Who Will Screw Us Next?
Who Will Screw Us Next?
January 14, 2009
I was one of Enron’s victims when that company manipulated the energy prices in California and looted the residents.
A recent report on 60 Minutes described how big banks, speculators, and hedge funds caused oil prices to skyrocket in 2008 despite falling demand and rising supply. I got screwed in that deal just like the rest of you.
And of course there was the Dotcom stock bubble that cost lots of people a bundle, thanks to the many unscrupulous financial “experts” and lying CEOs who made it possible.
Some would argue that the war on terror is really about channeling taxpayer money to the military industrial complex. I don’t think that’s the whole story, but the war in Iraq probably wouldn’t have happened unless someone was sure to make a profit.
Then there was the bogus move to ethanol that made food prices skyrocket. Thank you lobbyists!
Now the housing bubble and the mortgage backed derivatives are picking my pocket along with yours.
And don’t get me started about Bernie Madoff, although I think I dodged that specific bullet. It’s hard to tell.
This got me wondering who will screw us next. You know someone is manipulating the market whenever you see a bubble, a relatively sudden shortage, a scare, or any investment that is too complicated to understand. Armed with that knowledge, where is the next bubble, scam, scare, or artificial shortage?
The obvious next candidate for a financial disaster involves all the government money intended to stimulate the economy. It’s the biggest game in town for 2009, so every crook in a suit is figuring out how to get a piece of that action. I’m sure the upcoming administration means well, but the criminals have improved their methods since the New Deal. Watch out for any sort of confusing organization or fund that gets created to manage and distribute the stimulus money. We could save time by arresting those guys in advance.
I expect another financial disaster to be in the “green” field. Look for more inexplicable shortages, bubbles, and of course confusing investment opportunities in that area, possibly in conjunction with the stimulus funding. Many companies in that industry already had a good run up in stock prices, but I think that’s just the beginning. If you don’t see Warren Buffet investing in that area, there might be a good reason.
Health care costs are going through the roof in the U.S. One assumes that increase is a simple function of an aging population, rising costs, malpractice insurance, patented treatment options, etc. I’d watch that area for the next big scam or bubble. It seems ripe because everyone already expects those prices to keep rising quickly.
You have been warned.