Article

2009-03-29 Economy

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Posted by tipper 2009-03-29 01:02|| || Front Page|| [3 views ] Top

#1 Thanks, tipper---excellent article.

Posted by g(r)omgoru 2009-03-29 04:50|| 2009-03-29 04:50|| Front Page Top

#2 Very interesting article, Tipper, and thank you indeed. It's articles like that one that make me reconsider my now-cancelled subscription to the Atlantic.

I think Mr. Johnson makes the 'nationalize the banks' argument about as well as anyone can -- certainly better than Krugman. I don't know if Johnson is right; I'm not an international economist and I don't have his experience. I would like to see a well-written article that argues against this course of action. But with Johnson's article I now understand his side of the issue.

Posted by Steve White 2009-03-29 11:35|| 2009-03-29 11:35|| Front Page Top

#3 I quit reading when I got to.... "The government must."

Posted by Besoeker 2009-03-29 11:55|| 2009-03-29 11:55|| Front Page Top

#4 "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."Thomas Jefferson, (Attributed)
3rd president of US (1743 - 1826)

Posted by Besoeker 2009-03-29 12:02|| 2009-03-29 12:02|| Front Page Top

#5 He didn't really make a nationalization argument. He made an audit and anti-trust argument. The Fed, FDIC and Comptroller of the Currency could easily implement this policy if they had the moral courage. The problem, as he states, is the moral rot that has permeated the elites who run the country. No one is really interested in doing their duty, they are interested in maximizing their wealth.

Posted by Nimble Spemble 2009-03-29 12:14|| 2009-03-29 12:14|| Front Page Top

#6 I think he was also making the point that "too big to fail" is "too big to exist." Time not for FDR but TR--bust the trusts. (I skimmed along until page 4, I'll freely admit.)

Posted by eLarson 2009-03-29 15:16|| 2009-03-29 15:16|| Front Page Top

#7 My only point of agreement with #3 and #4 is that I trust modern bankers even less than I trust my government. Is that quote from Jefferson for real, or an urban legend? Do you have a solution?

Posted by Anguper Hupomosing9418 2009-03-29 17:16|| 2009-03-29 17:16|| Front Page Top

#8 Besoeker 2009, what do you call the National reserve if not a Government bank?

Re-Capitalization is the word, however, do you expect the government to be able to purge bad assets if they have not fixed the problem with them being forced in in the first place with the CRA and Freddie Mac - who just got a bonus for creating 6 Trillion of bad debt.

The answer is Cut DC off from all funding. Remove their lawmaking ability, and flog congress, senate, and the rest until they agree to do the right thing for ONCE. Why place banks in receivership into hands that are far more stupid - and who made the mess to start with?

Bottom line is you have no foundation at all anymore and may be easily washed up until you find someone in the administration that understands foundations. And none do - as they crumbled them for this very purpose. I just assume Build the new Capitol building and White house in Appalachia.

DC means nothing to anybody anymore. Let it burn .

Posted by newc">newc 2009-03-29 21:37|| 2009-03-29 21:37|| Front Page Top

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