The Plan

[joanna bujes]

At 07:11 PM 07/23/2002 -0400, you wrote:
>Since most of the
>companies, particularly the ones in the telecom sector (4 of which - Global
>Crossing, Adelphia, NTL, and WorldCom make the all time top 10 bankruptcy
>list), are comprised of almost worthless assets due to immense over-capacity
>post dereg in 1996, the banks have little hope of retrieving anything, even
>after long drawn out bankruptcy court hearings.

You know, it's hard to believe all this is just "accidental". I mean, how 
can you build 98% more than what you need....and not notice?  I mean, how 
can you call a system "efficient" that does this? And, all in all, it 
reminds me of the S&L bailout ...which was also a crisis of overinvestment 
in commercial real estate. Now, that was done on the back of 
FDIC-guaranteed acounts (i.e. the taxpayer). This is being done on the back 
of ...pension plans/retirement accounts?

Oh, and one more thing, since the capitalists are doing so well at 
destroying capital, why do they need a war? To contain the political fallout?

Joanna