As readers of this blog know, I’m a great admirer of British astrologer Marjorie Orr. She has done an excellent analysis of what’s behind the current financial meltdown.
While the mainstream press would have us believe that major financial institutions are collapsing because of the housing downturn, the reality is more complex than that.
Massive fees have been earned by folks whom I’ll call “financial engineers” during the past few years by peddling exotic derivatives such as credit default swaps. Evidently Wall Street didn’t really understand the risk involved in these unregulated instruments. Marjorie gets it.
Because of the way her Web site is set up, with scrolling comments, I asked Marjorie for permission to quote her comments on “snake oil salesmen” here. The piece was written before today’s 449.36 drop in the Dow Jones Industrial Average, to 10,609.66. You can read more at her Web site.
It’s very easy to get hysterical about a financial meltdown with the oversensationalized media getting all hyped up, though yesterday in fact only took a few percentages off the stock market rather than the freefall which followed the 1929 crash. And stock markets anyway are not the “real” economy though there will be negative consequences filtering through into ordinary peoples’ lives.
Astrologically speaking the 1929 crash and depression following was due partly to Neptune moving out of overblown Leo (the Roaring Twenties) into earthy Virgo undermining employment prospects; with Saturn in late Sagittarius moving towards bleaker times in Capricorn heading for a really tough opposition to Pluto in Cancer bringing deprivation and squaring Uranus in Aries in the early 1930s.
[NOTE FROM AM: We're heading for this same T-square in 2010.]
Pluto in Cancer altered family life and changed the status of women, pulling them away from their primary role as homemakers with a tremendous upheaval from Uranus square Pluto. It was largely caused, as is this crisis, by irresponsible lending to Americans hoping to make their fortune on the stock market. The banks lent more than they possessed and the bubble burst with catastrophic results for the next decade.
What has been intriguing me is to work out from the astrology what has been going on in the financial sector this time round. Part of it is irresponsible lending. But the real problem which could lead to banks going bust and people losing their savings – is the ramping up of debt in schemes of mind-boggling complexity which leveraged the original debt into stratospheric proportions, paying the money men percentages all the way up the line.
And it also interlinked all the banks since they laid debt off to each other, so if one goes down the domino effect kicks in. Warren Buffett in 2002 called these schemes “financial weapons of mass destruction – time bombs, both for the parties that deal in them and the economic system.”
There’s a feel here of megalomania, delusional disregard for reality – like the myth of Icarus who flew too high and burnt his artificial wings and discovered the hard way that he was not a god but an earth-bound human. That was there in the 1929 crash – gambling borrowed money to make profits on the markets without having to work for it – which does have a fire sign or afflicted Jupiterian feel about it.
But this time round there’s an additional sense of a hellish enmeshing, a deadly spider’s web of delusions, deviousness, and trickery which adds a Plutonic layer – or worse Pluto pumping its power-driven energy to vastly inflate the bubble. It’s almost Neptune/Pluto – too high and too low at the same time, except it isn’t around at the moment.
These high risk financial debt-offsetting schemes have been around forever, but only grew to prominence with deregulation through the 70s, 80s, and 90s. The 70s/80s had Neptune and then Uranus in fiery innovative Sagittarius (Sagittarius ruled by Jupiter doesn’t like limits). The 80s/early 90s had greed and power driven Pluto in Scorpio; plus the Saturn/Uranus/Neptune triple conjunction in business-oriented Capricorn which brought the first correction to the markets in the crash of 1987.
Whether this year’s end-of-the-line meltdown could be attributed in part to Pluto just leaving Sagittarius (1995 to 2008) isn’t clear. It’s certainly Pluto in a fire sign though its meaning has usually been confined to fanatical religious beliefs. Arguably Pluto just pushed the boat out too far in fiery, risk-taking Sagittarius – snake oil salesmen running amok.
Perhaps Pluto’s early foray into Capricorn (February to June 08) was a trigger to start clearing out the mess (purging being a Pluto effect) that the Triple Conjunction in Capricorn in late 80s/early 90s began but couldn’t quite get a grip on.
Pluto in its negative aspect is highly enmeshed, very secretive, controlling, stops change but eventually gets so constipated it silts up with toxins and self destructs. (The financial world ever flamboyant in its language is talking now of ”toxic debts” running into trillions of dollars/pounds.) In its positive aspect Pluto clears away garbage, deconstructs outdated attitudes and systems, reduces old power structures to ashes in preparation for the phoenix to arise. In the process it necessarily has to disentangle or destroy the spider’s web of the old controls.
What is scary about the present financial crisis is how interlinked it all is – a few poor folk down Missouri way were lent too much money to buy houses and suddenly every financial market in the world is in a state of nervous collapse. Capitalism will have a very different face come the middle of the next decade.
Isn’t that an amazing analysis? Thanks, Marjorie, for letting me reprint it here at Astrology Mundo.