I find it increasingly more difficult to believe that the Federal Government will put in place the necessary regulations to prevent another financial panic, bond market meltdown or short selling panic of the major financial institutions in this country. Too bad not every member of Congress has read TOO BIG TO FAIL by Andrew Sorkin. This book is an excellent view into the world of finance in New York and Washington during the financial panic that gripped the nation in 2008. The book shows that when fear took over, there were no experts. Everyone was scared and no one really knew what would work to stem the fears and over reactions.
Now in calmer times these same men, who were scared out of their minds that their corporations were going to go under through the short selling and the withdrawal of cash from their firms, can not put aside their greed for the good of the country's economic growth and survival. It is they, the so-called leaders, that should be at the fore front of the debate for sound regulations of the investment securities and banking industry.
They act tough now, but they know down deep inside how scared they were to losing all they had and their firms. To fight against the necessary legislation, in my opinion, is damn right evil.
Stay tuned.
LEVEL PLAYING FIELD No. 3 by F.D. Zigler, oil on board, 1995.
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3 comments:
I kept it clean today, but I could have easily used a few choice words to describe these fellows that once called themselves "Masters of the Universe". What a joke! They were all about to wet their pants back in 2008.
Which is worse, fear or greed?
I knew my company was in trouble years and years ago when financial accountants were put in charge of operations insead of engineers.
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