For those who don’t read Rolling Stone on a regular basis, Matt Taibbi is one of the better financial writers of our time. He has done multiple pieces on the shenanigans that pass for legitimate business on Wall Street and their lackeys we know as politicians.
“It’s early May in Washington, and something very weird is in the air. As Chris Dodd, Harry Reid and the rest of the compulsive dealmakers in the Senate barrel toward the finish line of the Restoring American Financial Stability Act – the massive, year-in-the-making effort to clean up the Wall Street crime swamp – word starts to spread on Capitol Hill that somebody forgot to kill the important reforms in the bill. As of the first week in May, the legislation still contains aggressive measures that could cost once-indomitable behemoths like Goldman Sachs and JP Morgan Chase tens of billions of dollars. Somehow, the bill has escaped the usual Senate-whorehouse orgy of mutual back-scratching, fine-print compromises and freeway-wide loopholes that screw any chance of meaningful change.”
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You can make your own conclusions after reading the entire article. I have made mine. I have no doubt that he gives us an apt description of how D.C. works. Thus, it seems logical that if the system is unchangeable, then it is collapsing upon itself as we watch. There is no other way to describe the aggregate of events.
Peak Oil is ending the growth assumption in the system. If the system won’t adapt, then it will die.
