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How finance wrecked the economy; from The Atlantic
Topic Started: Apr 8 2009, 09:04 AM (212 Views)
big al
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Bull-Carp
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.

Full article here: The Quiet Coup

Big Al
Location: Western PA

"jesu, der simcha fun der man's farlangen."
-bachophile
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Horace
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HOLY CARP!!!
Thanks Al.

Anybody who thinks the amount extracted from the economy by the financial sector is a non-issue, needs to read that article.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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Red Rice
HOLY CARP!!!
Very good article.

I am reminded of what mob kingpin Lucky Luciano said when he first saw the New York Stock Exchange: "I joined the wrong racket."
Civilisation, I vaguely realized then - and subsequent observation has confirmed the view - could not progress that way. It must have a greater guiding principle to survive. To treat it as a carcase off which each man tears as much as he can for himself, is to stand convicted a brute, fit for nothing better than a jungle existence, which is a death-struggle, leading nowhither. I did not believe that was the human destiny, for Man individually was sane and reasonable, only collectively a fool.

I hope the gunner of that Hun two-seater shot him clean, bullet to heart, and that his plane, on fire, fell like a meteor through the sky he loved. Since he had to end, I hope he ended so. But, oh, the waste! The loss!

- Cecil Lewis
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Horace
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HOLY CARP!!!
He also makes the case for anti-trust legislation to come into play here.

Great article by a smart guy with relevant expertise.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
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jon-nyc
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Cheers
If we just lock up all the bankers the economy will be fine.
In my defense, I was left unsupervised.
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1hp
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Fulla-Carp

From last weekend
There are 10 kinds of people in this world, those that understand binary and................
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Red Rice
HOLY CARP!!!
jon-nyc
Apr 9 2009, 01:35 AM
If we just lock up all the bankers the economy will be fine.
Not all. Just some. :croc:
Civilisation, I vaguely realized then - and subsequent observation has confirmed the view - could not progress that way. It must have a greater guiding principle to survive. To treat it as a carcase off which each man tears as much as he can for himself, is to stand convicted a brute, fit for nothing better than a jungle existence, which is a death-struggle, leading nowhither. I did not believe that was the human destiny, for Man individually was sane and reasonable, only collectively a fool.

I hope the gunner of that Hun two-seater shot him clean, bullet to heart, and that his plane, on fire, fell like a meteor through the sky he loved. Since he had to end, I hope he ended so. But, oh, the waste! The loss!

- Cecil Lewis
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Mick E. Likker
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imo, one of the most worrying problems for the US and by extension for the global economy - is that the Federal Reserve is 80% owned by private enterprise!
how can you have private enterprise formulating goverment monetary policy?
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apple
one of the angels
it's the barge
it behooves me to behold
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