From the December 14, 2007, New York Times:
After the Money’s Gone
By PAUL KRUGMAN
On Wednesday, the Federal Reserve announced plans to lend $40 billion to banks. By my count, it’s the fourth high-profile attempt to rescue the financial system since things started falling apart about five months ago. Maybe this one will do the trick, but I wouldn’t count on it.
In past financial crises — the stock market crash of 1987, the aftermath of Russia’s default in 1998 — the Fed has been able to wave its magic wand and make market turmoil disappear. But this time the magic isn’t working.
Why not? Because the problem with the markets isn’t just a lack of liquidity — there’s also a fundamental problem of solvency.
America, we need to wake up and protest this kind of shit. We need to stick together and stick up for EACH OTHER. It’s the only way we can change the current system.
Changes won’t happen if we only care about ourselves and only say something when we’re personally wronged.
Imagine a system in which, if you were wronged people would rush to your aid, whatever that might be, and if others were wronged you would rush to their aid? Sounds like a fairy tale, but it is possible. Indeed it’s happening in some places.
In America the media makes fun of the French people and their system, which of course is not perfect, just like every other system. Did you ever wonder why it is that these fat cat corporate types, politicians, lobbyists and media companies, which are owned and controlled by rich people who benefit from the current system, spend so much time bashing the French? Why they want you to look down on them? Because they’re scared that if you open your eyes and think for yourself that you’ll see that the French actually have it pretty good… and if you see that then you’ll want to make changes to the American system to make it more like the French system (in some ways)… and if that happens it will cost them money and power… and they like their money and power… they want to keep it… they don’t want you to have any of it…. just shut-up and keep beavering away at your shitty little job… here’s a $300 tax rebate… boo, the terrorists are going to get you! Be scared! Consume! That’s why.
Do you know that the French economy is more productive than the U.S. economy even though it has higher unemployment, everybody has healthcare, they only have a 35-hour work week, and they get many, many weeks of vacation per year? And they eat and drink lots of great food and drink! How can they have all this? Because they stick together. When the fat cats try to take from one group, the others strike and protest. It works. I mean there’s more to it than that, but the point is that they stick together and they stick up for each other. They are all about “we.” It seems most of us Americans are all about “me.” That’s the crux of the biscuit.
Pay attention and think for yourself. Most importantly, stick up for other people, especially those who don’t have what you have. That is the system we should work towards. We can do it by expanding the circle one person at a time. Get out there and stick up for someone. Now repeat. Make it your life! Cheers.
Now on to the article, which is just a microcosm of what’s going on in the entire corrupt and perversely incentivized system.
State accuses Blue Shield of illegal cancellations
By Lisa Girion
Los Angeles Times Staff Writer
December 13, 2007