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Break Up the Banks or Repeat 2008

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    #1

    Break Up the Banks or Repeat 2008

    Now that tax season is over and we have plenty of leisure time on our hands until next January (at least that's what my friends and clients tell me life is like for me these days), I thought another excellent article on the economy might be of interest. As usual, the Simon Johnson has hit the nail squarely on the head with this recent post in the Baseline Scenario.

    Break Up The Banks
    http://baselinescenario.com/2010/04/20/break-up-the-banks/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+BaselineScenario+%28The+Baseline+Scenario%29
    By Simon Johnson, co-author of 13 Bankers, as discussed on the Today show this morning with Matt Lauer and Erin Burnett The biggest banks in the United States have become too big – from a social pe…


    Anybody who actually believes behemoth banks are a good thing is just whistling past the financial graveyard. "Too Big to Fail" should equate with "Too Big to Exist", and I'm becoming convinced it's the greatest threat to our capitalist system.
    Last edited by JohnH; 04-21-2010, 04:37 AM.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith
    Tags: None
    #2
    Power

    I am against any, any, concentration of power as it inevitability solidifies its position, becomes corrupt, and impossible to stop. Take our political parties for example. Congressmen bring home the pork, are made to serve the "party", are consistently re-elected, and are in power long enough to gain control over other Congressmen.
    This posting is for general discussion purposes and is not meant to be reliable tax advice.

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      #3
      OMG! John H & I agree with something political. This is a major event!

      Comment

        #4
        Red Letter Day!
        Or maybe a Blue Letter Day!
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

        Comment

          #5
          Let us not forget

          two of the worst culprits in the melt down, Fannie Mae and Freddie Mac.

          Comment

            #6
            More on the subject. Looks like "state capture" by the financial institutions have moved from theory to fact - not a recent phenomenon but defiitely becoming bolder & shameless.


            “Most Observers” Do Not Agree With Larry Summers On Banking
            http://baselinescenario.com/2010/05/03/%e2%80%9cmost-observers%e2%80%9d-do-not-agree-with-larry-summers-on-banking/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+BaselineScenario+%28The+Baseline+Scenario%29&utm_content=Yahoo%21+Mail
             By Simon Johnson What is the basis for major policy decisions in the United States?  Is it years of careful study, using the concentration of knowledge and expertise for which this country is know…
            "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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              #7
              After this latest article in The Atlantic by Simon Johnson, maybe I'll just stop posting.
              It's long, and it won't do any good to skim it.

              Don't read this at beditme unless you just enjoy sleepless nights:

              The Quiet Coup
              http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/7364/4/
              The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
              Last edited by JohnH; 05-06-2010, 02:41 PM.
              "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

              Comment

                #8
                Birds of a feather

                Originally posted by joanmcq View Post
                OMG! John H & I agree with something political. This is a major event!
                Does this mean you are moving to Arizona or that John must boycott them?

                Comment

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