Comments on: The Missing Witness http://baselinescenario.com/2009/04/22/the-missing-witness/ What happened to the global economy and what we can do about it Sat, 21 Nov 2009 02:32:50 +0000 http://wordpress.com/ hourly 1 By: Leftout http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-14232 Leftout Thu, 14 May 2009 12:19:22 +0000 http://baselinescenario.com/?p=3411#comment-14232 Unfortunately, there are no effective means to eliminate these people since they coop every major government regardless of ideology. Even violence may not get these folks out of our lives. The also control the flow of weapons and usually fund both sides of every conflict. The decision makers in both government and private sector big business are paid to play along. They get the little people caught up in the minutia of policy and ideas (Just read all the babble from the concerned citizens above.) There will be unintended consequences sooner or later as the masses run out of clean water and wake up with nothing to eat and nowhere to turn. They'll try and turn us against each other but the shear number of have-nots will be too big to fail in their takeover. But, unfortunately (again!) nothing sane will emerge from the chaos. It isn't too late to slow the slid into this messy heap of humanity. Press all you know into a less greedy why of life and insist that your elected leaders do the same. Otherwise... Unfortunately, there are no effective means to eliminate these people since they coop every major government regardless of ideology. Even violence may not get these folks out of our lives. The also control the flow of weapons and usually fund both sides of every conflict. The decision makers in both government and private sector big business are paid to play along. They get the little people caught up in the minutia of policy and ideas (Just read all the babble from the concerned citizens above.) There will be unintended consequences sooner or later as the masses run out of clean water and wake up with nothing to eat and nowhere to turn. They’ll try and turn us against each other but the shear number of have-nots will be too big to fail in their takeover. But, unfortunately (again!) nothing sane will emerge from the chaos. It isn’t too late to slow the slid into this messy heap of humanity. Press all you know into a less greedy why of life and insist that your elected leaders do the same. Otherwise…

]]> By: Leftout http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-14229 Leftout Thu, 14 May 2009 12:04:20 +0000 http://baselinescenario.com/?p=3411#comment-14229 Finally someone is getting to the root of the problem! Finally someone is getting to the root of the problem!

]]> By: Leftout http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-14227 Leftout Thu, 14 May 2009 12:01:23 +0000 http://baselinescenario.com/?p=3411#comment-14227 Terry, You forgot - "And take obscene fees, salaries and bonuses during the process." Terry,
You forgot – “And take obscene fees, salaries and bonuses during the process.”

]]> By: Antitrust For Banks? Ask Carl Shapiro « The Baseline Scenario http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-13972 Antitrust For Banks? Ask Carl Shapiro « The Baseline Scenario Tue, 12 May 2009 13:42:47 +0000 http://baselinescenario.com/?p=3411#comment-13972 [...] antitrust, or even for a financial products consumer protection agency to be named later (remember Joe Stiglitz’s recent testimony), but it does make you ask: what is the market structure that allows banks to do [...] [...] antitrust, or even for a financial products consumer protection agency to be named later (remember Joe Stiglitz’s recent testimony), but it does make you ask: what is the market structure that allows banks to do [...]

]]> By: Thinker http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-12805 Thinker Sun, 03 May 2009 04:06:54 +0000 http://baselinescenario.com/?p=3411#comment-12805 Based on the level of such long-term entrechment by such private wealth interests such as those represented by the core Bilderberg, Royal Institutue of Foreign Affairs (Pro-Socialist/Communist[?] International Mother Ship to the Council on Foreign Relations, which Obama, his wife Michelle, McCain, Hillary, Bill, and many others in DC subscribe to), and that we fought Red Coats purchased by these same banking families (particularly the Rothschilds family, which was funding King George at the time), the no-longer-secret meeting on Jeckyll Island, Woodrow Wilson's regrets for handing control of our currency to these families... ...is there really any way to get these people out of our lives, ever? They seem to control most of everything. Perhaps a peace agreement needs to be struck. You don't want 6 billion people pissed off at you. Based on the level of such long-term entrechment by such private wealth interests such as those represented by the core Bilderberg, Royal Institutue of Foreign Affairs (Pro-Socialist/Communist[?] International Mother Ship to the Council on Foreign Relations, which Obama, his wife Michelle, McCain, Hillary, Bill, and many others in DC subscribe to), and that we fought Red Coats purchased by these same banking families (particularly the Rothschilds family, which was funding King George at the time), the no-longer-secret meeting on Jeckyll Island, Woodrow Wilson’s regrets for handing control of our currency to these families…

…is there really any way to get these people out of our lives, ever? They seem to control most of everything. Perhaps a peace agreement needs to be struck. You don’t want 6 billion people pissed off at you.

