sleepless_on_wall_street

Wall Street Breakfast: Must-Know News

I can't find fault with most of the complaints made by commenters. But I would like to think there is something better than having a "French style revolution". Can we have some proposals on what to do going forward? I would concentrate on defining how to prevent "too big too fail" from happening in the future:

1 Determining what was done by the "titans of Wall Street" that was counterproductive to proper functioning of the free enterprise system, prosecuting anything that was criminal;

2. Legislating to assure that which was technically legal, but hindered free markets from functioning efficiently, will not happen again;

3. Putting controls on those accepting government assistance that will assure the money is not abused and repaid promptly with interest.

We are where we are and we need to go forward in a positive way.

Turning Japanese: The Audacity of Reality (Part 3 of 3)

James Quinn,

As usual, an excellent article filled with relevant data.

I would pick one factor as most important for the Japanese malaise: failure to clean out insolvent banks. Those banks sucked up monetary liquidity for over a decade and the after effects still persist today. This Japanese failure was widely criticized by economists and U.S. government officials throughout the 90's. With some of the same economic policy makers returned to Washington with Obama, we will not make the same mistake, right? So far, wrong, wrong, wrong. Paulsen and company started a process to "save the financial system" by saving the banks. Obama's team seems committed to following the same path.

STOP!!!!!

We can not save the forest by saving the dead trees. These are just fuel for the forest fire that will destroy the entire forest. CLEAN OUT THE DEADWOOD!!!!

I fear a problem is that the policy makers confuse saving their friends at C, BAC, AIG, etc. with saving the U.S.A.

Mr. Quinn, you are doing a great job. Thanks.