What Pierce said about the Facebook IPO

Plutocratic Greed, Puck magazine, 1908. Udo Keppler, American. (Library of Congress Prints and Photographs Division Washington, D.C.)

Charles Pierce, as usual, has nailed it. The man is a national treasure.

If we cheer for big money simply as big money, we’re simply never going to get right again. If we pretend to be vicariously rich in order to avoid the fact that so many of us are becoming unnecessarily poor, if the shift of the national wealth has within it elements that we’re willing to root for as though they were the U.S. Olympic Plutocrats Team, we will get ourselves suckered again and again. This was a triumph of the insiders, of the people who concocted credit-default swaps and collateralized debt obligations, and the people who will do it again, over and over, unless a more critical eye is placed upon them by the institutions of self-government. This does nothing to ameliorate the effects of our rigged casino economy. It solves nothing connected to wealth inequality or unemployment. It is magic numbers on the screen to which only a very few people have the password, and they’re not sharing it with anyone.

Go read the whole thing, it won’t take long.