Monday, May 04, 2009

'One More Bubble!'

By Robert Parry
May 4, 2009

When I took an editing job at Bloomberg News in March 2000, my arrival coincided with the bursting of the Internet bubble. As once-hot IPOs tanked and the Nasdaq crashed. I would joke to other editors that what the U.S. economy needed was “to build a better bubble.”

Read on.


Charles R Sereno said...

If only we had a "market" in influence-buying, say, equivalent to "bonuses" to execs which are fair-priced for value obtained. It's a mystery to me how politicians can be bought off so cheaply.

Anonymous said...

If the Democrats would stop helping to blow those bubbles behind the scenes maybe Obama might stand a chance of bring "some" change to Washington and Wall Street. However, as long as House and Senate members can be bought through campaign donations and other under the table deals, the bubbles will still keep coming. A group of Senate Democrats are currently planning to derail most of Obama's plans to reign in speculators, as they did with the recent Bankruptcy Bill aimed at stoping the flood of foreclosures in the housing market. The same banks who took TARP money used it to bribe Democratic Senators with million dollar campaign donations. The "Dirty Dozen," as the White House calls them, are lining their pockets with millions, while maintaining the same old "me first" greedy politics that got us in this economice mess in the first place. My prediction? The "Dirty Dozen" will cause Democrats in Congress to slip further in approval ratings and evoke the loss of 14 seats in the House and five seats in the Senate in 2010. To change Washington VOTERS must demand public financing of federal elections and an end to campaign donations of any kind. In my state, New Mexico, a recent senator who just retired started out in 1970 with reported assets of less than $40,000 annually. He retired a multi-multi-multi millionaire and owning much of the state's scarce land assets. The VOTERS must make election to federal offices a service to the public rather than a means of getting rich. The Congress must be transformed from the Millionaires Club, most of whom are lawyers, to a place where people from all walks of life can come to serve at some sacrifice to themselves.