tag:blogger.com,1999:blog-53246864840716464.post4493541478968142522..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: Dodd's Financial "Reform" Bill Is Nothing but a Placebo for a Very Sick EconomyUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-53246864840716464.post-3855074043108397392011-02-04T03:00:12.507-08:002011-02-04T03:00:12.507-08:00Although the regulators have a significant role to...Although the regulators have a significant role to play, it appears that the public in general also have to do their part. People have to take responsibility instead of always pointing fingers<a href="http://fedloans.net/" rel="nofollow">.</a>Unknownhttps://www.blogger.com/profile/14230286291472552563noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-6039811511394158982010-03-30T04:17:37.279-07:002010-03-30T04:17:37.279-07:00In a scolding contrarian tone -demonstrating the a...In a scolding contrarian tone -demonstrating the author of this blog does indeed have two sides to his brain, both seemingly functioning unaware of the other, this article makes an almost humanitarian appeal to end the TBTF banks.<br /><br /><br />Good. The TBTF banks are not the problem, is my conjecture. My conjecture is that the TBTF banks are a symptom of a much bigger -ethical- problem.<br /><br />So -let us back up a wee bit, eh? -for perspective. Where did the TBTF banks come from? Answering this question may shed some important light under this otherwise gloomy and darkened bushel basket.<br /><br />Clearly the GW Bush Administration had something to do with the final conception and creation of the TBTF banks. The spawning of the final production-model of the TBTF banks seemed to be a long-running theme of the GW Bush guys.<br /><br />The final red-carpeted ta-dum was delivered by Hank Paulson, when he proclaimed that the TBTF banks needed three-quarters of a trillion dollars -instantaneously- -something no question should delay- due to some -entirely unforeseen- and-of-course -entirely natural- event cooked-up-by the GW Bush Administration in the waning hours of their plodding, but effective rule. (After all, the TBTF banks have received many-times the three-quarters of a trillion dollars Hank blushingly proclaimed so utterly world-threateningly urgent.)<br /><br />You don't mean, -God! First 9-11? And now you're telling us Honest Hank Paulson also lied? I'm shocked. Dismayed. Incredulous!<br /><br />Treasury Secretary Hank Paulson in effect delivered too-often-prayed-for 9-11 event for the culmination of the greatest financial coup d'état in financial history. In fact, Hanky-ol'-boy hadn't just -seen- the wolf. Hank is one of the wolves.<br /><br />Oh God! A depression REALLY -is- a wonderful time to be filthy stinking rich. And it excuses all the confabulating antics necessary to get there too, -apparently-.<br /><br />But these little things don't come about in a vacuum. Let's see if we can see anything in the crystal ball of history that might help us out.<br /><br />The financial arms race of the TBTF banks began long before GW Bush. Its roots go back into Daddy Bush's Administration, through the Ronald Reagan Administration, the Gerald Ford Administration, and then peering deeper into the netherworld of history -we stumble across this odd, insecure, miserly character, one Richard Milhous Nixon.<br /><br />Tricky Dick, -at least one person reading here might remember-, is the one who opened up Red China to western trade. You must see where I am going with this. Oh -what a tangled web we weave, eh?<br /><br />So, -that- more or less brings us all up to the present, especially if we add a small historical footnote by describing the humanitarian ethics of this group -that further traces its roots back to the Opium Wars originally meant to keep China open to western plundering.<br /><br />No one in the government is really serious about reining-in the TBTF banks. They all have been briefed by the war department, which is on a war-footing, (is it ever not on a war-footing? -Not in my lifetime.)<br /><br />Here's an article that will bring you all up to date, right to the last minute concerning why the TBTF banks were conceived and by whom the Teflon Rules of their conception were inscribed before being brought down from the mountain on a stone tablet.<br /><br />http://www.businessweek.com/news/2010-03-24/bank-of-america-will-expand-china-business-ceo-moynihan-says.html<br /><br />"Bank of America Will Expand China Business, CEO Moynihan Says March 24, 2010"<br /><br />The humanitarian side of this blog-author's brain will be somewhat settled considering -the alternative-, -trying to digest the idea of possibly having coast to coast, from sea to shining sea -as it were -an slue of Industrial & Commercial Bank of China- branches, ATMs and abacus-wielding-pigtailed-tellers running the money-show here in the U.S.<br /><br />I told you we'd find light under this bushel basket. Now. if we weren't -all- so blind, the light might actually help some.Anonymousnoreply@blogger.com