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Cha-Chingularity

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Mar. 31st, 2009 | 08:22 am

Both Open the future.com and global guerrillas referenced a recent set of essays that basically argue the US's response to our financial collapse (Or in Jamais Cascio humorous thought, the Cha-Chingularity) looks like that of "emerging markets" like Russia or Argentina.

The Quiet Coup, by Simon Johnson, a former chief economist of the IMF.

Welcome to America, the World's Scariest Emerging Market, Desmond Lachman, a fellow at the American Enterprise Institute, was previously chief emerging market strategist at Salomon Smith Barney and deputy director of the International Monetary Fund's Policy and Review Department.

The End, Michael Lewis, author of Liar's Poker.

The Big Takeover, by Matt Taibbi for Rolling Stone.

The basic theme of many of those is that you're not going to get an economic recovery as long as your government is busy bailing out their industry friends who are in a hole bigger than your entire economy.

Several of the economists recommend, force banks to properly value their assets (and stop living in a dream world), nationalize the ones who are now bankrupt (leaving the banks who didn't fuck up alone), wipe out the excess debt, auction the crap assets, and then auction off the cleaned up bank in smaller, more regional units.

It's time to update those anti-trust laws. No company should be big enough to be a threat to the economy.

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