Just nationalize the US banking system already. With reports of the “Good Bank”, “Bad Bank” concept falling apart due to asset pricing issues, instead of beating our heads against the wall to figure it out…just nationalize. It is a much easier solution to this mess.
I know that our banking system is a symbol of our capitalist system…but obviously our form of capitalism has exceeded its useful life…it is time to change…it is time to reform.
Make the banking industry a utility…pay the top execs no more than $400k a year…it will stop the speculation and lessen the global economy’s exposure to cataclysmic events that we are going through right now!
In the past, being a banker was a path to riches…our best and brightest went to the likes of Lehman Brothers, Goldman Sachs and Morgan Stanley. If we change our system now…our best and brightest will now become engineers or eco-prenuers…something that will actually be beneficial and useful to our society as opposed to dreaming up shit to enrich a few and screw everyone else!
Filed under: Uncategorized | Tagged: Banks, Economics, Nationalization
The banks were “nationalized” a long time ago. After all, only via the coercive power of government can a man with $10,000 in his pocket claim to have $1 million. Or in the case of Fannie Mae, $60 million.
The unholy union between the banks and the government works like this: The banking system promises the government unlimited credit and therefore unlimited access to the incomes and assets of the nation’s subjects. In exchange, the bankers are promised that they will never have to face the consequences of their own irresponsibility. Indeed, reckless behavior is usually the preferred path to fortune among the financial class. Just ask Angelo Mozillo or Franklin Delano Raines or Hank Paulson.
Sadly, “econprenuers” are merely another pathetic variant upon this theme. Fraudulent engineering numbers rather than financial numbers again in response to a politically appealing fairy tale.
Future generations of Americans are facing dramatically reduced standards of living. The unfunded liabilities of the Feds far, far outweigh all privately held wealth. The average American will likely be reduced to Mexican standards of living……And the last thing on a poor person’s mind is the environment.
Interesting…I would like to hear more of your thoughts…maybe some of your input as far as solutions are concerned. I know, that many of us now are starting to question some of the institutions within our government (the Fed…The Creature from Jekyll Island eg.), but barring widespread and painful revolution, we have to live within the current structure or choose to live elsewhere.
Noticed your blog via LinkedIn via Dirk, btw.
Revolution is the last you want, as revolutions normally fail. The “American
Revolution” was no such thing, but was rather a restoration of the traditional liberties of Englishmen.
A restoration of the traditional liberties of Americans would also help remedy our current situation.
That said, the magnitude of the current economic dislocations exceeds that of John Law’s France which ultimately did lead to revolt (as a matter of survival not principle) and ultimately to the man on horseback, Napoleon.
If we choose to “live within the current structure” we will destroy this nation.
Dirk Mueller…tell him I said hello. Pete, I hear what you are saying…a “constitutionalist” restoration…return to the path set by our founding fathers.
We have progressed (or in some folks view regressed) to this point in history. How (if it is possible) would we return back to our traditional liberties without a revolution of sorts? The modern US political apparatus is so ingrained that such a move would be damaging…and once again, painful for everyone involved. At least this is my opinion.
BTW…thank you for reading my blog!!
I’m afraid the Constitution is a demonstrated failure when it comes to preserving individual liberties and preventing the centralization and abuse of power.
You claim a revolution would be needed merely to restore the Constitution. I’d say we are in for a revolution if we do not do so…..and like most revolutions, the result will be failure.
Best Regards,
-Pete