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Systemic Collapse: The Corzine Factor
In the end, more than freedom, they wanted security. They wanted a comfortable life, and they lost it all – security, comfort, and freedom. When the Athenians finally wanted not to give to society but for society to give to them, when the freedom they wished for most was freedom from responsibility, then Athens ceased to be free and was never free again. - Edward Gibbon, English historian and acclaimed author of “The Decline and Fall of the Roman Empire.”
I hope everyone has a chance to meditate on the quote above, as it applies to the state of our society here and now. History may not exactly repeat, but it sure does seem to rhyme (to paraphrase Mark Twain).
Before I get started on my source of irritation today, I wanted to point out that Bernanke is giving a speech right now in which he is stating that the Fed will do what it can to support the housing market and that the pace of mortgage financings is as low as it was in 1995. Now, why on earth would he make that latter remark if the housing market was in a state of recovery? Furthermore, it was reported by the Wall St. Journal that the FHA is on the verge of insolvency. How can this be if the housing market is recovering? Finally, it was reported today that the U.S. Postal Service is also on the verge of insolvency and it has been borrowing heavily from the Taxpayer to sustain itself. If you take all three of these factors into consideration, in aggregate, it can only mean that either the Fed is going to let the housing market collapse and the U.S. mail service will have to be drastically reduced, OR there is a LOT more QE coming. The precious metals and mining stocks are extraordinarily cheap here…
The John Corzine issue has been a perpetual source of disgust and irritation for me (not continuous as I’ve accepted that our system is entirely corrupt, but it sneaks up on me). Quite frankly, if there was any ONE reason to vote against Obama in the election, it was because of his profoundly abysmal failure to crack down on Wall Street corruption, and specifically his refusal to prosecute Jon Corzine despite the overwhelming evidence of Corzine’s overt and blatant role in the collapse of MF Global and the loss of over a billion in dollars in customer assets that were supposed to 100% legally protected. The actual numbers support the fact that Obama has failed to prosecute the financial industry, as litigation by the Justice Department has declined substantially during Obama’s tenure even though the evidence of events of lawbreaking and corruption has soared. This, despite Obama’s explicit promise in his 2008 campaign to “clean up Wall Street.” It’s hilarious/pathetic to me that this topic was never any part of any of the debates this year…
The latest irritation stab from the MF Global/Corzine issue surfaced when the House issued a report yesterday which blames Corzine for the collapse of MF Global. What is beyond absurd is that the House Democrats refuse to endorse the findings, saying “ummm, we need ummmm more time to study the findings.” Here’s a news release of the report: LINK
The bottom line here is that anyone who has any Wall Street experience AND knows the regulations governing the brokerage business KNOWS that Corzine is not only guilty of violating several SEC and FINRA regulations but should be sitting in a jail cell waiting his trial. Over a $1 billion dollars was stolen. Martha Stewart was put in jail for a just a small percentage of that amount. This has become an an egregiously inexcusable case of bi-partisan politicizing by the Democratic Party – led by Obama – as the Government has refused to crack down and go after Corzine. Corzine, a former Democratic Governor of, and Senator from, New Jersey has been one of Obama’s biggest campaign fundraisers.
I have outlined on this blog where and how Corzine broke the laws. The Trustee of the MF Global bankruptcy has finally joined in with private groups in suing Corzine. I still can’t understand why Obama hasn’t forced Eric Holder to do the same. Well, let me revise that, it’s obvious why Obama has refused to go after Corzine just as it’s obvious why the House Democrats refuse to endorse the House report.
We live in a system that is collapsing and the overt corruption permeating from every institutional sector of our system is entirely indicative and supportive of my “collapse” premise. Just remember, how does a system collapse? First slowly and then all at once (to paraphrase Hemingway). The only issue in my mind is where our system sits relative to the proximity of “all at once” on the collapse timeline…
2012-11-15 21:42:36
Source: http://truthingold.blogspot.com/2012/11/in-end-more-than-freedom-they-wanted.html
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