Zingales On Breaking The Mega-Banks: "Yes We Can, Mr. Geithner"
Bloomberg's Matt Miller and Carol Massar sat down with University of Chicago Entrepreneurship and Finance Professor Dr. Luigi Zingales on Monday to discuss the economy and the state of the banking system. Dr. Zingales offers his views on financial regulatory reform, banks becoming "too bigger to fail", Congressional ignorance and capture, and the ramifications of breaking up our largest banking institutions.
- "I think that this is a very complicated issue, and no matter how hard Congress tries they don’t understand the details. And the devil is in the details."
- "Many of the regulators are captured by the financial system. When they end their work they go and work for the very same banks they are regulating."
Zingales compares the proponents of the first stimulus to "physicians from the Middle-Ages practicing blood-letting" (take that Krugman!), and says that those who are calling for a second stimulus (actually it would be the 4th if you count Bush) are again mimicking the ancient physicians who would prescribe "more blood-letting" when the first round of useless treatment invariably failed.
Bloomberg is not allowing this clip to be embedded, so the above link goes directly to Youtube.
Also, please don't miss Zingales' outstanding essay Yes We Can, Mr. Geithner from this Spring.
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Thank you!
Oct 8, 2009 at 4:26 PM
Reader Comments (10)
Yes, We Can Mr. Geithner!
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I have a feeling there may be a very big tea party in our future.
Too funny. I use a version of that. -- I always tell people it's like the doctor who put leeches on George Washington.
A young woman has been sentenced to six cane strokes in Malaysia for having a beer in a hotel, as she is Muslim and prohibited from drinking alcohol. The Shariah law verdict has split the country and caused concerns about the growing influence of Islamists. But the woman's family is now insisting that the sentence be carried out -- in order to embarrass the government.
LA Oktoberfest- Who here loves beer? Pull on your Lederhosen and head to the LA Oktoberfest downtown where you can sample traditional German food and booze all day. This boozy fest features beer maidens serving Bavarian brews; Bavarian bands playing lively tunes and leading sing-along’s of old time drinking songs.
http://events.pasadenastarnews.com/la-canada-flintridge-ca/events/show/88597099-la-beer-week-festival
"As the final stop of L.A. Beer Week's 11-day celebration across Los Angeles and Orange Counties, the Beer Week Festival at Descanso features samplings from almost 80 different brews representing nearly 40 craft breweries."
Sorry to be off topic. Gobias made me do it. He's drugged my Kool-Aid.
Join in folks
November 22 - Nationwide End the Fed Action Day
http://www.youtube.com/watch?v=L-cR0i2YP3A&feature=player_embedded#November 22 - Nationwide End the Fed Action Day
http://dailywhig.com/2009/03/24/too-big-to-fail/
Ken...thanks...