It’s time for the former head of America’s central bank to make bank.
I have to admit, I once bought a new car. I was in my mid-20s. I had no children. I still didn’t know the fun of a mortgage. The car was blisteringly fast and I like cars which go fast. So I bought one fresh and new. I shouldn’t have.
Why would Goldman Sachs be for more regulation? It’s not like Goldman Sachs is full of the shrewdest crony capitalists in the world or anything. It’s not like Goldman Sachs has worked its way into every nook and cranny of government. It’s not like they have their alumni carefully placed in nearly all of the world’s central banks. It’s not like Goldman helped write the Dodd-Frank regulations. It’s not like Goldman benefits from a giant subsidy given to them by virtue of its “too big to fail” status. It’s not like Goldman showers presidential candidates from both major parties with hundreds of thousands of dollars.
Attached in an interesting and disturbing article from Truthout.com, a generally progressive site. It says that those “terms and conditions” contracts we sign when we get a credit card or sign up for iTunes represent a new form of “fascism.”
Though the article acknowledges the actual definition of fascism, that is the marriage of government and business, it argues that something which doesn’t involve the government can also constitute “fascism.”
It should be said that this guy isn’t always right. (Investing wise, politically he’s nearly always wrong.) But has been at important times.
I think absolutely. Many kids have tried to hide from the economy in school in a way similar to the kids in the 60s who sought to hide from Vietnam in college. But a big difference between the two groups of students, besides the length of their hair, is that college for the baby boomer kids was for the most part paid for. College for the “millennials” is mostly bought on credit, very easy credit.
Wouldn’t that be a good way to jump start the economy?
And we learn more about the most powerful woman in the world.
To paraphrase David Stockman – The world’s central banks have not suspended the market mechanism. They can kick the can, they can lie, they can move assets around on balance sheets, they can even call debts assets. But in the end there is no free lunch.