"Amazon.com: 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) eBook: Simon Johnson: Kindle Store...
Customer Book Review:
The desire to analyze the current economic downturn has prompted a deluge of books, most focusing on how to address present and future economic ills and some narrowly focused on individual players and institutions that played a key role in the financial collapse, while others explained the events that led us to this place. "13 Bankers" explains how we got here and more importantly comes up with ideas to prevent a recurrence in the future far more concisely than many others I've read. I could be easy to dismiss Johnson and Kwak's observations as being pessimistic, as makes a very damning indictment of the banking and financial sectors in their past and present conditions and a rather trenchant argument that if these problem are not addressed we likely face another imminent meltdown. The authors give readers a quick concise history of finance and banking in the United States, something that many Americans are woefully unaware of, that points out how banks and financial institutions came to garner so much power over the economy. While efforts have been made to regulate them to varying degrees those regulations have often proven ineffective or are too often enacted AFTER financial catastrophes, much our current situation. The authors rather persuasively argue that the "too big to fail" model and the bailouts of 2008 and 2009 were misguided, arguing that nationalization would have been the better route to go. They continue the argument that the forced mergers, such as Merrill Lynch and Bank of America, were mistakes and instead had created institutions that are now truly to big to fail. In some respects it almost sounds like a Teddy Roosevelt-era trust buster and his argument that these large institutions need to be broken up to diffuse their power certainly makes sense. They also point out the corrosive effect their political clout and donations carry with the political process, hindering further efforts at regulation.
Ultimately "13 Bankers is far more satisfying a read than some recent books on the subject such as The Road from Ruin: How to Revive Capitalism and Put America Back on Top, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, Rediscovering Values: On Wall Street, Main Street, and Your Street, and America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need. Yet the sad truth is that while the authors make a compelling argument for change the political establishment in Washington lacks the political will to break up these excessively large institutions. It wouldn't be good for THEIR business, which is getting reelected. While there are efforts afoot in Washington at reform none are as radical a surgery as proposed here, but suffice to say when the next financial catastrophe comes, and the authors argue it IS coming, there is unlikely to be any taxpayer/voter support for ANY bailout in ANY form. If anything "13 Bankers" made me mad as hell and against any future bailout, let alone continuing the current ones in place. What makes me madder still is that the politicians in both parties will likely never consider the radical proposal put forward here. It's a shame that it will take another financial crisis to get Congress and the Executive Branch to really act responsibly.
(SheehansSoapBox) – “Patriotic” Americans are still berating me for “demeaning” my son’s “sacrifice.” A typical message goes something like this:
“Your son died to give you the right to spew your filth against this country. If it wasn’t for the military and people like your son, you wouldn’t have the freedom to protest.”
Oh, really? If I have the “freedom to protest” then why have I been arrested so many times and why did I have a four-month restraining order from protesting near the White House last year that would have landed my buns in jail for six-months if I violated it? Why are activists still being arrested for solely exercising what used to be our fundamental rights?
In fact, attorney, Bill Quigley has documented that more than 2600 activists have been arrested since Obama was sworn in 2009.
WASHINGTON -- The White House on Wednesday abandoned its threat to veto a defense bill that sets in stone the commander in chief's authority to indefinitely detain terrorism suspects, including Americans, in military custody. ***************Editorial: This Neocon President never intended to support nor protect US Citizens of the 99% against indefinite detention by the 1% authority - Sovereinjohn**********
this new approach is the cost-shared R&D partnership between government and industry, All federal R&D agencies (including the nation’s 726 federal laboratories) will be encouraged to act as partners with industry wherever possible. In this way, federal investments can be managed to benefit both government’s needs and the needs of U.S. businesses.
I finally got around to reading the story and lo and behold, there was a "labor action" at Hershey's facility in Pennsylvania. Since the story I got was from the SEIU, I wanted to find a story in the mainstream media. I couldn't find one. I found old stories from a 2002 strike in mainstream publications. But nothing on the current strike. I did find the story on a couple of left leaning websites, Alternet and Huffington Post and one on the Economic Policy Institute website. It's not surprising that the mainstream didn't report the story because the details of the strike reveal the slave system that has been established through the university system that is flying under the heading of education and "work-based learning".
