"Idiots Fiddle While Rome Burns"

[Hydra]

This was probably posted last week, but it sums up my perspective on this insanity almost perfectly.

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Idiots Fiddle While Rome Burns
Wednesday, July 16, 2008 | 07:31 AM

The collection of ne'er do wells, clueless dolts, political hacks, and oh, let's just be blunt and call them what they are -- total Idiots -- expands into an ever larger circle.

<snip>

There is a choice to be made: Either we regulate the Banks, or leave it to the vagaries of the free markets to punish those who trade with, or place their assets in the wrong institutions. But for God's sake, do not give us the worst of both worlds -- do not allow banks the freedom to make horrific but preventable mistakes (i.e., only lending money to those who can pay it back), but then expect the taxpayers to foot the trillion dollar bill.

<snip>

Perhaps the rescue of "Phony and Fraudy" are not so much a bail out of American homeowners as it is a desperate attempt to stay in the good graces of our friendly global bankers. We are the world's largest debtor nation, and as such, we depend upon the kindness of strangers -- be they Japanese or Europeans or Abu Dhabians -- or even former communists.

<snip>

Massively over-leveraged companies? Blame short sellers.

Wildly under-capitalized financial firms? Blame rumors.

Heinously poor corporate management? Blame a Senator.

http://bigpicture.typepad.com/comments/2008/07/idiots-fiddle-w.html

[bdf]

1. No idiots they

As Woodward said, before he was seduced by the dark side of the force: "follow the money."

As the old dictum goes, Cio bono? (who benefits?)

Somebody, somewhere, is winning big time because of this. And it's not because he got incredibly lucky, it's because he manoeuvred things this way.

Hint: his name begins with "Rothschild," contains "Rockefeller" and ends in "Bush."

[Hydra]

2. :D

That's why I said "almost."

The idiots are most of us for allowing it to happen over and over again.

[Megahurtz]

3. "Phony and Fraudy" ROFL!

:rofl:

This is just another move to suck up the money from the lowest levels of the population on through all the way up to the very top.

What a Grand Scam. We've been duped! :banghead:

[Hydra]

4. I liked that one, too

:evilgrin:

[Karl_Bonner_1982]

5. Has anybody considered a mixed economy in banking?

That is, create state-run banks to provide some services where the private sector runs short?

[Hydra]

6. I've suggested it

Non-profit gov't banks to provide basic services and loans and at low interest for development purposes. Cap that at a certain amount so that only individuals and small business use them. The larger companies with grander visions can use commercial banks to fund their capital venture, and those could be run free-market style- if they can't manage themselves, they can be bankrupt while the state banks stay solid.

Hard to say what works in reality, but what we're doing right now sure isn't.