Relevant:
- Corker Says He’ll Introduce Bill Granting Resolution Authority
- Banking Regulators Guarantee All Silicon Valley Bank and Signature Bank Deposits, Invoking Systemic Risk Exemption
- Government Is Trying to Make Bailouts for the Giant Banks PERMANENT
- Fox Asks For More Authority Over Hen House
- The CBO's Bad Math: Putting $7 Trillion of Notional Value of Derivatives in Taxpayer-Backstopped Depositaries Will Cost Zero
2010-03-08 — nakedcapitalism.com
"The Powers That Be insist that a magic bullet called a special resolution authority will solve many of the problems with the “heads I win, tails you lose†taxpayer backstopped financial system with inadequate oversight. The prospect of taking terminally sick banks out and shooting them will supposedly reintroduce moral hazard and make banks behave responsibly again. "
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Comments:
tvsterling at 21:52 2010-03-08 said:
It all goes back to that Bogeyman of Bogeymen; (drum roll) Karl Marx. His most important insight was that advanced technological society's are inherently unstable. No arguments on that one but then; What to Do? He thought up the nuclear option, TAKE OVER EVERYTHING, in other words Communism. Russia did the experiment, didn't work, no pluralism, too concentrated of a power structure, notable failure. Now; What to Do? rears it's ugly head again. The pure Capitalists (especially the rich rapists) say," Nothing wrong here, why fix what isn't broken?" Obviously they have a conflict of interest. Unfortunately they bought up the government. What do you think you're gonna do about that? Permalinkadd a comment | go to forum thread
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