What happened? same as everywhere in the capitalist world
Here it is in a 'talkin' blues'

Talkin' 21st century American Capitalist Blues
                                                                
© Jack Warshaw 2009
Inspired by a recent '2 cows' analysis of the world banking crisis:

   21st century capitalism American style:
      A man has 0 cows but notices that cows produce a lot of milk .
      He lends a bank $$$ to buys cows for him.
      In exchange for the $$$ he gets 30 years of the cows future milk.
      He sells the future milk to 3000 institutions around the world .
      He insures his loan to the bank with AIG, just in case.
      He gives himself a huge bonus for being so "talented".
      3000 institutions around the world sell the future milk to 3 million people like us.
      The cows all get mad cow and have to be slaughtered.
      The bank goes bust and the employees are laid off.
      The man claims the loss of milk against his insurance with AIG.
      3000 institutions around the world do the same.
      AIG collapses and markets around the world panic
      The government gives the man $$$ to buy more cows with $$$ it borrowed on our behalf.
      The man now has lots of cows and $$$ again and lots of milk.
      He gives himself another bonus for being so "talented".

Well come all you city folk if you wanna learn
I'll explain to you in simple terms
How it came to be that the country's broke
And we're so poor we're like to croak

It all started on a farm near you…

There was a rich man who bought some cows
He tried to milk 'em but didn't know how
He went to the bank and the banker said
"Lend me your money and I'll buy them cows instead"

"This here note says you get the milk as long as the grass shall grow."

"Now you can sell that future milk
To other banks of similar ilk
Just insure your money in case of foul weather
And keep a chunk of it for bein' so clever"

High ho Wall Street, here I come…   

So the rich guy sold promises of milk
But the cows got sick and had to be killed
The banks went broke and sacked their staff
And all the rich guys claimed insurance payoffs

All the banks collapsed the very same way
The insurance guys just couldn't pay
'Twas the end of the line for the gravy train
There's no one left now to take the blame

The whole shebang went west quicker'n you could say "Buddy can you spare a dime?"
But wait…

The dough the government took from us
Went to those rich guys who bought more cows
Now they've got the cows, the money and lots of milk
And a big fat bonus for bein' so slick

Only trouble is, we're gonna be bailin' them banks out 'till the cows come home!