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Even better, banking was so tightly regulated that it was literally impossible to go broke in the banking business without breaking the law.
Where the hell did those bankers go? And how did we come to have such a gang of economically insane crooks running our financial institutions?
Finally, how can we ever run an economy that produces the goods we really need (like an environmentally sane public infrastructure) until we get the good bankers back? "Remember the I35W bridge--who needs terrorists when there are Republicans"
And how did we come to have such a gang of economically insane crooks running our financial institutions?
But can this really have changed the whole culture of banking? "Remember the I35W bridge--who needs terrorists when there are Republicans"
They were waiting in the wings for the opportunity.
Actually I think it was Nixon who started the process when the US defaulted on its debts in - I think it was - 1972.
The Sheikhs then provided a convenient short sharp shock to make theft and plunder more palatable, under the guise of 'common wisdom.'
The rest is history. (And the parts that aren't yet, soon will be.)
Lots of new financial instruments, lots of new transactions, lots of fees - and, having their hands on the flow of money, the front line bankers were easily able to claim the new gains as directly generated by them, thus "deserving" to grab a nice share of it. In the long run, we're all dead. John Maynard Keynes
I AM depressed.
Well, I guess it's time for some serious legal remedies. Do you have some suggestions? "Remember the I35W bridge--who needs terrorists when there are Republicans"
You need to regulate economic activity so that the proper incentives and disincentives are in place to lead to the kinds of economic outcomes you desire. You only deregulate if you don't care about the economic outcome.
Ordoliberalism - Wikipedia, the free encyclopedia
Ordoliberalism (also called German neoliberalism) is a school of liberalism emphasizing the need for the state to ensure that the free market produces results close to its theoretical potential (see allocative efficiency). The theory was developed by German economists and legal scholars such as Wilhelm Röpke (who spent the Nazi period in exile in Turkey), Walter Eucken, Franz Böhm and Hans Großmann-Doerth from about 1930-1950; Ordoliberal ideals (with modifications) drove the creation of the post-World War II German social market economy and its attendant Wirtschaftswunder.
Sometime during the deregulation craze of the 80s, my dear old mother--a scarred child of the depression was watch the news. She turned to me and snorted, "Fools! doesn't anyone remember what the economy was like before there were regulation on the banks?"
I have long maintained that the reason regulated economies do better the deregulated ones is that regulations permit the honest businessman to prosper. "Remember the I35W bridge--who needs terrorists when there are Republicans"
the reason regulated economies do better the deregulated ones is that regulations permit the honest businessman to prosper.
Yes, yes, yes!!! In the long run, we're all dead. John Maynard Keynes
