Matt Taibbi has a great new article in Rolling Stone about Naked Short Selling and how it has been used & abused by the major Wall Street players for some time. Good stuff and it illustrates a very complex situation clearly, which is a major benefit.
The way these major players manipulate and break the rules is breathtaking. And the watchdogs haven’t gotten any smarter under the new occupants of 1600 Pennsylvania Ave either. Considering that the major banks contributed heavily to both McCain and Obama in the last election cycle, this shouldn’t surprise anyone. Despite the obvious damage being done to the economy at both the macro & micro levels from this white-collar form of pillaging, people aren’t being arrested and laws aren’t being changed at a very fast pace to try and stop this sort of thing from happening in the future. Some ‘change,’ huh?
The American political process is sold to all of us as a left-right (or liberal-conservative) choice. How much ‘choice’ do we really have when the same special interests are the major contributors to both viable candidates?