Ned Pepper's Outrages

Thursday, August 9, 2012

Financial Crash 5th Anniversary

Ned would like to remind his many friends that today, August 9th, is the fifth anniversary of the financial crash that has cost all of us little people our sense of well-being. On this day in 2007, BNP Paribas, a Plutocrat-run French bank, announced that it was sustaining big losses on subprime mortgages, a class of mortgage that should never have been issued but for the greed and depravity of the mortgage and banking industries. Before we knew it, the economy had tanked, George Bush had been replaced by Barack Obama, the FDIC had stolen Ned's Washington Mutual stock and given it to JPM Chase, while the Plutocracy was still entrenched in the seats of power, running the world for their own personal benefit, and to hell with anyone else. Plus ca change, plus le meme chose. Or as our friends of The Who memorably sang, "Meet the new boss, same as the old boss."

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