"The conventional wisdom on Wall Street was that the economy was growing -- that the worst was behind us," said Peter Schiff, president of Euro Pacific Capital. "Now what people are realizing is the stimulus didn't work, and we may be headed back to recession." --CNNMoney"Conventional wisdom..."? That's Corp Code for happy talk. They've been sittin' there in their Executive Suites jackin' each other off, collecting nice fat checks at taxpayer expense, pretending that what they tell the Press Poodles to say has some actual relation to the truth.
And the crap about "the stimulus hasn't worked..."? What exactly do they think was holding this shit up in the air this whole time? The stimulus is gone, and now there's nothing to supplement what little demand there was.
I imagine right now, Geithner et al are having lots of phone conversations in very blunt language and urgent tones about taking huge amounts of the cash that Big Corp has been sitting on for 2 years and pouring it into the markets tomorrow to try to stop the bleeding.
!Wild Speculation Alert!
I can also imagine a guy like Jamie Dimon lickin' his chops at the prospects of a leveraged buyout of significant government assets. And we're not talkin' about the NYC Water Dept or the 10 biggest airports. We're talkin' about dismantling the whole bureaucracy and auctioning off the pieces.
But where do we start? The standard play here would be to ramp up the Blame-The-Victim machinery. The narrative should begin with "The American worker just isn't properly equipped to compete in the global marketplace blah blah blah." Then you need to point at the schools. A lot of this is already in place of course; this just makes it easier to topple the whole system, and make us more accepting of a corporate-style takeover.
Disaster Capitalism is now here.
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