This will never work:
UK Prime Minister Gordon Brown has called for a new “social contract” with the world’s banks to make them more responsible to society.
Mr Brown told a G20 meeting in Scotland it was not acceptable that banking success was reaped by the few but failure was “borne by all of us”.
He called for a fund for future bank bailouts to be considered, possibly paid for by a tax on transactions.
Brown seems to fail to understand a few things. First, contracts, social and otherwise, are for the little people. That is why the bankruptcy bill was passed a few years back at the behest of the industry- to keep the proles in line and to guarantee the banks can bleed you dry- while trillions in unmentioned loans and guarantees and bailout bucks are thrown to the banks when they shit the bed. They screw up, we give them trillions, they lavish themselves with bonuses. It is the circle of life in our own global corruptocracy.
Second, privatizing the profit and socializing the costs was not an accident, it was the plan. Go read McClatchy’s recent series on this.
Third, the fund will not work, because the banks will just buy off enough Senators and congressmen to waive the rules as they did for fees during the last decade. And should they actually be required to put some money in a fund, not only will the charges be passed on to us so we can get hit both ways with higher banking fees and taxes spent on propping these robbers up, but then once the money is in the “fund,” you can;t just have it sitting there, can you? You will have to invest it in something! And then you can write unregulated CDS on that, and then you can write some more CDS on the CDS, and you see where this is going, with the inevitable next round of hoocoodanode. Goldman and a few others, with their tentacles deep into the higher reaches of government, will no doubt survive and prosper, and we will be treated to months of sycophants and useful idiots explaining we just don’t truly understand how smart the Goldman guys are. “Best of the best! They know what they are doing!” They sure do…
Nothing short of breaking up all the large banks, executing the credit ratings agencies, and then a strict and ruthless enforcement regime will help, and there simply is no willpower for that. Not only is there no willpower for this, as both parties are bought and paid for in full, but if there was any movement on this front, wingnut teabaggers would scream about socialism and tyranny, Reason magazine would scream about government involvement in the private sector and the free flow of capital and the glory of the invisible hand, moderate Democrats everywhere would worry about such public involvement, Joe Lieberman would spend months posturing in front of cameras with a furrowed brow, and whoever was tasked with enforcement would be found in bed with a hooker or whatever else is required to destroy them.
In short, we’re just screwed. Learn your place, deal with it, and learn how to grow food. Watching the way the big money boys have shaped the debate, whipping people who would be helped into a froth about socialism, it just seems so clear to me now after spending the last two decades in a haze. “Sorry unemployment is at 10 percent and you are losing your health insurance while I give myself a couple million dollar bonus, but socialism and Hitler and abortion on demand and death tax oh my God two gay men want the same rights as you! SANCTITY OF MARRIAGE! SANCTITY OF MARRIAGE!”
Such a joke.