Basically, what the American financial services industry created was a global industry where individuals with psychopathic traits could rise to the top to positions of power, making decisions about billions of dollars in investments and assets.
Intelligent psychopaths exist in every society, and many become actors, politicians and lawyers. The genius of the American system was that it put them in charge of large sums of money.
But this is only the beginning. In the name of industry deregulation, they were given, by the US government the power to create financial instruments. In plain English, they were given the power, through leveraging, to make money out of thin air, out of nothing.
Over the past twenty years, using their talents and creativity, they have leveraged approximately every single US dollar 35-40 times, inventing CDOs, CDSs and other financial instruments in the process, all of which were interlocked. As if that were not enough, some of these personalities co-opted the whole financial media, earning their trust and selling their investment ideas directly to the American people over leading TV stations and print media.
At no time did any of the financial media say “Wait a moment. These guys are shysters and are cheating and lying to the American people.” Instead, the media went along and played the game with them, becoming actors in the play when they should have questioned what was going on.
The lines between advertisers, corporations and media became completely blurred, and dissenting voices were simply not heard. It became a vortex which benefited all the players, who hyped the same worldview about finance.
The house of cards began to collapse in 2007 with the subprime credit crisis, and is continuing to unwind. At this stage, we do not know where it will all end.
American society had become one where competition and competitiveness were rewarded without regard to the implications for the society as a whole. The society was always looking for the next big thing, the instant hit without caring about the cost. Now it is paying the price for a screwed up values system. Now we know that there are no quick fixes, and none of the choices are good.
In the meantime, we are helpless in this world they have created for us.
If you haven’t poured yourself one already, maybe it’s time for a whiskey. A strong whiskey. Neat.
It is time to meet and expose these narcissistic monsters.
Intelligent psychopaths exist in every society, and many become actors, politicians and lawyers. The genius of the American system was that it put them in charge of large sums of money.
But this is only the beginning. In the name of industry deregulation, they were given, by the US government the power to create financial instruments. In plain English, they were given the power, through leveraging, to make money out of thin air, out of nothing.
Over the past twenty years, using their talents and creativity, they have leveraged approximately every single US dollar 35-40 times, inventing CDOs, CDSs and other financial instruments in the process, all of which were interlocked. As if that were not enough, some of these personalities co-opted the whole financial media, earning their trust and selling their investment ideas directly to the American people over leading TV stations and print media.
At no time did any of the financial media say “Wait a moment. These guys are shysters and are cheating and lying to the American people.” Instead, the media went along and played the game with them, becoming actors in the play when they should have questioned what was going on.
The lines between advertisers, corporations and media became completely blurred, and dissenting voices were simply not heard. It became a vortex which benefited all the players, who hyped the same worldview about finance.
The house of cards began to collapse in 2007 with the subprime credit crisis, and is continuing to unwind. At this stage, we do not know where it will all end.
American society had become one where competition and competitiveness were rewarded without regard to the implications for the society as a whole. The society was always looking for the next big thing, the instant hit without caring about the cost. Now it is paying the price for a screwed up values system. Now we know that there are no quick fixes, and none of the choices are good.
In the meantime, we are helpless in this world they have created for us.
If you haven’t poured yourself one already, maybe it’s time for a whiskey. A strong whiskey. Neat.
It is time to meet and expose these narcissistic monsters.
