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Monday, February 28, 2011

Monday Big Blue Smurf Blogging: What They Said
Posted by Jill | 8:03 PM
Today's honoree: John Cole, who never links to me, but who does point out what it means when the government gets out of the pension business and delivers a bunch of easy marks to the very same banksters who killed the American economy.

Money quote:
What I find most amazing about all of this is that while these changes are being made, no one seems concerned about the regulatory side of the equation. You would think that if governments are pushing potentially millions of people into the market, there would be some concern about the recent multiple financial crashes brought on by the perfidy of our Galtian overlords in the market. It’s really quite a good scheme if you are one of the Wall Street grifters- someone is sending you marks, and promising to look the other way. You don’t exactly have to be Nostra-fucking-damus to realize that in about a decade, a couple million Americans of retirement age are going to be wiped out by the same class of greedy pricks that just vaporized the economy a few years ago.

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Blogger Pangolin said...
Anybody who owned stock in PG&E before 2000 knows that government looks the other way when Wall Street loots the assets of small investors. Enron LOOTED the State of California and the Bush administration looked the other way.

PG&E a public utility with a captive market and billions in assets went bankrupt because Enron-bribed legislatures allowed them to write their own rules.

Anybody who thinks their stocks are there to do anything but build up a pile big enough for insiders to loot is an idiot.