Comments on: Krugman: How did a few failed banks add up to a financial meltdown? http://www.ritholtz.com/blog/2008/11/krugman-how-did-a-few-failed-banks-add-up-to-a-financial-meltdown/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 22:30:38 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: VangelV http://www.ritholtz.com/blog/2008/11/krugman-how-did-a-few-failed-banks-add-up-to-a-financial-meltdown/comment-page-1/#comment-129418 VangelV Sat, 29 Nov 2008 02:58:00 +0000 http://www.ritholtz.com/blog/?p=11269#comment-129418 The problem comes from the marriage of power and wealth that is the basis of crony capitalism. The solution is a true free market where governments do not have the power to bestow favours on their friends and where elites cannot use the power of governments to gain advantage over others. Had we not had a Fed that was reluctant to permit companies to fail and resisted the liquidation of bad investment decisions by resorting to printing presses we never would have had the housing bubble, the dot.com bubble and the massive growth in debt levels that will lead to the inevitable end of the fiat money regime that was created after Nixon closed the gold window in 1971. What is needed is a free market in everything, including money. The problem comes from the marriage of power and wealth that is the basis of crony capitalism. The solution is a true free market where governments do not have the power to bestow favours on their friends and where elites cannot use the power of governments to gain advantage over others. Had we not had a Fed that was reluctant to permit companies to fail and resisted the liquidation of bad investment decisions by resorting to printing presses we never would have had the housing bubble, the dot.com bubble and the massive growth in debt levels that will lead to the inevitable end of the fiat money regime that was created after Nixon closed the gold window in 1971. What is needed is a free market in everything, including money.

]]> By: gogreen http://www.ritholtz.com/blog/2008/11/krugman-how-did-a-few-failed-banks-add-up-to-a-financial-meltdown/comment-page-1/#comment-129383 gogreen Fri, 28 Nov 2008 22:17:25 +0000 http://www.ritholtz.com/blog/?p=11269#comment-129383 How did a few failed banks add up to a financial meltdown? I think that's fairly easy. It's called GREED. Granted, we're talking about Wall Street (and much of Main Street), and greed is part of capitalism. But this was unbridled, unchecked, unregulated greed stretching from CEOs hiding info from investors to newly hired traders creating or taking advantage of crazy calculations to line their pockets. Now these institutions (and now, even more aggravating, are the Detroit 3) are turning to the US Government (us, the taxpayers, really) to bail them out. All the while, they maintain their private jet fleets, keep their golden parachutes and reward themselves with year-end bonuses (which they deserve, right?). These CEOs are just stealing from you and I to keep themselves afloat, not to provide for the best interest of Americans. ------------------------------- Bailout Bums: Stealing YOUR Money: <a href="http://tv1.com/playlists/80" rel="nofollow">http://tv1.com/playlists/80</a> How did a few failed banks add up to a financial meltdown? I think that’s fairly easy.

It’s called GREED. Granted, we’re talking about Wall Street (and much of Main Street), and greed is part of capitalism. But this was unbridled, unchecked, unregulated greed stretching from CEOs hiding info from investors to newly hired traders creating or taking advantage of crazy calculations to line their pockets.

Now these institutions (and now, even more aggravating, are the Detroit 3) are turning to the US Government (us, the taxpayers, really) to bail them out. All the while, they maintain their private jet fleets, keep their golden parachutes and reward themselves with year-end bonuses (which they deserve, right?). These CEOs are just stealing from you and I to keep themselves afloat, not to provide for the best interest of Americans.

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Bailout Bums: Stealing YOUR Money: http://tv1.com/playlists/80

]]> By: JustOne http://www.ritholtz.com/blog/2008/11/krugman-how-did-a-few-failed-banks-add-up-to-a-financial-meltdown/comment-page-1/#comment-129377 JustOne Fri, 28 Nov 2008 21:41:34 +0000 http://www.ritholtz.com/blog/?p=11269#comment-129377 I wish I could find the rest of this speach. Any ideas? I wish I could find the rest of this speach. Any ideas?

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