"If you bring forth what is within you, what you bring forth will save you. If you do not bring forth what is within you, what you do not bring forth will destroy you."

Jul 24, 2008


Why No Outrage?

Through history, outrageous financial behavior has been met with outrage. But today Wall Street's damaging recklessness has been met with near-silence, from a too-tolerant populace, argues James Grant
July 19, 2008; Page W1
Why No Outrage? From top to bottom: New York's Sub-Treasury Building in 1929; Angelo Mozilo, former CEO of mortgage lender Countrywide Financial; Unemployed men, circa 1935; Foreclosure sign, April 2008, Stockton, Calif. Strikers, 'scabs' battle, circa 1935; Bear Stearns executive arrested, June 2008; Hooverville shantytown; NYSE trader, 2008; Mary Lease

"Raise less corn and more hell," Mary Elizabeth Lease harangued Kansas farmers during America's Populist era, but no such voice cries out today. America's 21st-century financial victims make no protest against the Federal Reserve's policy of showering dollars on the people who would seem to need them least.

Long ago and far away, a brilliant man of letters floated an idea. To stop a financial panic cold, he proposed, a central bank should lend freely, though at a high rate of interest. Nonsense, countered a certain hard-headed commercial banker. Such a policy would only instigate more crises by egging on lenders and borrowers to take more risks. The commercial banker wrote clumsily, the man of letters fluently. It was no contest.



Post a Comment

Subscribe to Post Comments [Atom]

<< Home

~There is no God and we are his prophets.~

-Cormac McCarthy-

Man is superior to the stars if he lives in the power of superior wisdom. Such a person being the master over heaven and earth by means of his will is a magus and magic is not sorcery but supreme wisdom



'The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them'.....'Every war when it comes, or before it comes, is represented not as a war but as an act of self-defense against a homicidal maniac.'.....'In times of universal deceit, telling the truth will be a revolutionary act.'.....'War is peace. Freedom is slavery. Ignorance is strength.' George Orwell

war is terror

Zhan le Devlesa tai sastimasaGo with God and in Good Health

photo credit: http://www.freeimages.co.uk/Powered by Blogger ---Who Links Here--- Site Feed
Site best viewed in Firefox, Mozilla or with eyes wide shut.
Free counters provided by Andale