Date Posted:00:16:58 06/03/06 Sat Author: mozel Subject: The origins of the virtual financial reality can be traced to David Stockman.
After Volker broke the gold to money connection with 20% interest rates, the American economy was standing rather still. Voodoo economics came to the rescue. We built a 600 ship navy. But greater brains than Stockman grasped the possibilities of magic and the virtual financial reality holodeck was gradually constructed. Wall Street enforces the holodeck. How ? By punishing the corporation which does not meet or exceed the required numbers for a quarter. Does it really matter if anticipated sales are counted as revenue and then reclassified the week following ? Does it even matter if there are mortgages booked at F & F for addresses which do not exist ? Not at all. Does it matter if Treasury bonds are reported as sold for which settlement is never made ? Not a bit.
The measure of the pressure on corporations to participate quietly in the virtual financial reality is known from the fact the whistleblower at Enron is now unemployable in corporate America. Can a whistleblower really risk whistling when the corporation may have a Director of National Intelligence Pass ? Government enforcement of the virtual financial reality holodeck has been added to Wall Street's. It's a fortified holodeck.