It’s amazing what conclusions people will draw from unrelated events. This article in the Washington Times for instance. Of course, the Times isn’t the only place where people are attempting to establish a cause and effect through unrelated events and failing to reach an accurate conclusion from circumstantial evidence. This is probably why our court system disallows circumstantial evidence, but that’s just an educated guess on my part.
Glenn Beck* is also doing this with regards to the financial portion of his programs. He too, has failed to deduce that the cause of our financial meltdown has absolutely no correlation whatsoever to those who are currently exploiting it.
None of what is written in the Times article would have even been remotely possible (assuming there are any bits of truth to this being ‘planned’) unless all the referenced Wall Street firms had already been insolvent – AND THEY WERE! Anyone who can read a financial earnings report can conclude this merely by examining the data. Further, anyone can currently see the former balance sheet of Bear Stearns, now happily festering on the Federal Reserve’s books, just awaiting its further taxpayer bailout.
The collapse of Wall Street was not organized by any foreign terrorists – it was created by the Wall Street firms themselves who thought they could collude to drive the prices of mortgage backed securities up in perpetuity. As long as property values were going up, these investment vehicles sold like hot cakes. When normal people could no longer afford homes, the Wall Street banks tried forcing lenders to push ‘creative’ ( a/k/a/ fraudulent) loan products to get people into homes they couldn’t afford – the more risky the loan the bigger the profit for Wall Street. That ended when everyone discovered, much to their disbelief and dismay, that home values were not a perpetual motion machine. The result was that the portfolios of all these Wall Street firms imploded….only to be rescued by the taxpayers at the point of Hank Paulson’s gun (a/k/a ‘bazooka’).
Now, please tell me how foreign terrorists orchestrated and dictated the actions of almost every single Wall Street firm in our country (to say nothing of the investment firms world-wide that did the same thing) over the past 10 years. If you can answer that, you’ll discover that the collapse was coming regardless of who might now want to exploit it. All of these firms were going to collapse through no fault of anyone’s but their own. They were and still are insolvent and that includes the ones still operating today through taxpayer support. Without the Federal Reserve’s QE policy and without taxpayer exploitation every Wall Street firm would collapse tomorrow. It would have nothing to do with foreign terrorists, George Soros or anyone else.
It is supposition like this article and some of the things from which Glenn Beck is drawing correlations that do not prove effect, which are protecting the true guilty parties: The investment firms on Wall Street and the legislators those firms purchased with their massive profits over the past decade.
Unfortunately it is ‘conspiracy theories’ like these that obsfucate the real truth. The real truth is MUCH scarier than the conspiracy theory in this particular case. You literally have hundreds of criminals running free right now and they are doing exactly what they’ve done for the past decade, just in new areas: they’re robbing us all blind using commodities in which they ‘invest’ with YOUR taxpayer dollars through the Federal Reserve’s QE policy. That same QE and ZIRP policy is also responsible for the unrest around the globe by literally starving people world-wide.
To make this stop the real criminals need to be prosecuted. That is the ONLY answer. And the criminals are not ‘foreign terrorists’ or George Soros; they all reside on Wall Street and in Washington DC. Understand that George Soros is not an omnicient god, he is but an opportunist who saw the stupidity being allowed to happen on Wall Street and he is now taking advantage of it for his own gains. While he may be a socialist, he makes his money exploiting the bastardized system of ‘capitalism’ we have here – that is: laws don’t apply to those with money – only to the ‘little guys’. This is not capitalism. We have not had true capitalism in decades.
Real capitalism is ‘equality under the law’ – NOT ‘some are more equal than others’ and the latter is what our system has become. At this juncture, anyone advocating for Wall Street is supporting fascism.
* Disclosure: I’m actually a Glenn Beck fan and greatly appreciate his efforts. Some of what he discusses that appear to be ‘conspiracy theories’ truly are valid presentation of fact. However, when it comes to the economic crisis (from which we are NOT recovering and is ongoing), he is missing the boat trying to tie things together in cause and effect that are just not at all related.