John Lounsbury
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Preserving Wealth During the Global Banking Crisis [View article]
"I think the author's assertion IS CORRECT that we must get these people (malfeasants or idiots) out of their postions of control of the institutions they have ruined. Bringing theM to justice (whatever that is) is a second step, not the first."
Corrections in caps. Sorry.
Preserving Wealth During the Global Banking Crisis [View article]
If we apply the Martha Stewart standard, there are not enough prisons built or could be built in the next couple of years to hold the guilty.
But you may have proposed a stimulus package - build prisons. (PLEASE everyone, this is facetious humor.)
I wish I knew how to how these people should be dealt with. If they are thieves, it is easy. If they are simply greedy incompetents (which I am willing to believe is possible), what should be the course of action?
The question you have raised is indeed one that does not have a clear answer. I think the author's assertion that we must get these people (malfeasants or idiots) out of their postions of control of the institutions they have ruined. Bringing then to justice (whatever that is) is a second step, not the first.
Preserving Wealth During the Global Banking Crisis [View article]
I think your worry list is quite extreme. However, if one doesn't think about the unthinkable, it is impossible to keep all the bases covered. You can't depend on reaching extremes but woe to anyone who does not have contingencies in place in case an extreme occurs.
We are all Boy Scouts now: "Be Prepared".
Preserving Wealth During the Global Banking Crisis [View article]
Wow!!! What a great description of the mechanics of the financial crisis. I especially picked up on one specific statement: "The US economy has little chance of a sustained recovery unless President Barack Obama purges the management of the elite banking cartel that has brought this great calamity upon millions of innocent American workers. "
I have been commenting elsewhere that one of the most important effects (maybe the one single most important effect) would be the replacement of executive management in the failed banks.
I have to reread this article carefully a few times to get everything I can out of it.
Many thanks to another SA reader who e-mailed a link to this article to me this morning so I got to this right away.