Matt Taibbi has become one of my favorite writers over the course of the past year or so. His critical style is exactly what this world needs more of. Simply put, he calls a spade a spade.
(John's head explodes...)
Thanks to Helen over at Just Ain't Right for posting a link to Taibbi's piece in Rolling Stone, The Big Takeover: The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution.
It made me say "holy fuck" out loud and it will probably make you do the same thing.
It's not the light yet angry, sarcastic, and witty Taibbi we've gotten so used to. Instead, it's a powerful description of our current economic mess and a good start at a financial-lingo dictionary. By the time your done reading it you'll know a CDO from a CDS, what the OTS should be doing but isn't, and that ABCPMMMFLF is a legitimate acronym... seriously.
Do you like horror??? Well, here's a little clip of Taibbi's slasher to wet your appetite:
When one considers the comparatively extensive system of congressional checks and balances that goes into the spending of every dollar in the budget via the normal appropriations process, what's happening in the Fed amounts to something truly revolutionary — a kind of shadow government with a budget many times the size of the normal federal outlay, administered dictatorially by one man, Fed chairman Ben Bernanke. "We spend hours and hours and hours arguing over $10 million amendments on the floor of the Senate, but there has been no discussion about who has been receiving this $3 trillion," says Sen. Bernie Sanders. "It is beyond comprehension."
Luckily for us we're just bacteria on a rock aimlessly floating through space. So, let's all just eat shit and smile because we are all so totally fucking fucked.