[To TV host] ... "You keep railing against the government; yet you want the government to loan directly to small business? Get real.
Personally, I'm sick and tired of subsidizing Capitalism.
As a friend of mine said, we've got "Capitalism 201 Gone Wild".
Tell me ... what industries aren't being subsidized by our government?
Unfortunately, if the taxpayer refused to subsidize everyone starting today, this whole so-called "capitalistic" system would fail and anyone on the sidelines would get sucked in.
This is what gets me ... people decry socialism, but socialism has enabled everyone, including our freaking free enterprise system.
[To TV host], Look ... this system is now so complex and intertwined; and globally intertwined, we are teetering too close to the edge, for my comfort.
Pretty soon, the government (us) won't be able to prop up anyone.
Leave it to Republicans, and we'd be at war with North Korea, Iran, Iraq, Afghanistan, then they'd find some reason to occupy Pakistan.
"But let's get back to the banks. Every sane one of us who works in the financial industry knows that banks are just middle men. They [retail banks] are great for checking accounts, small savings accounts, certificates of deposit and small collateralized loans [commercial banks - larger collateralized loans]; but getting banks involved in insurance products and highly speculative financial products is crazy.
Most of us knew that if we kept mixing our banking arm with our insurance and trading arms, we couldn't afford to sneeze; but there was no one in authority that wanted to step up to the plate and stop a money making runaway train.
Gramm-Leach-Bliley let us get as big as we wanted, allowed us to create all kinds of financial instruments; and allowed us to mix and match every freaking thing we could get our hands on; and we made a boat load of money."
"Insurance is the backbone of the financial industry. I find it interesting that no one links health insurance with financial services. Maybe they just don't talk about it.
Several weeks ago, I stated that the financial industry always keeps its base and returns to its base in times of trouble.
Health insurance profits, life insurance profits and other financial instruments and financial products (profits) have been keeping the financial industry alive and well for years. On the consumer side, annuities will probably be our biggest retail financial product going forward.
My industry will always make money because it will always have its base (insurance). The wonderful thing about insurance, ... you can put insurance on anyone or anything, as long as there is insurable interest. The insurer is betting that he will never have to pay out or rarely pay out; but he's always got to stay ahead of the game and keep that money flowing in.
Remember, all insurance is ... is spreading risk around. Right now, that risk is in the hands of the taxpayer.
I hope someone knows how to control the risk, cause believe me, the government needs to stop propping up all these industries/businesses.
This is one area where Republicans and I are in accord; except those freaking idiots didn't follow their own ideology. They've been just as guilty as Democrats with their industry and business subsidies [corporate welfare].
Republicans and I differ in that I would have never allowed health insurance companies to go public. I would have made sure health insurance companies, that were mutual companies, remained mutual companies; where the policyholders had ownership rights, and with those rights, helped control the risk.
You, [TV host], want to keep what many health insurance companies currently are ... "for profit".
I will always differ with you on your competition/choice argument as long as you keep the health insurance companies "for profit".
... Ok, I guess I've veered off into a host of areas. Sorry ..
I'm Lawrence O'Donnell today." [No disrespect intended.]
Look [TV host], the taxpayer bailed us out; and now we're laughing all the way to our bank. Couldn't get any sweeter.
The taxpayer has to borrow his own money to pay the bills. This is vintage Capitalism.
Heck, most Americans can’t even get through the week; some can’t get through the day, without credit cards. The 1% of the population, who control 90% to 95% of the wealth in this country, made sure of that.
We’ve even got small business hooked. Hell, we’ve got everyone hooked.
1 out of 6 Americans live in poverty. We’ll just continue to drain you dry, and continue outsourcing to other countries where we can exploit their labor and steal their resources, eventually draining them dry; and then we'll move on.
You can never trust us, or outsmart us."
Bill Clinton: The Great Deregulator, by Robert Scheer
Update: March 2010
CHASING MADOFF, BY HARRY MARKOPOLOS