It's sad that people who plan to share their whole life on a site don't put more thought into where they're putting their information. Social media reminds me of the island village in the TV show "The Prisoner". He has a whole community which is designed to extract "information" from him. BCingU ;)
THUNDERBOLTS PROJECT Update December 11, 2011 Call it progress by surprise. It's now clear that many more exceptional scholars and scientists have been following our work than anyone had realized. That's the explanation for a fact we've mentioned before but not attempted to explain: that graduate education levels of visitors to the Thunderbolts site exceed those of almost any other science site you'll find on the Internet. Our liaison with the best experts in the science, including individuals responsible for essential aspects of the space program, is paying off. For obvious reasons we keep these communications confidential, but here are two names we can mention now because they will be SPEAKERS at the upcoming Las Vegas conference: James Ryder, former head of the Lockheed Martin solar physics laboratory (foremost laboratory of its type), speaking on the remarkable surprises of the IBEX mission; Montgomery ("Monty") Childs, lead engineer for the Canadian National Research Council's rocket design to measure Oxygen in the upper atmosphere, now proposing a definitive experiment to test the electric sun hypothesis. (More information on both presentations will be forthcoming this coming week.) Also worth mentioning is the fact that we have attracted to our conference the most impressive scientists of the Natural Philosophy Alliance. At the same time, we are attracting large numbers of lay people who simply want to know. The Electric Universe connects with people at the level of their deepest personal interests. Things that always seemed obscure suddenly make sense. No message has been stated to us more frequently by the newly inspired crowd around us. Remote events in the cosmos, regional events in the solar system, our own planetary history, the electricity of life, quantum mysteries, and the evolution of human consciousness all find their place on a more unified conceptual landscape. The universe is not just a collection of fragments for specialized investigation and mathematical abstractions. Now, wherever we look in the cosmos, the electric force is active, unifying the fragments and achieving feats that were simply off the grid of "settled science" just a few years ago. Details on the Las Vegas Conference, Jan 6-8, 2012: www.thunderbolts.info/eu2012 Video preview of the conference: www.youtube.com/watch?v=1HTmd6Sv148 Listen to Wal Thornhill’s interview with Liam Sheff on the Robert Scott Bell Show http://www.thunderbolts.info/wp/wp-content/uploads/2011/12/111207_RSBShow-Scheff-Thornhill.mp3 ____________________________________ THUNDERBLOGS Voyager 1 Updates Solar Electron Flux By Donald Scott Dec 08, 2011 It seems Voyager 1 has been able to supply us with more accurate data to enable new calculations of the Solar Electron Flux— providing stunning new support for Ralph Juergens' original model of an electric sun. http://www.thunderbolts.info/wp/2011/12/08/voyager-1-updates-solar-electron-flux/ Our Mysterious and Variable Sun (Discovering the Electric Sun, Part 2) By David Talbott December 8, 2011 It is the general agreement between theory and observation that provides the foundation for quantification. Specialized inquiry can then test the rigor and precision of the qualitative argument with equations and numbers. In a successful test, the quantitative results will correlate well with predictions arising from the underlying theoretical assumptions; they will add logical strength and precision to the prior qualitative argument.http://www.thunderbolts.info/wp/2011/12/08/our-mysterious-and-variable-sun/ Electric Sun Answers Longstanding Puzzles (Discovering the Electric Sun, Part 3) By David Talbott December 11, 2011 The three plots below, provided by Don Scott, show the energy, electric field strength, and charge density as a function of radial distance from the Sun’s surface. Scott draws our attention to the fact that the three plots provide a stunning match to those of a PNP transistor, while explaining the extreme variability of the solar wind as well... http://www.thunderbolts.info/wp/2011/12/11/electric-sun-answers-longstanding-puzzles/ ____________________________________ THUNDERBOLTS PICTURE OF THE DAY (TPOD) A Superstar for Gravity is Normal for Plasma Dec 05, 2011 A bright star without companions challenges popular theories. Electricity comes to the rescue. http://www.thunderbolts.info/wp/2011/12/04/a-superstar-for-gravity-is-normal-for-plasma/ Crumpled Space and Canceled Time Dec 06, 2011 More news about black holes is increasing the distortion of reason. http://www.thunderbolts.info/wp/2011/12/05/crumpled-space-and-canceled-time/ Twist and Shout Dec 07, 2011 Alfvén waves are said to carry heat from the Sun’s photosphere out to its corona. http://www.thunderbolts.info/wp/2011/12/07/twist-and-shout/ Magnetic Effervescence Dec 08, 2011 “Bubbles” of magnetic energy are said to surround the Sun’s heliosheath. http://www.thunderbolts.info/wp/2011/12/08/magnetic-effervescence/ The Sands of Mars: a Speculation Dec 09, 2011 Throughout human history the planet Mars has held mankind’s rapt attention. http://www.thunderbolts.info/wp/2011/12/09/the-sands-of-mars-a-speculation/ ____________________________________ THUNDERBOLTS FORUM—HIGHLIGHTS "First 'Complete Description' of a Black Hole" Consensus astronomy fails to take into consideration the experimentally verified behavior of plasmas http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=3&t=5280 "Gravity & Strong Force" Can the four fundamental forces operating in the universe be reduced to two? http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=3&t=3604 "The magical rhetoric of mainstream cosmology" The notion of the expanding universe rests upon assumptions concerning the nature of the red shift http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=3&t=5399 "Uranus explosion" A disruption in the atmosphere of a gas giant planet and its' possible cause, is the fascinating topic for this discussion http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=4&t=5196 "Are Mountains the Result of a Duning Process?" Here is a fresh interpretation of the role of plasmas in the electrical sculpting of the Earth's surface http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=4&t=2780 "RECOVERED: Electric Universe Papers, etc." This thread is a compilation of links to papers on plasma physics and Electric Universe http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=5&t=43 "Possible electrical scars on Planet Earth..." Forum members discuss an alternative to the gradualist interpretation for the origin of geological formations http://www.thunderbolts.info/forum/phpBB3/viewtopic.php?f=4&t=363&start=390 ____________________________________ Mikamar Publishing 2315 SE Wren St. Milwaukie, OR 97222 US If you no longer wish to receive communication from us: http://autocontactor.com/o?r=7212c8405adb4f60a21475a33a033437 To update your contact information: http://autocontactor.com/o?c=1&r=7212c8405adb4f60a21475a33a033437