Burl Ives said that in a movie made from a Tennessee Williams play, maybe Cat on a Hot Tin Roof, with Elizabeth Taylor. Hmmm, maybe my blog does have a theme, with frequent asides.
I'm sure you've all noticed the link to Slope of Hope, Tim Knight's (technical) market analysis blog that I refer to sometimes. Well, click here, and I'll take you there, where you'll find links to three UTube videos from the Bill Moyers show. Moyers is interviewing a former regulator, Bill Black, about the financial crisis. You should watch these. They're interesting and easy to understand, and more than a little disconcerting.
I'm beginning to register some disappointment in Obama as he allows the Goldman Sachs crew, especially Larry Summers, to funnel hundreds of billions of money the government has to borrow, and that taxpayers will have to pay back, to the corrupt institutions and individuals that knowingly perpetrated fraud in order to collect their bonuses, supposedly "earned" by packaging up crappy debt and poisoning world-wide financial markets with it.*
Because some of my readers are too young to remember, Bill Moyers was President Johnson's press secretary. Over the years he has outlived the unfortunate association with the Viet Nam war and is probably the only true representative of the populist tradition left in the American media. Good for you, Bill.
Oh, and one other serious question, After bailing out the banks from the mortgage debt crisis, do the G-S guys plan to bail out the banks in the consumer debt crisis now developing, and then the munincipal debt crisis which will follow, as well as the commercial debt crisis we can all see coming? Come on Barack. You have very limited time to find a radical solution to an unprecedented dilemna. Relying on the self same representatives of the corrupt system that created this mess isn't going to lead to an acceptable outcome (and vouching for their credibilty now insulates them from the legal penalties they should be facing.)
*68 word sentence, a new record?
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