Tag Archive for 'subprime'

Introducing Right-Wing-Shill-Cum-Comedian David Lereah

This book – by economist David Lereahought to be archived somewhere along with all the neocon blogs that were cheerleading the war in Iraq. Remember all those six-month increments: It’ll get better in six months, just wait; it’s better than it was six months ago; it’s better than had we not done anything six months ago … The same old canards, over and over. Little did our historicist friends know that they would be the court jesters in this historical farce. Not surprisingly, people who bought this book also bought: Your Yugo Will Run Forever and How to Set the Land-Speed Record With It. Like Baron Münchhausen pulling himself and his horse out of water by his own hair, these guys were caught in a feedback loop of their own ill-founded, egotistical ideology.

Quien roba a un ladrón …

A Spanish activist by the name of Enric Duran has defrauded banks throughout Spain and Europe of more than 492,000 euros, and he has published a 20-page manifesto explaining that it was to show the fallacies of the system. It has purportedly been distributed throughout Catalunya, and is downloadable from his website, Crisi. (The only pdf version I could find was in Catalan, but the website is in English and Spanish too.) Now he’s on the lam.

In an interview via Skype with EFE – the Spanish-language AP – he says it started out as personal loans to remodel his house and to buy a car, but then he realized that by setting up fake companies in the fashionable audiovisual sector, he was able to obtain far more – with loans of up to 39,000 euros from 39 different banks. “I stole 492,00 euros from those who steal most from us in order to denounce them and construct alternative societies.”

One of the advantages of asking for loans for a company was that “the debt doesn’t appear in your personal financial records, so you can increase the amount you owe and go undetected by the the debt information system of the Bank of Spain.”

My question is why are they calling him “Robin Hood”? I think it’s cool that he bucked the system, but it would have been cooler if he actually did something besides make a 20-page manifesto. Like actually distribute the money or invest in a socially beneficial project.

According to La Vanguardia, Enric says he is not going to return the money. So until he does, or really does distribute it in some way, I will refrain from calling him “Robin Hood”. This whole thing reminds me in some way of the subprime mortgage crisis in the US. It was also started by fraudulent loans, and, as far as I can make out, the prime culprit in it all was basic human greed – from the people giving the fraudulent loans to the people taking them knowing full well they would never be able to pay them back. The problem is now we have to bail them all out. Enric does prove a point about the need for better regulation, but his credentials as a “Robin Hood” don’t quite stand up to the whopping 492,000 euro bill for his 20-page manifesto against banks.

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“Quien roba a un ladrón tiene cien años de perdón.”
He who robs a thief is pardoned for one hundred years.
A Spanish aphorism