WASHINGTON - LARGE financial institutions that engage in speculative activities for profit should be allowed to fail if they get in trouble, White House adviser Paul Volcker said on Sunday. http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_490530.html
It only makes sense. Risk = reward. If you remove the risk, reward should not follow. The risk needs to stay in play. They cannot have their cake and eat it too, that would be cheating. In this case, cheating the taxpayers.
LARGE financial institutions that engage in speculative activities for profit should be allowed to fail if they get in trouble ------------------- I wonder what he'd have to say about state pension funds now that most of them have returns in the shitter and are going to have raise taxes to meet obligations. Why is he talking about something that is not going to happen. This is history. Oh I get it, he means the next time. Nothing is fixed.
News flash... Volcker, us peasants already know that Too Big To Fail is a myth. We don't need you explaining it to us. We need you to explain it to your student Ben Bernanke and his idiot classmate Tim Geithner. What good is it to complain on TV? like we can do anything to change it. They're the ones calling the shots, not us.
<object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/d5Ujn2UxTcY&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/d5Ujn2UxTcY&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object> Welcome to the real world. Austrians, Hayek worshippers, etc.. are idiot pikers wasting their time in their dream world of how things should be. Average BoA bonus is $400k; it appears it pays to lie, cheat and steal.
Because the keystone cops (Summers,Geithner,Bernanke) would rather ignore economic law and run the US into the ground.
I know, it just irritates me of how they pretend like they are trying to change for the better. It's kinda like Greenspan go to the senate, and say oops.. i f'ed up, who would've thought housing 'could' go down... Same thing with Volcker, going on tv bashing the big banks. What good is it? It already happened... Having powerful figures going on tv, explaining common sense to us peons is very patronizing. It would not have been this pathetic had he gone on tv during the lehman collapse screaming this message.