|Posted by Roar of the Bewildered Herd on March 2, 2011 at 3:11 PM|
In the 1990’s, Deregulation in the banking system brought about a new financial scheme called 'derivatives'. Bankers and economists said that it would stabilize the financial institution. We now know that derivatives were the cause of the recent financial meltdown. In 2003, Warren Buffet called them "financial weapons of mass destruction" and that they could harm not only their buyers and sellers, but the whole economic system. Boy was he right! What the creation of derivatives did was allow bankers to gamble on everything including the rise and fall of anything. Imagine for a moment the implications of a banker pushing a certain company to all his investors knowing that the company is not sound. Then while doing this, he personally invests in the failure of that company. He then invests in the failure of the insurance company that insures the investment, knowing all along the initial investment is "CRAP." One would think that this is a conflict of interest and illegal, but by allowing deregulation and not reforming the actions of bankers, this is exactly what happened. For further information about the ideas behind the failure of derivatives, we suggest that you watch Inside Job, the new film by Charles Ferguson. But keep an open mind into the possibility that this film may have a hidden agenda as well.
Now let’s apply this to what is happening with Net Neutrality at the moment. The large telecommunication companies are fighting for the deregulation of the Internet and fighting against the reform of net neutrality. Has anyone thought why and how companies like Facebook, Twitter, Groupon and Youtube are worth billions and billions of dollars without creating or generating a product? Does this sound familiar with the tech bubble of the 90’s or the housing bubble of the past decade? Could this financial meltdown have happened if reforms were in place? If deregulation happens with the Internet, could this be a set up for the social networking bubble? Recently, the Wall Street Journal announced that in Europe “the fight for net neutrality is over, and net neutrality lost.” Is this the preface of what is to come in the United States?
When will the Bewildered Herd speak up against these large companies from doing what they please at our expense? When will the persuasion committed by these conglomerates and financial institutions be transparent? When will the masses think for themselves and no longer be manipulated into following those believed to be in charge? Remember that it is you who has the power, strength and voice in a democracy. Just remember it is you who must exercise that right.
Categories: Network Neutrality