Read this: http://www.washingtonpost.com/wp-dyn/content/article/2009/10/20/AR2009102003073.html
This article in The Washington Post was brought to my attention by Butch this morning. I read it and I agree with it. I think if more people read articles like this one, perhaps even those not so bright right wing conservatives might learn something. A monopoly or near monopoly (90% of the business going to one insurance company) is closer to socialism than it is to capitalism. But, explaining that to a closed mind requires more talent than I possess.
http://www.nytimes.com/2009/10/21/business/21volcker.html?_r=1
Another article I think everyone should read about Paul Volcker and the banks. I have said as much several times.
Stay Tuned.
Posts
3 comments:
The article in the Washington Post is OK, but the article about Volcker and the banks in the NYT is very important.
I have been pounding the table about the repeal of the Glass-Steagall Act that occurred in 1999 under the Clinton administration for a while.
Second, I am not against investment bankers making big bucks if they do it with their own capital. But, as soon as these investment bankers went public, sold their common stock to the public, They were no longer playing with their own money. This is when "too big to fail" comes into play. And, when you have commercial banks owning investment banks, then you have the prescription for a huge meltdown and the need for a federal government bailout.
It all fits together very neatly. There is no smoke & mirrors when you strip away all the bullshit and get right down to whose capital is at stake. Read Paul Volcker, the man is clean, no taint, and he knows his stuff.
Very good article. I have always like Volcker and have been leary of Greenspan. Since he doesn't want to give an opinion then maybe he should stay just a little longer in his morning bubble bath and with luck he will wither away.
I must add here, I am not a fan of Geithner either. I feel he still has too close of ties to Wall Street.
I think that was the point of the second article about Volcker. Geithner and Summers are part of the problem, but the Obama administration lacks the financial literacy to be able to pick that up. Regulations alone will not prevent another meltdown. This bailout bullshit is expensive and we can't go the the well too often or else our creditors around the world will being to worry whether their investment in US Treasuries is safe. When and if the US Government loses the confidence of finance ministers around the world, we are fucked!!! Confidence, once lost, takes years to repair. Our domestic economy would be right on the lip of going down the tube. Now is not the time to play politics, Glass-Steagall and a whole lot more needs to be put in place before we are too far down the same road again. Paul Volcker is just one man, though 6'8", he can not do it by himself. There are too many assholes lining up against him and, I AM AFRAID PRESIDENT OBAMA LACKS THE FINANCIAL LITERACY TO SEE THE FOREST FROM THE TREES.
Post a Comment