Before you shed tears for the plight of elite bankers, let this statement sink in:
Cyprus’ banking sector must shrink. As did Ireland’s, the hard way. What is essential, as every Irishman and woman will tell you, is that the politicians do not load up the weaker citizen’s/taxpayers’ shoulders with enormous debts on behalf of bankers that refuse to wither.
Read more at https://www.nakedcapitalism.com/2013/03/yanis-varoufakis-while-waiting-for-cyprus-godot.html#dCKwchxGzzT2ljPx.99
That’s from Yanis Varoufakis, professor of economics at Athens University.
Read more →Looks like about $1.2 billion of JP Morgan’s $2 billion loss involved Henry Blodget’s 401k.
How else to explain his emotional outburst on Business Insider? Why else would he jump to the conclusion that our bankrupt federal government understands finances better than billionaires?
Wall Street can’t be trusted to manage—or even correctly assess—its own risks.
This is in part because, time and again, Wall Street has demonstrated that it doesn’t even KNOW what risks it is taking.
Read more →Is the US economy about to collapse worse the Greece’s?
Some, like Paul Krugman, say that it’s okay for governments to print unlimited money. Others, who have actually managed businesses, say otherwise.
**David Stockman is among the latter. He was Reagan’s budget director for a few years. He became a media sensation because of his command of numbers. **
He left the White House early, fretting over federal debt. But debt in the 1980s was as a piggy bank to Wells Fargo.
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