The Financial Issues, to date: as the fog clears we see a morass of stink and entangled interests. The interests are dominated by self-serving rationalizations that benefit the "Masters of the Universe" who worship only the great god,"Profit". Let's hope this market collapse will lead to a renewed regulatory structure that will define the fences within which the bulls can run and which will protect the good and honest citizens who toil outside the bull pen. ...Something like that.
We find that GOP presidents and Congresses have, over the past three decades, systematically stripped away financial sector regulatory safe-guards that were put in place during the Depression, Further, the stripping away has been rationalized by the ideological belief that a unfettered (free) market will regulate itself to optimize operations and lead to better profits. This belief is not honest naivete, but is gross, cynical, BS of course.
And, of course, the free market model does not consider the human greed and cheating factors that have caused the market to regularly bubble and burst (junk bonds, savings and loan, subprime, Enron,...).
Perhaps, if we are fortunate, Mr. Geitner will champion regulatory reform. This process should be interesting to watch.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment