Broad Oak: your emotional support animal

Monday, December 09, 2013

Why bother?

From time to time, most serious bloggers hit the "futility wall".

I have read goodness knows how many good ideas for improving the lot of the ordinary person - logical, doable - yet nothing happens. Why not? Because those that could do them are determined not to, since it would mean they would get less.

But they go further than that. They actively remove the possibility of a remedy.

Take Section 13.3 of the US Federal Reserve Act, for example. This was used in 2008 to give JP Morgan $29 billion to buy Bear Stearns, but the legal provision dates back to 1932, when the Great Depression was on and businesses couldn't get loans from commercial banks.

Now, says economist Professor Steve Keen on Max Keiser's show, it's been removed under the Dodd-Frank Act, because the banks lobbied for its cancellation; otherwise the Fed could have given cheap money to businesses and individuals, instead of just funding safe,lucrative bank purchases of government debt, and trading desk speculation on real estate and the stock market.

So the Alamo line has been drawn, and you can stand still or step over. That is, you can go passive (or even try to make some money anticipating the next move by the selfish powerful), or resist. Because Santy Anny ain't going away by himself.



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