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Paul Volcker: How to Reform Our Financial System
- Towle_ 17y agoKill the Fed.
- Towle_ 17y agoFed pushes interest rates far below natural levels --> flood of easy credit into the hands of those who, regardless of work ethic, merit as human beings, etc., just can't afford it --> loans don't get paid back --> banks don't have the money they should --> credit flow halts entirely --> everything goes to shit
- Towle_ 17y agoWhatever. Democratic fallacy realized. Moving on with my life.
- kiba 17y agoI think an economic hip-hop video is relevant here: "Fear the Boom and Bust" - a Hayek vs. Keynes Rap Anthem http://www.youtube.com/watch?v=d0nERTFo-Sk http://www.youtube.com/watch?v=d0nERTFo-Sk
- tomjen2 17y agoI have to that but one comment - why make such a video?
- jackfoxy 17y agoI scanned the article, found no bullet points and no sentence that grabbed my attention enough to read. As much as I normally respect Volcker, this paper gets an "F" as a "How To".
- BearOfNH 17y agoMy take: if it's "too big to fail" they need to create a "living will" to direct how to liquidate the company when it does fail. This avoids a sudden, unexpected shock to the system and any resulting dislocations. In my mind it's debatable that something like that can be done practically, or that a "living will" would really work in practice. I am reminded of the "duck and cover" drills from my youth. Still, something needs to be done.