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melo:
Banks are special

aah, nice to see it written out so concisely.

reminds me of my old sig, 'lobbyists are people too'.

You misunderstand. They are special in a way that probably means they shouldn't be run for profit.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Tue Aug 18th, 2009 at 06:08:52 AM EST
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you're right, in that my perception of the word special did not so much refer to their exploitation of moral hazard issues, as yours did, but rather to the fact that their actions and flaunting of their impunity with the continued bonuses reveals how special (in a reverse sense) they feel themselves to be, hence the bitterness of my comment.

the two interpetations of 'special' are orthogonal, not mutually exclusive or contradictory in this case.

the money-men's victory in this duplicitous gaming of the regulation process, and corruption of the legislature, risks bring our whole system to its knees, as almost happened last october, when the biggest bandaids in the planet's history were assiduously used to cover up the necrosis.

what will this october bring, i wonder? is that the whetting of a giant scythe i hear yonder?

as we see the first world's coherence dissolve into mumbo jumbo gibberish, perhaps it's worth remembering that to the billions suffering poverty, this is a levelling of the playing field, not some vengeful god's revenge, as it might seem to the paranoid wing of our societies, (creating the need for the islamic scapegoat).

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Tue Aug 18th, 2009 at 09:29:19 AM EST
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