Always headed here

With a president suffering from main character syndrome coupled with a steadily deteriorating mental state,  so much ‘seems’ to be going on that keeping up with it in whole much less in part can itself feel maddening.

Two days ago, he gives a televised exposition of just how adrift he is, boxed in by an ill-considered military fiasco and hand-picked, grossly incompetent and corrupt underlings. Ardent, patriotic citizens try to keep up but mostly what’s on offer is the unwillingness to describe a massive, practically unimaginable strategic defeat.

In pondering what are we still wondering about, some well-framed context about some things we already know clicks a light bulb in a closet blocked behind an old armoire. It’s not reassuring but it is forward, and perhaps desperately needed correction against meaningless reassurances:

For more than a century, the political and moral imagination in much of the Persian ecumene was shaped by an urgent quest for alternatives to the pitilessly exploitative regimes of capitalist imperialism. For Gandhi, a historical experience that began in the late nineteenth century in South Africa made him see fascism and imperialism as inevitable features of capitalist states overdependent on violence—disguised and softened at home, extreme and explicit abroad. It was the fate of a later observer like Jalal Al-e-Ahmad, the twentieth-century novelist and essayist, to endure, while still analyzing, the insidiousness of neoimperialism: economic modernization under Western auspices that condemned postcolonial states to perpetual underdevelopment.

Given the religion-capitalism pairing that has defined the very essence of the American experiment since its inception (ask any Republican candidate for any office), it’s fair to ask whether we’ve always been headed here. Not karmically, though there is that; but just as a natural effect of the causes as they have hatched. Every other country and alliance has already figured out that dependence on the US is toxic to their national interests, while we try to make sense of the nonsensical. It feels sped-up, fast-forwarded, still a bit out front of our ability to conceive, believe. He is referred to as the American id. Maybe that’s it and this is all of the accumulated skullduggery, laid bare.

But I did learn a new word.

None Dare Call It Maize

Matt Taibbi has been on a roll with these “Everything is Rigged’ articles and blog posts on the RS site. And now he rolls out another doozy on the ratings agencies, which I would call corrupt if the word retained any meaning whatsoever:

Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash.

In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked.

“Lord help our fucking scam?.?.?.?this has to be the stupidest place I have worked at,” writes one Standard & Poor’s executive. “As you know, I had difficulties explaining ‘HOW’ we got to those numbers since there is no science behind it,” confesses a high-ranking S&P analyst. “If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value,” complains another senior S&P man. “Let’s hope we are all wealthy and retired by the time this house of card[s] falters,” ruminates one more.

Ratings agencies are the glue that ostensibly holds the entire financial industry together. These gigantic companies – also known as Nationally Recognized Statistical Rating Organizations, or NRSROs – have teams of examiners who analyze companies, cities, towns, countries, mortgage borrowers, anybody or anything that takes on debt or creates an investment vehicle.

Their primary function is to help define what’s safe to buy, and what isn’t. A triple-A rating is to the financial world what the USDA seal of approval is to a meat-eater, or virginity is to a Catholic. It’s supposed to be sacrosanct, inviolable: According to Moody’s own reports, AAA investments “should survive the equivalent of the U.S. Great Depression.”

Late capitalism is about all you can say. Every single descriptor is one that paints the picture of this crazy ‘system’ only working alongside dynamic constraints on human weakness and greed. Absent those, and we are absent most of those, we get this. It’s as indefensible as a plantation wedding in 2013, and everyone involved knows it. Read and share, especially enjoyable alongside the high-value TV commercials for multinational financial services corporations that support most programming these days.