Wednesday, October 20, 2010

Assistant Quote of the Day


"But more to the point, the origin of these SWFs (sovereign wealth funds) is not even relevant, necessarily. What is relevant is that these funds are foreign and that thanks to a remarkable series of events in the middle part of the last decade, they rapidly became owners of big chunks of American infrastructure. This is a process of a country systematically divesting itself of bits and pieces of its own sovereignty, and it's taking place without really anyone noticing it happening — often not even the people asked to vote formally on the issue."

-- Matt Taibbi, in a must-read excerpt from his new book, Griftopia

6 comments:

Le Penseur said...

This is the kind of stuff that everyday Americans should be protesting about, but aren't even aware of. This country is in serious fucking trouble and with the Tea Party (which I like to think of as the special-needs wing of the Republican Party) looking like it's going to do very well in the mid-term elections, it's a safe bet that it's gonna be a long fucking time before 'happy days are here again'.

disputin said...

Comment of the day: "the Tea Party - which I like to think of as the special-needs wing of the Republican Party"

TheReaperD said...

@disputin: I second that.

Anonymous said...

Actually, I was wondering when Taibbi joined the Tea Party. He's certainly preaching the gospel of many Tea Party groups.

cousinavi said...

As sad as it is, economic turnabout is fair play. After inflicting Freidmanite disaster capitalism - and reaping the profits - on Chile, Peru, Argentina, South Africa, Russia, Iran, Iraq and a host of others at the point of a gun or through vicious subterfuge, America is no longer in a position to buy.

At the desperate edge of balance sheet soaked in red ink, they are being forced to sell the very same infrastructure they forced others to sell at bargain basement prices all the way back to when Henry Kissinger was a young man.

Anonymous said...

Thank goodness for Taibbi. Although his data and notions are a bit whack sometimes, he runs circles around business journalists. They who have access to businesspeople have their heads fully up these CEOs' asses, and will not take it out for fear the PR flacks will cut off said access.

And it's gotten even worse with the recession. And the people who DO care about the disaster savage capitalism has wrought worlwide, well they're outside the bullshit circle of trust. Which they're fine about, except that they could be discovering even more shit, and avoiding getting facts wrong.

I'm a business journalist. In Mexico. And at the moment, I am not writing about money laundering 'cause I don't want to end up dead. But even before that, I can't honestly say that the prospect of losing access hasn't stopped me, more than once. That is fucking awful, I know, but you have to pick your battles sometime. Anyway, good for Taibbi