Looking just at the financial crisis (and leaving aside some problems of the larger economy), we face at least two major, interrelated problems. The first is a desperately ill banking sector that threatens to choke off any incipient recovery that the fiscal stimulus might generate. The second is a political balance of power that gives the financial sector a veto over public policy, even as that sector loses popular support. [link]The article takes an interesting look at the incest that exists between USA Politics/Politicians and the Wall Street Big Banks we've been bailing out. Even AIG is thrown into the mix of "Big Banks" ...however, it doesn't technically qualify.
I don't entirely agree with Mr. Johnson's "solution" to the crisis. But then, I'm neither an economist nor a professor. And I'm certainly not a former IMF employee. (Unlike Turbo-Tax-Timmy, who ran into his "tax reporting" difficulties owing to his stint at the IMF.)
The 2 parts that bother me most about Mr. Johnson's solution is that:
1. We the taxpayers -- will need to pay for the cleanup -- not the actual creators of the financial toxic mess.
2. The Wall Street Wolves are continuing to play the CDS game (the game that caused a great deal of the AIG mess - to the tune of $400B - not just the approx $176B we've already had to pay for) and at what appears to be a frantic and increased pace. [link]
They're still doing it!!!
Question: Is Mr. Johnson yet another "economist" letting the Wall Street financial eggheads go with a slap on the wrist while USA taxpayers scrape up the toxic goo they leave behind and pay for it all through our own children born over the next 2 to 3 generations? Or is he right -- and it's the only solution left to us?
Read the article (it's a long one) and you will see that even he admits how integrated Wall Street and Education (Professors and Nobel Laureates alike) have grown over recent years.
And we're supposed to trust their solutions?
How many tentacles do the BIG BANKS have stretching out across our globe? How much incest does exist between Washington bureaucrats and Wall Street big wigs? Do the banks rule us? Does Washington rule us (or work for us)? How did AIG manage to slip into the mix and slip away with taxpayer billions? How many of those AIG bailout-billions were laundered through AIG right into big bank pockets?
Here's just a small example of some of the incest going on.
Video One: Reveals the AIG funnel and spout.
Video Two: Connects a few of the dots.
I hate to say it, but based on all the pieces of information I've been reviewing of late, I'm guessing there is but one way to move forward with great speed and put this nasty period of financial rule and corruption forever behind us.
We need to take a sledge hammer to the "too big to bail" financial industries (and fire a great many of their Washington pals).
It's time to shut down their money laundering business.
They need to splinter themselves. They're either a bank or they're an insurance company or they're an iffy hedge fund... or what?
Whatever they are, they need to clean up their mess. Not us. Not our Government. (That's a whole other toxic mess we need to clean up through the voting booths.) They created it -- they need to fix it. Since they think they are so bloody smart, I'm surprised they haven't fixed things already.
Oh, that's right. They did. They held US accountable and raped us and our children and our children's children.
Pathetic morons.
It's time to bring back the regulations that once protected us (following the Great Depression) and outlaw the shadow-banking-off-the-books-hide-it-all financial instruments they've been oh-so-creatively engineering.
And, as I've mentioned before, the entire Insurance industry also needs to be cleaned up here in the USA.
Pray for your 401k if you have one.
Because I'm guessing that's what they plan to take away from you next.
Small businesses -- find a way to get private funding or operate without funding at all if you can. I have a feeling they'll be squeezing you all next to prove to themselves and our Government how powerful they are -- to have us at their mercy.
In about 3 years (maybe less) the lucky few will be those people who managed to stuff their mattresses.
So sad.
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