]]> By: Shaun Brady http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-12367 Shaun Brady Wed, 29 Apr 2009 20:40:46 +0000 http://baselinescenario.com/?p=3411#comment-12367 The knee jerk reaction of too many supposedly serious people to blame deregulation, the 'undue influence' large banks exercised over congress, and the failure of free markets in an effort to 'improve' the financial system seems a bit ingenuous to say the least. This is the time for serious consideration of the facts, and it seems strange that there is no reasoned discussion about the role congress and regulation (e.g. Community Reinvestment Act, deposit insurance, and stimulative fiscal policies) played in the creating the current crisis. Is it any wonder, that most bank CEOs and academics who hold non-PC views would avoid the circus of public lynchings and posturing designed to 'use the current crisis' to ram through ill-conceived changes? The knee jerk reaction of too many supposedly serious people to blame deregulation, the ‘undue influence’ large banks exercised over congress, and the failure of free markets in an effort to ‘improve’ the financial system seems a bit ingenuous to say the least. This is the time for serious consideration of the facts, and it seems strange that there is no reasoned discussion about the role congress and regulation (e.g. Community Reinvestment Act, deposit insurance, and stimulative fiscal policies) played in the creating the current crisis. Is it any wonder, that most bank CEOs and academics who hold non-PC views would avoid the circus of public lynchings and posturing designed to ‘use the current crisis’ to ram through ill-conceived changes?

]]> By: TheTradingReport » Blog Archive » Too Big to Fail and Other Competing Narratives http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-12093 TheTradingReport » Blog Archive » Too Big to Fail and Other Competing Narratives Mon, 27 Apr 2009 15:14:50 +0000 http://baselinescenario.com/?p=3411#comment-12093 [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...] [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...]

]]> By: ” TOO-BIG-TO-FAIL & THREE NARRATIVES,” by Stats Guy, www. baselinescenario. com. Excellent review of post-Lehman failure six months ago. Worth the time. « Want Less Blog http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-12050 ” TOO-BIG-TO-FAIL & THREE NARRATIVES,” by Stats Guy, www. baselinescenario. com. Excellent review of post-Lehman failure six months ago. Worth the time. « Want Less Blog Mon, 27 Apr 2009 06:56:12 +0000 http://baselinescenario.com/?p=3411#comment-12050 [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...] [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...]

]]> By: Guest Post: Too-Big-To-Fail and Three Other Narratives « The Baseline Scenario http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11988 Guest Post: Too-Big-To-Fail and Three Other Narratives « The Baseline Scenario Sun, 26 Apr 2009 18:57:43 +0000 http://baselinescenario.com/?p=3411#comment-11988 [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...] [...] by StatsGuy, one of our regular commenters. I invited him to write the post in response to this comment, but regular readers are sure to have read many of his other contributions. There is a lot here, so [...]

]]> By: Knights Who Say… « Hungry Hungry Hippos http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11852 Knights Who Say… « Hungry Hungry Hippos Sat, 25 Apr 2009 00:27:20 +0000 http://baselinescenario.com/?p=3411#comment-11852 [...] Who Say… By urbino An update on a couple of the Knights.  First, Simon Johnson, who today testified before congress that the government should use modified anti-trust legislation [...] [...] Who Say… By urbino An update on a couple of the Knights.  First, Simon Johnson, who today testified before congress that the government should use modified anti-trust legislation [...]

