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Banks aren't a cosmetic company.

At this point (with h/t to ChrisCook) they are the lynch pin of an economy.  Pull it and watch the whole edifice collapse.

by ATinNM on Wed Oct 1st, 2008 at 03:06:30 AM EST
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But then they have no business being run for the profit of their management.

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
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 03:09:54 AM EST
[ Parent ]
That's why there used to be Regulations and Controls on banks so we wouldn't get into this mess, again (as in 1888, 189something, 1905, and 1929.)
by ATinNM on Wed Oct 1st, 2008 at 03:28:52 AM EST
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ATinNM: At this point (with h/t to ChrisCook) they are the lynch pin of an economy.  Pull it and watch the whole edifice collapse.

"Finance is so central and peculiar, so essential, and yet it carries a death threat for the economy," said Jagdish Bhagwati, a professor of economics at Columbia. "What we've seen, once again, is that finance is a very powerful instrument, but one that needs to be intensively watched."


Truth unfolds in time through a communal process.
by marco (cowannar at gmail punkt com) on Wed Oct 1st, 2008 at 03:30:02 AM EST
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