Roman_Fiddler

The Escalator of Life Is Going Down (Part 2)

I agree...and I also think it's great that you take time to respond to the comments, Mr Quinn - thanks.


On Mar 22 03:36 PM Henry Buttal wrote:

> Thanks for taking time to reply to the posters.
>
> I have to disagree with you on your position on finance and debt,
> and by extension, modern financial instruments. Finance is like modern
> transportation - used correctly, it makes the world a better more
> productive place. However, occasionally you get a white bronco out
> on the freeway, or a drunken driver behind the wheel, out of control.
>
>
> The litmus test for comparison has to be economies based on sharia
> law; those economies are just as subject to ups and downs, but have
> traditionally been less dynamic, and have simpler, if different,
> drivers. I'd prefer to keep what we have.
>
> What occurred in financial markets was bad - for you, for me, and
> for world economics. However, the far more tragic outcome was that
> the companies (and Congresspeople) that took the risks are not only
> getting bailed out, but actually are making money in the process,
> and don't seem particularly beholden to the vox populi (GS being
> the most egregious). Mark my words, losses will be booked, taxes
> will be evaded, but huge bonuses will be paid...thanks to the USG.
>
>
> It would have far better to let AIG, GS, Merrill, etc fall...., and
> then to have backstopped the economy. Bankruptcy would have wrung
> out the speculators in the CDS market, and the concept of PERSONAL
> RESPONSIBILITY would have been upheld. This then is the failing,
> not the concept of indebtedness itself.
>
> We could have then re-booted with re-organized companies, a managed
> CDS market, and still be able to look at ourselves in the mirror
> in the morning, albeit with a terrible hangover.

The Escalator of Life Is Going Down (Part 2)

Wow, great food for thought, and I'm enjoying all the responses too - highly entertaining.
I liked your tips on the blog put together with Rob Mulligan, I think they should have been left in the article (but I have to admit, I skimmed over the Seinfeld bits)

You do come across as a bit anti-Democratic, but while I'm not a Republican, I can see the harm that could come at this time from the nation becoming even more socialist. If only we could just retrench the entire govt and money-men and start from scratch.

Thanks!