of jungle high finance destroyed the entire system as long as they made âtheirsâ. The feral, ruthless and sophisticated salesmen created and sold weapons of mass financial destruction so complicated that the only money in the confusion was their fees. The blood lust of knowing buyers would have their faces ripped off was elation. We are falling into a kind of chaos. This chaos appears in our economic behavior â in our indebtedness and failure to observe the traditional rules of economy. We have also ignored the warnings of our forefatherâs money and credit. And we have lost our common sense in matters of money and finance. We fought a war on drugs but did not realize that the devilâs most powerful drug is credit. Is there any doubt that human beings cannot resist its addiction? We are now beyond the point of no return. http://www.financialsense.com/fsu/editorials/2008/0915.html
The bigger question is: Why isn't anyone in Jail? The leaders within these ratings agencies need to be in Jail. As current conditions prove, all these ratings agencies are sham organizations. Once the blood spills into main street, the public will demand hangings. And it might very well begin at the very top.
We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars. http://www.telegraph.co.uk/finance/...-hot-seat-as-Europe-falls-into-the-abyss.html