I’m not a financial guru nor has this weblog ever had more than a passing interest in finance. The current ‘deprecession’ gives me a giant headache whenever I try to come to terms with what it all means (our lack of knowledge in this very complex subject gives more power to those who have control over the system). I may not agree with their thesis, I think everything is about money, but I do like the following paragraph from Rolling Stone’s ‘The Big Takeover’:
The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That’s $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG’s 2008 losses).
Read: The Big Takeover