Read a Pacific Northwest, liberal perspective on world, national, and local politics. From majestic Redmond, Washington - the Northwest Progressive Institute Official Blog.

Thursday, March 01, 2007

Living in a material world (again)

It's been a whacky week on Wall Street.
Investigators have broken up what they call one of the biggest Wall Street insider-trading rings since the 1980s -- a sweeping, $15 million scandal that involved power brokers at some of the nation's top financial firms and two lawyers.

In announcing the case Thursday, authorities described a criminal operation that used insiders at Morgan Stanley and Co. and UBS Securities LLC to steal valuable secrets from the companies. Prosecutors also alleged a Banc of America Securities LLC broker accepted cash kickbacks and two former representatives of Bear Stearns & Co. obtained UBS inside information.
It is like we're living in the Republican 1980's sometimes, except somehow the music is even worse. Madonna was talented in her own way, after all, and thank goodness standards in pop culture didn't degenerate further.

I wonder if you can still buy a DeLorean?

It's a good thing nobody thinks transferring Social Security to private stock accounts is a good idea any more. Well, nobody that can do anything about it anyhow. The guy with that idea, like the DeLorean, stands to be nothing more than a joke on late night television. At least the car got to be in a popular movie, and John Delorean's approval ratings were at 46% after he was indicted,* which is a lot higher than 29%.

*There may be polls from the 1980's involving John DeLorean for all I know, but I just made that part up. Next thing you know we'll probably find out the vice-president is in bed with the Saudis and there is a rogue Pentagon element running illegal programs involving Iran. Nah, it couldn't happen, and you can stake your entire savings and loan account on that.

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