(11 am. – promoted by ek hornbeck)
Geithner (via creditwritedowns):
“I take human life seriously. I’m obsessed with it: death, existence, bankruptcy, God, mark-to-fantasy-values, interpersonal relationships (mostly with bankers and my self-reflective consciousness). Unlike Woody Allen, I can’t play Dixieland, so I feel uniquely isolated in an indifferent, if not hostile universe; I was simply born into this financial chaos of logical, ontological, and moral non-structure; and while my existence is inexplicable, I face up to it; I take full responsibility for bailing out the profanely wealthy at the expense of the vast majority of humanity. Life is hard, and inscrutable to rational or empirical scrutiny, so I create my own reality, in deeds. God and I can’t both be free. That’s my facticity. That’s my authenticity. That’s my freedom. That is my will, bitchez. I have no idea what I’m doing, but I decided. I acted. When I choose, I choose for the whole world. It’s absurd, but I open Pandora’s box, in order to create myself. We’re all terrified about that, but I owe you that much. Every ethical act I perform is the point of no return. If I cut Isaac’s throat on God’s command, that will be my decision. I take human life seriously.”
That possible interpretation of Geithner’s existential epiphany is my roundabout way of asking, “What bong-farts in Hell did Geithner toke from Bernanke’s ass to utter such, “We’re going, like, existential” nonsense?
Actually, I know what he really means:
[Geithner] told [Noam Schieber] he subscribes to the view that the world is on the cusp of a major “financial deepening”: As developing economies in the most populous countries mature, they will demand more and increasingly sophisticated financial services, the same way they demand cars for their growing middle classes and information technology for their corporations. If that’s true, then we should want U.S. banks positioned to compete abroad.
“I don’t have any enthusiasm for … trying to shrink the relative importance of the financial system in our economy as a test of reform, because we have to think about the fact that we operate in the broader world,” he said. “It’s the same thing for Microsoft or anything else. We want U.S. firms to benefit from that.” He continued: “Now financial firms are different because of the risk, but you can contain that through regulation.” This was the purpose of the recent financial reform, he said. In effect, Geithner was arguing that we should be as comfortable linking the fate of our economy to Wall Street as to automakers or Silicon Valley.
It’s all about “financial embiggenning, enchant-en-ing, en-deepening,” as if we weren’t deep enough already. These people are on financial crack, funny money, and “rent,” getting something for nothing, owning the world without lifting a finger to produce a single god-damned thing.
As far as regulation is concerned, look no further than Obama’s taking a blow torch to it as he and Harper conspire to cut down on “costly regulatory burdens” through the joint creation of the Regulatory Cooperation Council.
Governments often attempt to set standards or adopt regulations that are incompatible with internationally accepted standards. Such a practice is inconsistent with the goal of achieving open and competitive markets. Governments should leave standard setting to the private sector and reference international standards in their regulations.
I’m glad Obama and Congress crossly and sternly swatted away the insult to democracy that was Citizens United, because otherwise, taking the blow-torch to regulations would be Obama’s ticket to 2012 and the New “Smash and Grab” World Order: Capitalism without failure.
Remember how BushCo’s Full Spectrum Military Domination unfolded in chaos, death, and Sophoclean, back-firing-in-the-face futility?
This is Obama’s version of Full Spectrum Financial Domination.
There’s no end for such people too horrible to imagine.