Surviving Capitalism (Not) : Rahm Emanuel and Magnetar Capital: The Definition of Compromised

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, April 14, 2010

Rahm Emanuel and Magnetar Capital: The Definition of Compromised

from Naked Capitalism. Yves Smith casts her penetrating eyes on the sub-prime mortgage debacle to reveal more hidden-from-the-public facts regarding this scandal such as the fact that Emanuel Rahm was a key player. So one can be sure that no new onerous regulations (to the financial industry) will be passed during the current administration, or likely any other under the capitalist system.

As the Magnetar-Rahm connection highlights, Obama raised more money from financial services players than any previous presidential candidate, so it can hardly be a surprise that he and his minions are happy to give the industry a free pass. Key policy figures maintain that no one was at fault, that there was a pervasive lack of regulation, and there are therefore no bad actors. That party line also means that destructive behavior is and will remain unquestioned, unexamined, uncorrected, and unpunished.