Plutocracy

Here's a string of happy stories about where we are now, how we got here, and why we're unlikely to ever leave:

Citigroup is doing great. Really. No, don't look at the collasal tax break the government just gave them.

Why? because if do look you might realize that if Citi had to follow existing tax law they would have to go out and raise more capital. Why are they low on capital? Because they paid back the loans the taxpayers gave them. Make sense? Not really.

Financial firms argue that a 70 year old law is too old to apply to them - and the SEC buys it.

I'm wondering how old the property tax laws are in my neighborhood - maybe I could try this crap on my local government. Anyone care to give odds? Read the whole thing, if only for the guest appearance by everybody's favorite vampire squid.

Ginnie? You're starting to remind me of Fannie and Freddie

Yes, another federally backed entity enabled the creation and securitization of crappy loans. What else is new?

A group of old, white guys has decided the status quo should not be altered.

Or rather, it should be altered - but only in a way that most benefits their financial backers and least benefits the people they claim to work for.

We may live here - but it's for damn sure somebody else owns the place.

(H/t as ever, to CJR)