Friday, May 8, 2009

'Goldman Conspiracy:' Bogle's 'pathological mutation?'

Machinations on Wall Street, in government give rise to 13-episode TV plot
By Paul B. Farrell, MarketWatch

ARROYO GRANDE, Calif. (MarketWatch) -- Prediction: The new movie "Public Enemies" will be a mega-blockbuster. Not because everybody loves "Pirates of the Caribbean" star Johnny Depp and Christian Bale, star of "Terminator: Salvation" and "Dark Knight."
No, it'll be a blockbuster because we get a chance to cheer for a new dark antihero, the infamous Depression era gangster, machine-gun-toting John Dillinger: Cheer because this new Dillinger is doing what we all secretly want to do -- rip off our corrupt banking system, turn the tables on the guys who have been ripping us off for too long.
Dillinger must be the guy former SEC Chairman Arthur Levitt had in mind when he told Fortune: "America's investors have been ripped off as massively as a bank being held up by a guy with a gun and a mask." That was the last recession. Today, it's a heck of a lot worse in the "Great Recession:" Bad banks, financial weapons of mass destruction, AK-47 derivatives.
Yes, this time the banks are the gangsters. They're robbing Main Street's Treasury. And it's an inside job. Hank Paulson, the "Goldman Conspiracy's" Trojan Horse, plays a "Dillinger," leading a much bigger conspiracy, the "Happy Conspiracy," that robbed America's 300 million citizens and taxpayers. They made off with trillions, while our "guards," a clueless Congress, laid down their guns and surrendered the keys to the vault. See previous Paul B. Farrell.
The "Happy Conspiracy?" Yes, that's what Vanguard founder Jack Bogle calls Wall Street in his bestseller, "The Battle for the Soul of Capitalism." He sees Wall Street as a "pathological mutation" of capitalism. Adam Smith's "invisible hand" no longer drives "capitalism in a healthy, positive direction." Instead, Bogle sees the invisible hands of this elite "Happy Conspiracy" running capitalism to serve its own selfish, greedy agenda: (more)

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