Comments: In 2000 SEC Testimony, Paulson Recommended "Self-Regulation" For Wall Street, Plus A Rule Change Now Blamed For Collapse

I have NO idea what fascism looks like (was born slightly after the last egregiously overt instances).

But I always assumed that what it looks like to the common person, is that some thugs/interest groups break into your home and do you grave damage, or accost you on the street while the law looks on approvingly.

We keep waiting for jackbootery to crash our doors, but we're way too sophisticated for that; it's happening right now under the veneer of special circumstance emergencies. We're being aggressively accosted and pummeled -- the hits just keep coming.

Posted by Labiche at October 2, 2008 09:46 AM

"haircuts?" (last sentence of quote)

Posted by Bob at October 2, 2008 12:20 PM

Never mind--I followed your link:

The so-called net capital rule was created in 1975 to allow the SEC to oversee broker-dealers, or companies that trade securities for customers as well as their own accounts. It requires that firms value all of their tradable assets at market prices, and then it applies a haircut, or a discount, to account for the assets' market risk. So equities, for example, have a haircut of 15%, while a 30-year Treasury bill, because it is less risky, has a 6% haircut.

Posted by Bob at October 2, 2008 12:24 PM

I'm starting to hate everybody.

Hating everybody is always a wise strategy.

Posted by Jonathan Schwarz at October 2, 2008 02:28 PM

"Hating everybody is always a wise strategy."

On the theory that more is more, I'm extending it to hating everyone and everything.

Posted by Donald Johnson at October 2, 2008 02:31 PM

ESPECIALLY the ones that say, "Trust Me".

Posted by Mike Meyer at October 2, 2008 02:32 PM

I would like to hate everybody, but it makes getting through my day very difficult. So I have settled for hating everybody separated from the Watergate break-in and coverup by three degrees or fewer of separation. This makes it quite safe to hate Paulson, and therefore I find it appropriate.

Posted by Aaron Datesman at October 2, 2008 03:21 PM

Buffett just invested $5bn in Goldman Sachs, Paulson's company and one that stands to get a big share of the 'rescue' bill. Obama supports the rescue bill. They're all in on this ripoff.

Obama may be slightly less likely to start a nuclear war than McPalin, but he is obviously part of the same gang of thieves and killers that runs things around here. Why not keep Paulson and Gates, shit, why not Mukasey?

Posted by Dick Durata at October 2, 2008 05:25 PM

Its like Cuba, WE'll all have to wait until the bastards die of old age.

Posted by Mike Meyer at October 2, 2008 05:47 PM

"Hating everybody is always a wise strategy."

I started hating my representative (Frank) but as the list of criminals grows ever longer, this tactic is much more efficient. However, I reserve a special fondness for the bottle of tequila I've been nursing.

Posted by bluestateleftist at October 2, 2008 06:02 PM

I usually hate tequila the next day.

Posted by seatech1 at October 4, 2008 03:35 PM