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Showing posts with the label big banks

Free Enterprise or Socialism? How about neither.

A big debate these days is Socialism versus Free Enterprise.  I say neither.  I say we need a new direction - Fair Enterprise. I'd say the failures of socialism are self evident.  You can look at the extremes like the experience of the Union of Soviet Socialist Republics (USSR), the various "republics" of Eastern Europe that were satellites of the USSR, or Venezuela, where socialism was accompanied by brutal totalitarian regimes.  Or you can look at the European socialism of France, Italy, and Greece, where the people would sooner bankrupt the country, paralyze the government, or commit acts of violence than give up the giveaways to which they have become accustomed. With a history like that to point to how can anyone advocate socialism in front of an audience and not leave the stage covered with fresh vegetables thrown at them from the seats?  The answer is that unfortunately big businesses in the US have corrupted free enterprise.  Large companies...

The financial meltdown of the last decade

Want to get an understanding of what happened with the housing market and the financial meltdown of 2007 and 2008?  Go see the movie "The Big Short" or read the book of the same name on which the movie was based.  It's a brutal expose' of the games that were played in the financial markets to create the housing boom that led to the housing crash. We're far enough removed from the tragedy that the movie was entertaining and had a number of funny moments. At the same time the events of that time were tragic and it was criminal what people throughout major companies and the agencies - both public and private - created to monitor did. Some thoughts. 1. Why did it happen? The financial markets encourage greed.  The goal is quick money not steady, stable results.  Maximize profits, make money each quarter.  Money is lent based on numbers - what is your credit score.  Money is no longer lent based on evaluation of risk.  D...

Clinton campaign run by morons?

Whoever advised Hillary Clinton to call Donald Trump sexist is a moron.   Hillary called Donald Trump sexist and the Clinton Campaign must have expected the media to play the "War on Women" card and beat up Trump and that Trump, like so many others, would be forced on the defensive, unable or reluctant to fight back. Boy did they get that wrong.  What's that saying about how people who live in glass houses shouldn't throw stones? Donald Trump has responded with an ad pointing out that Hillary is married to a man that a NOW official in the 1990's suggested could be a sexual predator. Then the ad shows Hillary with Anthony Weiner, the man who repeatedly sexted pictures of his penis to women; and photos of Hillary with Bill Cosby, who is alleged to have drugged women to have sex with them. Like I said, whoever advised Hillary Clinton of all people to call Donald Trump a sexist is a stone cold moron. Interestingly, the media's reaction when Hillary calle...