So far one might assume that the economic meltdown, which started with the financial meltdown, is all some unfortunate event and an aberration to a normally well working and carefully balanced financial industry. That would be nice. Just fix the problem, move on to business-as-usual and let’s forget about the whole thing.
But what if it is not so simple and innocent?
Consider Matt Taibis take on events as expressed in his an article The Big Takeover.
His article raises the question if the crisis did not happen on purpose by a certain group of individuals.
Simon Johnson’s in his article The Quite Coup raises a similar concern and wonders, why the elites who are in control of these financial institutions have not been removed and are still running the show. Well, Matt Taibi’s article would be an explanation.
To that information, tie-in William K. Blacks impression he gave on PBS on Bill Moyers . According to him, we are talking about fraudulent behavior by lenders – fraudulent behavior is on purpose, it’s not some accidental or inadvertent result of someones behavior.
This would indeed be disconcerting. Especially if one considers the actions of some of the protagonists over the past 20 years or so and their connections to certain companies, as for example Goldman Sachs, a name which keeps popping up in the context of financial meltdown remarkably often. Why, then, is there not a FBI investigation into these events and the actions of certain people, i.e. CEOs and board members of financial companies.
One needs to wonder why President Obama keeps relying on such people.
What is also disconcerting, is the total lack of remorse or sense of responsibility in the major players in this drama. It seems that there is a almost religious believe in their entitlement in the elite. An article by William Deresiewicz on The American Scholar does offer some insight into the thinking propagated by elite Universities and instilled in their students. However, Mr. Deresiewicz article would point to a problem that goes beyond the financial sector, this elite world view would then be found in all corporations – at least in all the bigger, let’s say fortune 500, and certainly some smaller but very critical ones.
The conclusion, my conclusion that is, has to be that what we are seeing here is a problem of an elite that has become detached from the rest of us. They think that everything belongs to them and that they have a God-given right to just take it by any means that furthers their rightful claim – even if the means used is immoral or illegal as viewed by the rest of society. In essence, they have a different view of society, they are living in a feudal society with them the Kings and Lords and the rest of us their peons.
Houston, do we have a problem!