"So Far, So [Bad]"

Here's a nice, little statistic. The FDIC has taken over a Nevada bank, the 83rd that has failed so far this year. As I said sometime ago, left to its own devices, businesses of all kinds self-destruct, given their insatiable greed. Capitalistic logic compels them to expand beyond their means, seeking ever-increasing profits. Risky investments or, as in the case of banks, irresponsible lending practices take them to the brink of disaster.

The Nevada bank failure will cost the FDIC $80 million in deposit protection, in what has been called the "socialism of losses", in contrast with the "privatization of profits."

Comments

Post a Comment

Popular posts from this blog

Low, Low Tactic

Here's a significant little item. Wal-Mart, the world's biggest retailer, has announced that it will increase the number of stores in which it will have weapons for sale. Although it had cut back in that department in 2006, slow sales have convinced that selling rifles, shotguns and ammunition in half of its stores is the way to increase profits. So, the next time you, as an American citizen, feel like going on a shooting rampage against family, friends or coworkers, just go to the nearest Wal-Mart, where, for a "low, low everyday price", you'll be able to pick up a nice little arsenal, courtesy of the Second Amendment to the Constitution of the United States of America. Happy hunting!
Read more

Don't Know, Don't Care

I's been called "the dumbing down of America", a recognition of the downward spiral of American education. The average person in the U.S. is ill-informed about national and international affairs. Thus, they are easy prey for demagogues who trade in false patriotism, fear and prejudice. A recent study of political views confirms just how ignorant and gullible is the typical U.S. citizen. For democracy to work, there has to be a well-informed citizenry. The men of 1776 knew this, and pinned their hopes on it for their political experiment to succeed. They would be extremely disappointed in 2011. Ironically, with all the freedom of information and multiple outlets to obtain it, the American people have very little political culture and their participation in the democratic processes is far from what it should be in an advanced society.
Read more

Columbus' Curse

Although it wasn't altogether new, the 1992 celebration of the 500th anniversary of the discovery of America made it fashionable to malign Columbus big time.  From Indians from all over the Americas, who still hold a  grudge against the Spanish conquistadores , to latter-day revisionist historians, everybody got into the act of pissing on the erstwhile "Grand Admiral."  Year after year we keep hearing the same old story: he wasn't the first to come to America (everybody and his brother had been here before); if he was, it was only because he had some maps given to him by somebody else (or stolen) from somebody else; it was just a fluke, etc. It has become politically correct to badmouth Columbus. I suppose all those purists would have preferred that he stay home, leaving us all in a  perpetual Garden of Eden, untouched by the European culture.  This is nonsense.  No matter if, objectively, he wasn't the first to set foot on this part of the world or whate...
Read more