Wall Street dilemma- capital is not democratic

All of us know  it very well that we are in a golden era of financial crisis and scams. Bankers, investors, politicians and government officials and corporate mafia factors are part and parcel of it.

All of us hold a fair opinion on its nature, read about it, watch the electronic media’s debate, discussions and exchange our opinion privately about the depth and magnitude of it. Unheard public voice has only become a silent majority.

Today the global financial system is not just besieged but also paralyzed and virtually in comatose.

Administrators have stopped dead in their tracks unwilling to take any path breaking decisions.

Whether, the sensible citizens would get an answer in the form of justice and accountability.  Who will standby the move to cleanse the outdated and ineffective process of political, corporate and administrative governance?

I don’t know and I have no straight answer to this enigma!

We express in chorus that our system is unable to deliver either good governance or alternate routing to over come this rut.

Why?

In my view the dilemma is primarily due to the fact that ” capital is not democratic”.

If you have money, you have options otherwise you are at the mercy of the transnational system of financial bondage.  Be it a nation, corporates or individuals.

You are forced to either embrace capital or and money market products like stocks,  debt, bonds, mergers and acquisitions, takeovers ,bilateral government grants and other corporate wealth building and plundering exercises and in that process hectic competition destroys genuine free enterprise system.

In other words to put it bluntly crony capitalism destroys genuine free market competition isn’t?   Thus we are forced to accept the argument that the Money is the ultimate ugly leveler.

The ironic part of it is the corporates , politicians and bureaucrats who managed the ugly aspect of money has not been served with severe punishment (except Bernie Madoff). In the recent past we saw virtually every major bank or investment products, financial company on Wall Street embroiled in scandals that collectively destroyed global wealth beyond billions and trillions. The impact of it is also spreading across the globe like wild fire and currently attacked the European economies with vengence.

In this context it is interesting to read an article in Rolling Stone by Matt Taibbi asks a key question, why isn’t Wall Street in Jail?

The true colors of Wall Streets manipulations and dilemmas are also hinted well in ‘There’s No Love on Wall Street’ a novel authored by Ira Trivedi.

Meet Riya Jain, the protagonist of the book, There’s No Love On Wall Street, a smart, good looking girl totally enamored with the idea of becoming an investment banker. She realizes later on that life is not as glamorous as she had imagined it to be. She gets a boss who is actually a devil in disguise and is determined to make her life hell. She works long and stressful hours as an intern in the office. Her image of I-bankers also comes crashing when she meets her colleagues…

One would also appreciate and understand Wall Street dilemmas in books like Bonfire of the Vanities by Tom Wolfe. Barbarians by Bryan Burrough, John Helyar. Liar’s Poker: Rising Through the Wreckage on Wall Street by Michael Lewis. Bombardiers by Po Bronson. Imagine Catch-22 re-written to feature junk bond traders in San Francisco and, Den of Thieves by James B. Stewart.

Films like Wall Street (1987) and Wall Street: Money Never Sleeps –(2010) clearly portrays how financial frauds and manipulations  emerged over the decades as   big  International Sport with silent audience watching it across the globe.

Corporate laws, economists’ financial wizards and other regulatory mechanisms have met with limited success only in solving the mania of Wall Street dilemma.  That is making capital to work as a democratic product.

The Wall Street dilemma factors therefore succeed in its continuous slaughter on the pages of the global financial map.

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