Thursday, October 22, 2009
Barofsky: "Absent Meaningful Regulatory Reform, Tarp Runs the Risk of Merely Reanimating Markets That Had Collapsed [Due To] Reckless Behavior"
TARP Inspector General Neil Barofsky says in a new report that TARP has allowed the too big to fails to get even bigger, and that:
Absent meaningful regulatory reform, TARP runs the risk of merely reanimating markets that had collapsed under the weight of reckless behavior.TARP . . . reanimating not only zombie banks, but also zombie markets.
1 comment:
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Posts
Zombie banks, zombie markets, zombie mentality, zombie perception and zombie economics ...
ReplyDeleteThe problem is not any of the failed aspects or vulgar excesses of the credit economy that are being endlessly discussed.
These are just symptoms.
It is the credit economy that is the error in everyone's thinking. You cannot have it and not expect these vulgar excesses and all the periodically failed aspects of the credit economy.
And anyone who isn't faulting the credit economy directly, and instead faults a symptom of the failure of the credit economy, is an apologist facilitating the next collapse.
The credit economy creates expansion and inflation until everything is so expensive, the new people trying to get on the credit merry-go-round are breaking their legs one right after the other as they try and jump on board.
Housing prices rose so fast because of the credit economy. The rise in the price of housing (like stocks) in the credit economy brought ever more people into the housing market hoping to buy-in, and ride the credit economy inflation to the next level.
It cannot work. The credit economy cannot work, except in short bursts that will always end in catastrophe.
People are dying horrible deaths from this economic malfeasance -AGAIN.
Listening to any of these apologists is idiotic. They are telling us they are better shaman than Ben Bernanke and Timmy Geithner.
Take your feathered-credit-economy-rattles, all these many -meaningful regulatory reforms- and stuff them where the sun doesn't shine.
We've been there before and done that a dozen times in our history already. It's just another lie and a wholesale fraud.
Stop borrowing, or stop complaining.