THE END OF POPULAR SOVEREIGNTY FOR THE UNITED STATES

NakedCapitalism posted a stunning article today by By Lambert Strether of Corrente. 

TPP genieTHE TPP, IF PASSED, SPELLS THE END OF POPULAR SOVEREIGNTY FOR THE UNITED STATES

You’ve heard of popular sovereignty, right? It’s embodied in the Preamble of the United States Constitution.[1] I’ll quote it for the sheer majesty of the language, archaic though it may seem in these “innovative” days:

We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America. Continue reading

Yes, It’s Specifically Housing – Socialism for the Rich and Incompetent!

Econ4 Video on the Housing and Foreclosure Crisis

Yves Smith12-6-12NakedCapitalism’s Yves Smith is the strong voice of reality on the front lines of the foreclosure war. Posted on December 6, 2012 is a serious message that needs to circulate around the world.

The economy is on the fiscal cliff because of the failed policy decisions not to prosecute the banks in addition to how the unscrupulous securitized mortgage business has been handled.

Blaming borrowers for the frauds committed by the banks has eaten away at the core of our society. “Normally, in history,” said Yves, “when lenders were that incompetent, they went bust and that was capitalism. And now instead, we have a system where lenders who are so grossly incompetent that they should have gone bankrupt – are propped up – that’s socialism for the rich.” Continue reading