Let it fail

Here's a whopper of a story that is getting next to zero play in the MSM: Bloomberg has won it's lawsuit to force the Fed to disclose what banks got our money. Court Orders Fed to Disclose Emergency Bank Loans.

The Fed and the troubled banks are hardly taking this lying down. In fact, they've threatened to pull the trigger of the entire financial system. Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information

The Clearing House Association, another name for all the banks that were bailed out over the past year with the generous contributions from all of you, dear taxpayers, are now threatening with another instance of complete systemic collapse if Bloomberg's lawsuit is allowed to proceed unchallenged, let alone if any of the "Audit The Fed" measures are actually implemented.

Oh my. Nothing like a call for transparency to get the banking mafia to pull out the big guns. How would this "systemic collapse" occur? The lame banks that needed our money last winter would be compromised in the eyes of the public. This, according to the defendants, would spark bank runs on these lame institutions and allow those that did not take Fed money an unfair advantage. And yes, I almost gagged while typing the word "unfair."

Does the distorted reality here need elaboration? On Planet Socialism for the Rich, Capitalism for Everyone Else - the prime horror is the revelation that solvent banks exist. My God! Some banks didn't need taxpayer bailouts! How dare they!?!

Also, it doesn't occur to these sharks that maybe depositors ought to remove their cash from the greedy, myopic institutions that wrecked the economy. It is, in fact, wise. If the system can't survive Bank of America going belly up then we'd better fix the system...not save BofA from its corrupt business practices.

The threat of "systemic collapse" is bogus. Why? Because the system is already collapsing. As well it should. It's a car wreck in slow motion, but it's still a car wreck.

A system in which the rich get rewarded for failing because they hold an imaginary gun to our collective heads should fail. A system of wealth conjured with computer screen dollars should fail. A system that must grow regardless of realities on the ground should fail. A system dependant on people spending money they do not have should fail. Its failure ought to be welcomed, not avoided. Our system now is abnormal. It's like a Beverly Hills matron who's had too much plastic surgery. Everyone with any sense sees mutilation - but she gazes into the mirror and casually wonders what part of her face she should cut up next.

Let the system fail. Spray the disinfectant now before the house we all live in rots further. It will be messy for a while, but what emerges will have a chance of being reality based.