Wednesday, 16 July 2008

The myth of ... Fannie Mae and Freddie Mac - not a sign of the kingdom

I'm a great lover of myth, symbolism and meaning. However the sub-prime myth of Fannie Mae, Freddie Mac and the self regulating market economy leaves me raging and feeling impotent. I hate that such cuddly names can be given to hugely powerful financial institutions - "Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having."
It is beyond my comprehension that such enormous monetary clout should be even further protected by the law - meanwhile the west imposes so called "free trade" on countries throughout the world, driving local fishermen or poultry farmers to the brink of extinction.
Do the economic parables being told daily in the financial pages of the newspapers have ever more meaning or just less and less? Why do we go on putting our faith in turbo capitalism?
Are rage, incomprehension and helplessness signs of the kingdom?