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| Sep 22, 2009 2:31 pm |
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re: re: re: re: Reforming the banking system? |
| abbeboulah
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New ideas? They do sound familiar.
# 1 & 2: OK. Who’ll do the audit?
#3. Vengeance (who was it that said it’s mine?) may make some folks feel good, but will it improve things, and how?
#4. Here’s where the question marks come in. Is there, (can there be?) such a thing as a free market? Who makes the rules? And how is it that even these free market fundis can’t get away from the concept of ‘regulation’ -- (as something somebody must needs enforce)? WHo? and how? What should they be? I have previously advanced the notion of mechanisms mutually agreed upon by parties to a transaction that automatically trigger sanctions -- in the form, perhaps, of disabling the credit points needed to engage in the specific transaction -- upon violation of those agreements. Agreements among the parties to a transaction -- precisely not imposed regulation, for the reasons I stated.
#5. If the resulting economy remains wedded to the concept of growth, the proposed tax measures will continue to widen the income and wealth distribution gap, with predictable results.
#6. The term ‘explosion’ says it all. A market blindly focused on growth will explode; that’s what the bubbles do. Will we never learn?
The last comment invites an equally sophomoric tit-for-tat: What would Reagan do? He who turned the US from the world’s largest creditor into its largest debtor in a single term (yes, he was right, his government was the problem) -- a strategy every president except perhaps Clinton has faithfully copied ever since. To the point where the Chinese by now own so much US debt, (having gotten as drunk on the free market bubbly as any Wall Street trader but not drunk enough to not get worried about it exploding) last fall twisted even Bush’s arm to agree to the first bailout for the banks. Private Reply to abbeboulah (new win) |
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