« Dean Baker: "Forget Regulation, It's Time To Break Up The Banks!" »
CNN Video: Dean Baker, of The Center for Economic and Policy Research, says regulation alone is not enough to fix too big to fail, and that we need to break up our largest banks.
Alan Greenspan has called for the largest banks to be sliced and diced.
Paul Volcker has been saying so for awhile.
Joseph Stiglitz says yes, emphatically.
Simon Johnson has been ringing the bell.
Add Mervyn King, Jimmy Rogers, Josh Rosner and Chris Whalen to the list.
Meanwhile Rome is burning while Obama, Bernanke, Geithner, Summers and Barney Frank do absolutely nothing to fundamentally solve the problem.
We ask again: What could possibly go wrong?
Clip runs 4 minutes.
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Friday, October 30, 2009 at 4:27PM
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Reader Comments (27)
http://wallstcheatsheet.com/knowledge/medal-of-honor-top-analyst-josh-rosner-nailed-the-crisis/?p=1959/
Here's a zinger from his interview with Damien Hoffman:
Josh: Do I think [the meltdown] was pre-meditated? Do I think they understood the risks? Well, if they didn’t, they should be out of business for poor risk measurement and poor risk practices. So in that sense, I do think they understood the risks they had in front of them and chose to ignore them for the longer term. No question. Do I think they pointed the moral hazard gun at our heads intentionally? Yes, a couple did.
-----That's bracing stuff coming from someone who doesn't go out of his way to toss hand grenades.
They all understood what they were doing, it is all about destroying the middle class and concentrating wealth at the top.
That one was for you. I knew you'd appreciate that.
Back during election time, Scott Horton of Anti-War Radio would say, "Nero or Caligula, what's it gonna be, America?" Hope you like fiddle!
http://www.nytimes.com/2009/10/19/opinion/19krugman.html?hpw
http://www.nytimes.com/2009/10/14/opinion/14wed1.html?_r=2
http://money.cnn.com/2009/10/27/news/economy/too_big_to_fail/index.htm?postversion=2009102707
http://dealbook.blogs.nytimes.com/2009/10/05/too-big-to-fail-must-end-for-all-fdic-chief-says/?ref=patrick.net
http://www.nytimes.com/2009/10/29/opinion/29thu1.html?_r=3&ref=opinion
http://dailybail.com/home/did-bernanke-save-the-world-from-economic-ruin-former-fed-pr.html
Despite Ben Bernanke's protestations, Congress must be given full access to audit the Federal Reserve's loans expenditure
http://www.guardian.co.uk/commentisfree/cifamerica/2009/sep/07/ben-bernanke-federal-reserve-congress
No wonder America's banks are making profits again: the US government is bribing them to borrow its own money
http://www.guardian.co.uk/commentisfree/cifamerica/2009/aug/31/banking-profits-us-economy
Co-Director of the Center for Economic and Policy Research
Posted: October 12, 2009 09:35 AM
Won't You Please Come to Chicago?
http://www.huffingtonpost.com/dean-baker/wont-you-please-come-to-c_b_317268.html
Op-Eds and Columns -- A Complete Archive
http://www.cepr.net/index.php/dean-bakers-op-eds/
This might be an interesting idea in theory but in practice, it is being led by Barney Frank and the Obama Administration.
This is not what Jim Rogers supports, he doesn't believe any bank or financial institution is too big to fail. He wanted the government to let them fail. If this is not the case, please tell me when Jim Rogers changed his position on the bailouts.
The government may need a regulating body with some balls and needs to crack down on the corruption and fraud but this is nonsense.
http://www.youtube.com/watch?v=pIuwVJ-WqnY
It's that time again. Tim Geithner: dumbass or liar?
Those descriptions of Timmy are not mutually exclusive.
The auditing firms make a lot of money consulting with their clients, accounting rules are just speed bumbs. They will not upset their clients by talking up the lost art of honest accounting.
It is all great but your answer is starts at 4:04...
I'd expect something more Derridean or Heraclitian out of you, gobias. I wish Roland Barthes were still around to write about Tim Geithner. Or Obama!
Heraclitian, what were the opposites?
As for Roland Barthes, have you ever read Oprah’s magazine? You may find it right up your alley.