I reckon that a simple and effective alternative is emerging, and moreover one which is capable of spreading virally without the need for legislation.
But whatever happens, Goldman will turn on a sixpence and surf the wave. They are the smartest kids on the block. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
They are the smartest kids on the block.
Smart enough to constantly cycle key people through any administration that happens to be office. Of course that means their also more visible to the Taibbis. I remain unconvinced that more strings are pulled from GS than from JPMC. The latter is the one I keep bumping into, the one whose fingerprints keep turning up.
They've never really got into the grubby world of commodities though.
They were probably bust - they invented CDS and were the biggest player - but they and the Fed, probably with a little help, bankrupted Bear Stearns, and in the process probably saved themselves.
Peak Credit: US approach
There's apparently an ongoing investigation into the Bear Stearns collapse, but don't hold your breath. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Let's not forget the reason this happened was that JP Morgan (the man, not the bank) engineered the bailout of the financial system in 1907. A man of words and not of deeds is like a garden full of weeds; a man of deeds and not of words is like a garden full of turds — Anonymous
