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Bitch-slapped Back to Reality,
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This review is from: It Takes a Pillage: Behind the bailouts,bonuses, and backroom deals (Hardcover)
By Steven D. Wexler
Abe Lincoln used to ask, "If you call the tail of a dog a leg, how many legs does that dog have?" Whenever somebody answered "Five," he would say, "No. Calling a tail a leg doesn't make it a leg." He was referring to slavery, and the habit of euphemizing it as "our peculiar institution." Few bothered to challenge this. Harriet Beecher Stowe was one; she presented slavery as it really was: brutal, inexorable, shameful and turning our entire nation into what many northerners called a shamocracy, rather than a democracy.
In Nomi Prins' recent book, IT TAKES A PILLAGE, she hoists politician after politician and banker after mega-banker upon their own petards, as they pop off their flatulent laissez-faire euphemisms. Like Ellen Brown in CounterPunch (October 2, 2009), Matt Taibbi in Rolling Stone (October 15) and Morgan Ibarra in The Humanist (September/October), she fleshes out the rape and pillage of the economy by the kleptocrats of our scamocracy. Together these writers put together a complete scenario of sociopathy--our recent reaming which has been veiled by what Thomas Frank of the Wall Street Journal compared to the mumbo-jumbo of witch doctors, who "repeat their incantations and retreat deeper into dogma."
IT TAKES A PILLAGE is a must-read because it is an inside story. Its tone is urgent and sardonic. She whips off bon mots reminiscent of Galbraith's famous phrase about the 1929 bubble: "a mass escape into make-believe." With just one word, "Really," she emphasizes how economists now know enough to use high unemployment (ten per cent or more) as a deflationary brake upon the hyperinflationary bailout of mega-banks. This high unemployment, extending far into the future, will be our cost for rescuing their banking buddies. This secret bailout, committed by the Fed (a government-chartered private bank, charging us interest), was hidden behind the TARP smokescreen. The lemon-socialist subsidy for the once very bankrupt rich so far totals around 13 trillion dollars, according to Prins.
Divide that by our population: 300 million. You get $43,000.
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Initial post: Feb 21, 2011 6:40:12 AM PST
David A. Mccrae says:
Posted on Jul 12, 2011 9:20:23 AM PDT
The Orange Duke says:
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