Tuesday, 3 July 2012

Frontline's "Money, Power and Wall Street"

You've heard financial pundits talk about the Greek crisis as if it were a socialist failure. I'd strongly encourage you to watch the investigative PBS show, Frontline's, "Money, Power and Wall Street". Greece, Italy, mainstreet America, were scammed and ripped off by big banks.

It was Wall Street greed not social safety nets that broke these countries and towns and cities who were conned into financing public works and infrastructure with overly complex derivatives and swaps then bet against by the same people who sold them the financial "products". It was the same with pension funds and bonds which were squandered away for short-term gain.

The CPC Corporation likes telling Canadians that "socialism" of Greece is a cautionary tale, that pensions and other safety nets for employees so hard-won by hundred years of union work will break the country. It is not so simple as that. These pension funds are being used to pay for the mistakes of unmitigated capitalist greed 'til there was nothing left for the working class. The notion of nest-egging itself is sound and solid (fiscal conservatism for real) and forms the bedrock of the country's economy: socialism - that's rich coming from unabashed apologists for capitalist greed and avarice that bought the majority for CPC.

Jay

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