tag:blogger.com,1999:blog-5724181159639068489.post7031200419287339604..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: AIG points finger at Goldman SachsRobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5724181159639068489.post-38319234246690835862010-01-21T15:28:58.841-05:002010-01-21T15:28:58.841-05:00Lets see where this goes:
Obama Proposes to Restra...Lets see where this goes:<br />Obama Proposes to Restrain the Banks from Speculation<br /><br />Let the threats, whining, tales of doom, financial media spin, and an army of lobbyists now go forth from Wall Street to try and stop this very basic reform.<br /><br />It's a beginning. Barney Frank is already talking about putting a five year transition period on the change. Ludicrous really considering the banks that just grabbed their charters. Barney is part of the problem. A bigger part than most people probably suspect.<br /><br />A good next step would be fire Larry Summers and Tim Geithner, and to permit Bernanke to gracefully step aside and go back to grading term papers. Obama needs to nominate someone with a stronger practical experience profile in that job. Volcker could do quite well.<br /><br />http://jessescrossroadscafe.blogspot.com/2010/01/obama-proposes-to-restrain-banks-from.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-88360950253802666262010-01-21T12:11:05.984-05:002010-01-21T12:11:05.984-05:00I wonder if you can extend this theory to the rela...I wonder if you can extend this theory to the relationship some privileged firms have to those central banks?...hmmm...<br /><br />Theft! Were the US & UK central banks complicit in robbing the middle classes?<br /><br />by Albert Edwards, Societe Generale<br /><br />Mr Bernanke’s in-house Fed economists have found that the Fed wasn’t responsible for the boom which subsequently turned into the biggest bust since the 1930s. Are those the same Fed staffers whose research led Mr Bernanke to assert in Oct. 2005 that “there was no housing bubble to go bust”? The reasons for the US and the UK central banks inflating the bubble range from incompetence and negligence to just plain spinelessness. Let me propose an alternative thesis. Did the US and UK central banks collude with the politicians to ‘steal’ their nations’ income growth from the middle classes and hand it to the very rich?<br /><br />Ben Bernanke?s recent speech at the American Economic Association made me feel sick. Like Alan Greenspan, he is still in denial. The pigmies that populate the political and monetary elites prefer to genuflect to the court of public opinion in a pathetic attempt to deflect blame from their own gross and unforgivable incompetence<br /><br /><br />Some recent reading has got me thinking as to whether the US and UK central banks were actively complicit in an aggressive re-distributive policy benefiting the very rich. Indeed, it has been amazing how little political backlash there has been against the stagnation of ordinary people?s earnings in the US and UK. Did central banks, in creating housing bubbles, help distract middle class attention from this re-distributive policy by allowing them to keep consuming via equity extraction? The emergence of extreme inequality might never otherwise have been tolerated by the electorate (see chart below). And now the bubbles have burst, along with central banks? credibility, what now?<br /><br />http://tinyurl.com/y9s2cbvAnonymousnoreply@blogger.com