4 ms·
I enjoyed the article, but "where's the beef?" it just seemed a little light with the exception to the second to last paragraph: "If you do wish to break or li
by jamesbressi 17y ago
I enjoyed the article, but "where's the beef?" it just seemed a little light with the exception to the second to last paragraph:
"If you do wish to break or limit the power of the major banks, running a balanced budget is probably the most important step we could take. It would mean that our government no longer needs to worry so much about financing its activities. Of course such an outcome is distant these days, mostly because American voters love both high government spending and relatively low taxes."
Now it is getting somewhere, but it basically ends on that note--although the last part of the last sentence was a baseless jab. Unfortunate this article had potential but the focus was wrong.
- hga 17y agoBingo; To take the topical example (although mostly due to it being the target of a politically timed prosecution), Goldman Sachs is a primary dealer (http://en.wikipedia.org/wiki/Primary_dealer http://en.wikipedia.org/wiki/Primary_dealer). Truly trashing it is simply not an option while the Federal Government is borrowing 1.5 trillion dollars a year at low interest rates (when the government starts finding it difficult to market its debt at the price it likes, that might change things a bit).
- MaysonL 17y agoIf you want a lot more beef, read 13 Bankers by Simon Johnson and James Kwak, or check out their blog, The Baseline Scenario. http://baselinescenario.com/ http://baselinescenario.com/