And this is all on a Sunday. I’m guessing a whole lot of brokers, traders, and Wall Street types will be at the office way early tomorrow. Or maybe they’re already there now.
DOW futures are down almost 3% as I write this and there should be a tsunami of selling tomorrow, driving down prices.
But let’s not forget there’s a human side here. Too many blameless people will get mangled by this ongoing financial train wreck..
One report said employees were walking out of Lehman today (Sunday) crying, angry, dazed, their jobs and retirement funds vaporized. Would it be that only the fat cats got singed when capitalism has a crisis. But that’s not what happens. Lehman employs janitors, cooks, secretaries, clerks, etc. too.
I’ve been making it a point to post on financial blogs (as well as here) when someone screams that what’s happening is socialism that, no it’s not, it’s plutocracy.
And a very scared government that sees a number of other train wrecks about to happen too.
For the employees this will probably be like Enron all over again – with or without scandals and fraud. All of the workers will get shafted but the “fat cats” will jump golden parachutes and all intact. In cases like these, what is Plutocracy if it isn’t socialism for the rich? Wall Street welfare queens with their limousine lobbyists driving up to get their government handouts.
I know it is framing, and a bit dishonest at that. But it makes a point that Joe and Suzy Sixpack can understand.
Unfortunately, most Americans don’t have a clue as to the meaning of Plutocracy, nor would they ever admit to its existence here, and some in the conservative spectrum would gladly accept it as long as the Plutocracy were theocratic in its leanings.
As a traditional conservative, I take offense. The so-called Religious Right is actually very liberal on the political spectrum. They believe they can legislate utopia– just like many of the readers of this blog do. They just believe in a different utopia. And it won’t work for them, either.