]]> By: Steve Roth http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11730 Steve Roth Thu, 23 Apr 2009 18:05:43 +0000 http://baselinescenario.com/?p=3411#comment-11730 I would just add that too-big-to-fail banks are not the only issue. The finance sector as a whole grew too large. We need a strong financial sector. But optimal growth and prosperity don't require one of the magnitude we had/have. The excess size resulted in a large part of that sector turning into reflexively fueled wheel that span ever faster until it broke and flew apart. Empirical demonstrations that a shortage of investment capital did not and even now does not constrain growth significantly: http://www.asymptosis.com/do-wealthy-investors-create-growth-and-prosperity-not-so-much.html http://www.asymptosis.com/we-need-to-spur-business-investment-yeah-right.html http://www.asymptosis.com/businesses-constrained-by-lack-of-investment-oh-maybe-not.html I would just add that too-big-to-fail banks are not the only issue. The finance sector as a whole grew too large.

We need a strong financial sector. But optimal growth and prosperity don’t require one of the magnitude we had/have. The excess size resulted in a large part of that sector turning into reflexively fueled wheel that span ever faster until it broke and flew apart.

Empirical demonstrations that a shortage of investment capital did not and even now does not constrain growth significantly:

http://www.asymptosis.com/do-wealthy-investors-create-growth-and-prosperity-not-so-much.html

http://www.asymptosis.com/we-need-to-spur-business-investment-yeah-right.html

http://www.asymptosis.com/businesses-constrained-by-lack-of-investment-oh-maybe-not.html

]]> By: Nathan Frazier http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11728 Nathan Frazier Thu, 23 Apr 2009 17:44:14 +0000 http://baselinescenario.com/?p=3411#comment-11728 Hurray for noble technocrats like Simon Johnson, Thomas Hoenig, Joseph Stiglitz! Perhaps there is a chance that the US and the world will avoid a lost decade of their own after all. Keep the pressure on gentlemen - and Godspeed to you all! Hurray for noble technocrats like Simon Johnson, Thomas Hoenig, Joseph Stiglitz! Perhaps there is a chance that the US and the world will avoid a lost decade of their own after all. Keep the pressure on gentlemen – and Godspeed to you all!

]]> By: Min http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11724 Min Thu, 23 Apr 2009 16:38:58 +0000 http://baselinescenario.com/?p=3411#comment-11724 The banks performed admirably until the S&L partial deregulation -- partial because FDIC insurance remained. Even a layman like me could see the moral hazard in that. And things only got worse after that. The banks performed admirably until the S&L partial deregulation — partial because FDIC insurance remained. Even a layman like me could see the moral hazard in that. And things only got worse after that.

]]> By: adios amigos http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11700 adios amigos Thu, 23 Apr 2009 13:09:41 +0000 http://baselinescenario.com/?p=3411#comment-11700 Steve, I noticed you called banking and finance an "industry". I humbly disagree that finance is an actual industry. I would suggest that banking and finance are services. Viewing the storage and manipulation of money as an industry, is, to a certain degree, what may have caused the current crisis in the first place. Manufacturing, is industry. "Actual" industry supports service based business's (like banks). Without actual industry, there are no service-based business's. It may be a good time to begin to put finance and banking in it's proper place. "To big to fail" can't happen again then. AA Steve,

I noticed you called banking and finance an “industry”. I humbly disagree that finance is an actual industry. I would suggest that banking and finance are services. Viewing the storage and manipulation of money as an industry, is, to a certain degree, what may have caused the current crisis in the first place. Manufacturing, is industry. “Actual” industry supports service based business’s (like banks). Without actual industry, there are no service-based business’s.

It may be a good time to begin to put finance and banking in it’s proper place. “To big to fail” can’t happen again then.

AA

]]> By: adios amigos http://baselinescenario.com/2009/04/22/the-missing-witness/#comment-11698 adios amigos Thu, 23 Apr 2009 13:02:14 +0000 http://baselinescenario.com/?p=3411#comment-11698 Agree. Finally, someone who sees the reality of the situation in America. Until the wholesale ownership of Washington by Wall Street is unraveled, the outright theft will proceed. AA Agree. Finally, someone who sees the reality of the situation in America. Until the wholesale ownership of Washington by Wall Street is unraveled, the outright theft will proceed.
AA

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