Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game.
Matt Taibbi
Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class.
Capitalism is a system for determining objective value.
The joy of being a consumer is that it doesn't require thought, responsibility, self-awareness or shame: All you have to do is obey the first urge that gurgles up from your stomach. And then obey the next. And the next. And the next.
In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave you your loan held on to it for life. If you lost your job or got too sick to work and suddenly had trouble making your payments, you could call a human being and work things out.
The national debt is totally unlike a family budget for about a gazillion reasons, not the least of which being that families cannot raise money by fiat or deflate the size of their debt unilaterally and that family members die instead of existing infinitely.
'Prop trading' is just a fancy term for banks gambling in the market for their own profit.
You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again.
Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.
To Wall Street, a firm like BP isn't just a profitable energy company with lots of assets like oil rigs and pipelines and gas stations - it's also a corporation that routinely borrows hundreds of millions of dollars to keep its business up and running.
Everything in America is so uniform. In Russia, everywhere you go is completely insane.
I actually never thought that Barack Obama was anything but a typical Democratic party politician, which to me meant that he was probably in bed with Wall Street.
I'm a product of an East Coast liberal arts educational system.
In America, it takes about two weeks in the limelight for the whole country to think you've been around for years.
When push comes to shove, we all should know most Americans want the same things, but just disagree on how to get there, which is why it should be okay to not panic if the other party wins.
If the law doesn't apply equally to everybody, then you don't really have a system of law.
Since the end of the Cold War, America has been grasping left and right for an identity.
There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power.
Obviously the commercial news media tries to get you worked up and terrified so you'll buy products that they're advertising.
Sarah Palin is a symbol of everything that is wrong with the modern United States. As a representative of our political system, she's a new low in reptilian villainy, the ultimate cynical masterwork of puppeteers like Karl Rove.
I don't often get angered by the things press spokespeople say. Most of these people have difficult jobs and are often forced to be the public faces of policies they had nothing to do with creating.
An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.
Mike Huckabee represents something that is either tremendously encouraging or deeply disturbing, depending on your point of view: a marriage of Christian fundamentalism with economic populism.
The threat posed by Bank of America isn't just financial - it's a full-blown assault on the American dream. Where's the incentive to play fair and do well, when what we see rewarded at the highest levels of society is failure, stupidity, incompetence and meanness? If this is what winning in our system looks like, who doesn't want to be a loser?
The House Rules Committee is perhaps the free world's outstanding bureaucratic abomination - a tiny, airless closet deep in the labyrinth of the Capitol where some of the very meanest people on earth spend their days cleaning democracy like a fish.
In modern American politics, being the right kind of ignorant and entertainingly crazy is like having a big right hand in boxing; you've always got a puncher's chance.
Politics is about a lot more than winning and losing. I think politics at its best is about compromise, shades of grey and about issues.
Contracting corruption has been around since the construction of the Appian Way.
Amendments occupy a great deal of most legislators' time, particularly those lawmakers in the minority. Members of Congress do author major bills, but more commonly they make minor adjustments to the bigger bill.
The individual incentive not to commit crime on Wall Street now is almost zero.
The only reason investors haven't run screaming from an obviously corrupt financial marketplace is because the government has gone to such extraordinary lengths to sell the narrative that the problems of 2008 have been fixed.
Over the years, many in the public have become numb to news of financial corruption, partly because too many of these stories involve banker-on-banker crime.
This is America: Corporate stealing is practically the national pastime, and Goldman Sachs is far from the only company to get away with doing it.
It's increasingly clear that governments, major corporations, banks, universities and other such bodies view the defense of their secrets as a desperate matter of institutional survival, so much so that the state has gone to extraordinary lengths to punish and/or threaten to punish anyone who so much as tiptoes across the informational line.
The failure to work out sensible budgets makes it impossible for government agencies to make long-term plans, and instead leaves them scrambling to spend money in the short term.
You might think otherwise, but it doesn't naturally follow that because a law has been passed by Congress and signed by the president, said law actually has to be implemented.
At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time.
The moral angle to the foreclosure crisis - and, of course, in capitalism we're not supposed to be concerned with the moral stuff, but let's mention it anyway - shows a culture that is slowly giving in to a futuristic nightmare ideology of computerized greed and unchecked financial violence.
In the '50s and '60s, journalism wasn't a profession. It wasn't something you went to college for - it was really more of a trade. You had a lot of guys who came up working in newspapers at the copy desk, or delivery boys, and then they would somehow become reporters afterward and learn on the job.
What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
Private equity firms aren't necessarily evil by definition. There are many stories of successful turnarounds fueled by private equity, often involving multiple floundering businesses that are rolled into a single entity, eliminating duplicative overhead.
If anything, the bailouts actually hindered lending, as banks became more like house pets that grow fat and lazy on two guaranteed meals a day than wild animals that have to go out into the jungle and hunt for opportunities in order to eat.
What we have now is a situation where politicians get a whole bunch of money from mainly business interests. Then once they hold that office, they spend all their time in office paying back over and over again those campaign contributions through various favors and contracts and that sort of thing.
George Bush and John Ashcroft were religious in a scary way, but the rational among us could always take heart that, deep down, the Bush administration was more cynical than messianic.
Obviously, people who commit crimes should be punished. Even people who steal socks and 'Snow White' videos should probably do time if they have priors, especially serious priors. But the punishment has to fit the crime, and the standard has to be the same for everyone.
Once you give an NFL player permission to have thoughts, you invite all kinds of mischief.
Ratings agencies are the glue that ostensibly holds the entire financial industry together.
We love wealth, and we hate poor people. I know people who work in TV news who have actually been told to do stand-ups rather than put interviews with poor people on the air. We physically don't want to look at them.
In the Tea Party narrative, victory at the polls means a new American revolution, one that will 'take our country back' from everyone they disapprove of. But what they don't realize is, there's a catch: This is America, and we have an entrenched oligarchical system in place that insulates us all from any meaningful political change.
The race for the White House is normally an event suffused with drama, sucking eyeballs to the page all over the globe.
