No subscription or hidden extras
Read through the most famous quotes by topic #collaps
He tans into burning while the opening fanfare to "Peaches en Regalia" flows over him, the bugle call for a hippie army that marched at the peak of the American parabola, that moment when physics held its breath to allow levitation, a small reward before the descent. The hippies knew it then, Maggot Boy Johnson thinks; they couldn't build it into words but they could feel it; a floating in the stomach as history shifted direction. They stopped, hey, what's that sound, and knew that the spiny skyscrapers reflected in the river, the chasms of concrete, the wide streets and sidewalks, the power lines cutting into the hills and mountains above missile silos, the highways drawing lines across the blank plains under enormous skies, the pupil of God's eye, would be the ruins that their grandchildren wandered among, the reminders that once there was always water in the faucet, there was electricity all the time, and America was prying off the shackles of its past. The vision opened up to them and winked out again, and those it blinded staggered through their lives unable to see anything else, while the rest of them wondered if they had only dreamed it. ↗
The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ↗
