It seems only the people who actually lived under a Communist system, ie. the immigrants from those countries, aren’t wrapped up in some romantic notions about it. The whole thing about the 60s radicals coming into their own now was really a shock for me.

Back when I was studying Russian, at the time of the fall of the Berlin Wall, I never dreamed anyone in America was so interested in Communism. (I only studied Russian because I thought the alphabet was pretty and was good at languages.) I was born in 1970, and nobody in the program I was in, even the Stalinist history classes, ever hinted at how fashionable and even desirable it was here in America to be Communist.

Sure, I heard about McCarthy, but there was no real Communism in America, according to the silence surrounding the issue I heard just about everywhere. Now going back to read the history books just to figure out what was going on in this election has revealed quite the opposite situation.

“…”The government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice.”

Joseph Stiglitz, the Nobel Prize-winning economist

This is the procedure, that is what we do with insolvent banks. That is what the FDIC is for.

We don’t prop up the bad banks. The regulators help them become solvent through a resolution and restructuring of their bad debt, and then either sell them, sell their assets independently, or allow them to re-emerge as good banks once they are solvent

This is precisely what Le Café Américain has had on the menu for the banks over the past seven months, with some detail behind it, including systemic reforms.

We do not burden an entire national economy, we do not cripple an entire banking industry including many regional banks who have done no wrong, in propping up a few insolvent institutions who arrived at that state through outrageous bad management.

There is widespread suspicion that this exercise is designed to protect a handful of large money center banks from realizing their losses – JPM, C, Morgan Stanley, B of A, and Goldman Sachs.

Let the system work. Do not continue to privatize the gains and subsidize the losses.

And then let the criminal and civil investigations of the major actors in this modern tragedy begin, if we ever wish to ‘restore confidence’ in Wall Street in the public and the rest of the world.

http://jessescrossroadscafe.blogspot.com/

AMEN, JESSE. AMEN.

“I never give them hell. I just tell the truth and they think it’s hell.” Harry S Truman quotes (American 33rd President of the United States, 1884-1972) …

Lenin’s New Economic Program [NEP].

I rarely agree with Jim Cramer, but on this occasion, he’s got it precisely right.

Good for Cramer. He’s right.

Remember those banners during the primaries?

For these people, who control all the power, of course socialism/communism is a good deal. Nothing like paying yourself w/ taxpayers’ money. And risk-free at that.

I am just sickened by the state of my country right now. I literally feel queesy.