Sunday, January 31, 2010

Chaos in Davos

The WEF event deteriorated after the cage match between "Dr. Doom" Nouriel Roubini, "The Founder" David Rubenstein of The Carlyle Group, and "The Chief" Rajan, an economist with the International Monetary Fund. Reuters reported:

It was a private, five-minute, expletive-filled tirade against the U.S. President for this reporter's benefit. Welcome to one aspect of the World Economic Forum's annual schmoozefest.

This unique event -- a gathering of several thousand of the members of the world's business and political elites for debate, dealmaking and a fair amount of partying in a ski resort in the Alps -- is in many ways an annual celebration for capitalists.

But this is a very dysfunctional family.

Rather than look in the mirror and accept responsibility, banksters pointed fingers from the World Economic Forum:

When executives talked about a recovery, they also used words like "fragile" and then mumbled about whether the battle between bankers and politicians could upset it all.

These same leaders said politicians would not collaborate on a new global infrastructure. Therefore, they can continue pitting one country against another.

The God's work meme, floated by Goldman Sachs CEO Lloyd Blankfein and his cronies, arose. Obama's "Chrysler speculator" had a comment:

"I think the industry had better wake up before they get the wrath of God on them," said Joseph Perella, a veteran dealmaker and chairman of U.S. investment bank Perella Weinberg Partners.

Wrath is here. If this were the 1700's a few politicians and banksters would be tarred and feathered. In 2010 they make their feather bed, while blaming others.