Jeff, I hope it is R&R for the weekend. All my best, as you already know.
My own take on "Too big to Fail" or "Too Bif to Resolve":
Via Naked Capitalism The Problem is not "Too Big to Fail" but "Too Difficult to Resolve" In fairness this submission is not entirely the author's, Yves Smith, final take but the presentation implies she agrees.
I will not recount the details, you can read them. Now kindly explain to me how we can land little robot rovers within 3 meters of target on the planet Mars (the equivalent of making a "nothing but net" basketball shot from Bangor Maine to San Diego California) and nobody in the world, not even the fools that made the problem, can figure out how to resolve the issue. No Way Period.
Besides, Goldman Sachs was so happy to tell the world that they are fully hedged no matter what happens, even if a New Stone Age should one occur. If every entity in the financial world is hedged so perfectly so that no problem can harm them, than lets call the bluff. I think you can see something does not quite fit here.
"The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."
From an article written by Simon Johnson "The Quiet Coup" in the May Atlantic Worth the read.
Jeff, The Steelers won but I have to say I saw most of this game and the Vikings were winning on both sides of the line all game but blew themselves up with mistakes. Polamalu is not 100%, but his energy saved the day.
4 comments:
Jeff,
I hope it is R&R for the weekend. All my best, as you already know.
My own take on "Too big to Fail" or "Too Bif to Resolve":
Via Naked Capitalism
The Problem is not "Too Big to Fail" but "Too Difficult to Resolve"
In fairness this submission is not entirely the author's, Yves Smith, final take but the presentation implies she agrees.
I will not recount the details, you can read them. Now kindly explain to me how we can land little robot rovers within 3 meters of target on the planet Mars (the equivalent of making a "nothing but net" basketball shot from Bangor Maine to San Diego California) and nobody in the world, not even the fools that made the problem, can figure out how to resolve the issue. No Way Period.
Besides, Goldman Sachs was so happy to tell the world that they are fully hedged no matter what happens, even if a New Stone Age should one occur. If every entity in the financial world is hedged so perfectly so that no problem can harm them, than lets call the bluff. I think you can see something does not quite fit here.
Get
Great thoughts.
The only way they think they can fix it is by running up the stock market so everyone feels rich again.
This won't fix the underlying problems. we can't continue to sit in denial and pretend everything is back to normal.
this stock market gambling must stop before they take down the financial system.
These are OUR tax dollars they are running up the market with and we will take the losses when the market rolls over again.
Sickening
http://www.theatlantic.com/doc/200905/imf-advice
"The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."
From an article written by Simon Johnson "The Quiet Coup" in the May Atlantic
Worth the read.
Alex / Still reading your Blog Jeff
Jeff,
The Steelers won but I have to say I saw most of this game and the Vikings were winning on both sides of the line all game but blew themselves up with mistakes. Polamalu is not 100%, but his energy saved the day.
How bout them Saints!!
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