Bye bye bulge-bracket Robert Peston 22 Sep 08, 09:43 AM That the last two bulge-bracket firms standing, Goldman Sachs and Morgan Stanley, have become licensed deposit-taking banks is extraordinary. It is precisely the opposite of what happened after the Great Crash of 1929.
That the last two bulge-bracket firms standing, Goldman Sachs and Morgan Stanley, have become licensed deposit-taking banks is extraordinary.
It is precisely the opposite of what happened after the Great Crash of 1929.
Is that reassuring? A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
Juan Cole is not happy:
Informed Comment
I have concluded that Americans, who pretend in public to be straightlaced, are in fact rabid masochists addicted to whips, black leather and the application of fists. It turns out that large numbers of people throughout the world are accidentally asphyxiated every year because they need to be choked for maximum pleasure.The diagnosis of national masochism is the only thing that can satisfactorily explain the poll numbers in the presidential race.
Perhaps I should have left the line about it being the opposite of 1929 because it's the opposite of the Glass-Steagall approach, in.
