HowardKelly Clarkson says, because of you...
October 27th 2007 02:45
Kelly Clarkson, Because of You
()I can't believe, the system's finally crashing;;
I once believed in the Fed's Paul Volcker I confess;;
And Alan Greenspan, in the tradition of Miss Ayn Rand;;
Now clownish Ben Bernancke is left to deal with the mess;
Because of you-
I'm totally engulfed in speculation;
Because of you-
My neighbor's evicted, with a dark brown lawn;
Because of them, I've learned to not trust, not only me,
But everyone around me;
Because of you- I am betrayed;;
I watched you lie;
Saying it was all magic of the marketplace;;
I could've died;
With your Enron-collusion, in leather and lace;
I had to sigh-
When my mortgage was sold off to Chinese Commies;
And now I cry in the middle of the night, thinking of your two-face!!!!
Because of you, I am enslave to the debt machine forever;
Because of you, I am betrayed;;
Because of you, Oooooh! because of you. Ohhhhhhhhh!
pix at Really Long Link
http: //www. imeem. com/tag/kellyclarkson
But you thought the tradition of Enron was dead. Take another look. Houston Chronicle business columnist Loren Steffy wrote a column Oct 24th, identifying the unregulated swindle known as SIVs to Enron's efforts to hide losses through setting up special funds. Steffy opens by asking if Wall Street "learned any lessons from Enron's collapse. Last week, we saw the answer," i.e., that the effort to bail out the SIVs shows that nothing has been learned. Of the plan pushed by Treasury Secretary Paulson, he asks, "Sounds pretty Enron-y, doesn't it?"
The core to his article is an echo of a book review published in EIR by Harley Schlanger February 17, 2006, on how Enron was used as a battering ram to push through further deregulation, even as it was brought down. After describing what SIVs are, he writes about how the banks will try to use the MLEC bailout fund to make fees while sticking someone else with the losses. "If you're up on Enron lore," he continues, "you're probably scratching your head. Didn't regulators close the loophole that allowed companies to control off-the-books partnerships while still claiming they were independent?
"Yes, but regulators also made an exception for banks." Steffy stops short of identifying the MLEC swindle as initiated by British banks, and neglects to point to the crisis underlying the proposed bailout as systemic. However, he does conclude with an accurate observation: "And the lessons of Enron? They're getting trampled underfoot."
Time to listen to the geezer. And you thought it was just a mortgage and real estate problem?
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